Binance Co-CEO: Binance's Affected Hot Wallets, Customer Funds Unaffected Binance Co-CEO Richard Teng (@_RichardTeng) addressed users on October 30 regarding the approximately $6.3 billion hack, stating that only Binance's own hot wallets were affected, and customer funds were unaffected. The vast majority of user assets are stored in cold wallets and are only transferred to hot wallets during withdrawals. He stated that Binance is committed to covering all losses with its own funds, having reserved over $6.34 billion, of which $5 billion is already held in the affected cryptocurrencies, including USDC, USDT, BTC, ETH, and BNB. The remaining shortfall is being covered by purchasing tokens through open market and OTC channels. Regarding user concerns about asset security, Teng stated that Binance plans to release preliminary proof of reserves for public verification on Monday. Source: Binance