Binance Co-Founder Yi He Rejects FTX Comparisons After Security Breach

Yi He criticized financial institutions and peer-to-peer platforms that shutter operations without transparency, leaving users unable to recover deposits or understand the cause of insolvency. While she did not explicitly name FTX, her statements served as a pointed contrast to the 2022 collapse of that exchange, which left customers with a multibillion-dollar shortfall. Binance maintains that its current liquidity position remains robust, reporting approximately $171 billion in total assets.

The exchange has already replaced 95% of the $6.3 billion stolen during the October 29 breach by leveraging corporate treasury reserves, the Secure Asset Fund for Users, and futures insurance funds. Restored services began on November 1, prioritizing high-demand cryptocurrencies like Bitcoin, Ethereum, and BNB across 15 different networks. Despite the progress, Binance has not provided a definitive timeline for the full restoration of every withdrawal route, citing the need to prioritize environment security as investigations into the breach continue. Initial findings suggest the attack originated from a compromised employee laptop, though the firm asserts that private keys remained secure throughout the incident.