Binance co-CEO Richard Teng said directly the breach was not a single "one-click" action using one engineer's permissions, but a more complex process with no responsibility attributed to any individual.

Binance co-CEO Richard Teng said directly the breach was not a single "one-click" action using one engineer's permissions, but a more complex process with no responsibility attributed to any individual.

The initial lead is a possibly compromised DevOps laptop giving access to a service container used to submit unauthorized withdrawals, with Binance adding the incident stems from multiple factors and tracing continues. It says it found no evidence of a wallet private key leak, with estimated impact around $6.3B and about $3B frozen on chain.

Withdrawals remain paused for a security revamp, expected back in about 45-48 hours, while deposits are operating normally. No full technical post-mortem is out yet, Teng says it will come once facts are verified plus updated Proof of Reserves, and Binance says user funds are safe with all losses covered from SAFU and company funds.