Binance’s Yi He pushes back on FTX comparisons after $6.3B hack

Binance co-founder and co-CEO Yi He has pushed back against comparisons between the exchange and collapsed rival FTX, saying full operations will resume only after its security systems are confirmed safe following the $6.3 billion hack. Summary Binance co-founder Yi He has pushed back against comparisons with collapsed exchange FTX, saying customer withdrawals and full operations depend on securing the platform following the $6.3 billion hack. Yi He criticized fraudulent exchanges and financial institutions that shut down without warning, leaving customers unable to access their funds or determine what happened to their deposits. Binance began restoring withdrawals for major cryptocurrencies on November 1, with Bitcoin, Ethereum, BNB and several stablecoins among the assets included in the phased reopening. The exchange says it has replaced approximately 95% of the $6.3 billion in stolen assets using company resources, while the remaining holdings involve cryptocurrencies that are harder to obtain. Binance has not announced a date for restoring every affected withdrawal service, while its investigation into the October 29 breach continues. In a November 2 X post, Yi He said Binance...