Binance's Teng Says Industry Must Learn From Hack: Do New Crypto Features Raise Risk?

Binance co-CEO Richard Teng said the industry must draw lessons from the recent Binance hack and weigh whether new crypto features are raising risk. The exchange disclosed the breach last week, with losses initially estimated near $700 million before the figure was revised to roughly $570 million; the attacker targeted BNB Chain's BSC Token Hub bridge and drained BNB and BUSD, forcing a chain halt. Binance later said customer funds were fully covered and restored the bridge, while BNB's price recovered toward pre-hack levels. The episode matters because it exposes how cross-chain bridges concentrate risk for the largest exchange ecosystem. What to watch next: Binance's post-mortem and security upgrades, plus whether other chains tighten bridge safeguards.