CZ says Binance hack victims were made whole
The move
Binance founder Changpeng Zhao told Yahoo Finance on Nov. 3 that withdrawals have resumed and the exchange is running normally after an Oct. 29 breach, saying "the users did not suffer any loss." He said attackers compromised an employee's laptop and exploited internal automated transaction systems rather than cryptographic keys. Binance had covered 90% of affected assets by Oct. 31, with more purchases underway to replace less liquid tokens, and the exchange holds roughly $171 billion in assets. Zhao said AI is making this kind of attack easier to carry out and said the industry should expect more of them.
Why it matters
Zhao's account is the first detailed explanation of how roughly $6.3 billion left the world's largest crypto exchange, and his warning about AI-assisted hacking raises the stakes for every exchange watching how Binance recovers.
The bear case
By Zhao's own account, 10% of affected assets had not yet been replaced as of Oct. 31, and he did not explain how one employee's laptop gave attackers access to internal transaction systems in the first place.
What to watch
Whether Binance completes restitution for the remaining affected assets.