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Richard Teng stated that the hack targeted Binance's own hot wallet and did not impact customer funds, which are primarily held in cold wallets.
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Reportedroot causeStatement 643
Teng said the hack hit Binance's own hot wallet, not customer funds. "We never use any customer funds, so they are not impacted," he said, adding that most user assets are held in cold wallets and only moved into a hot wallet when a user withdraws.