CoinEx founder says Binance's $6.3 billion hack could have been prevented, while Binance has recovered 98% of assets.
CoinEx founder has publicly commented on the $6.3 billion Binance hack, saying the incident could have been prevented. Meanwhile, Binance has recovered 98% of its assets. The two pieces of information correspond to the cause and handling dimensions of the incident: the former points to questions about prevention, while the latter shows that asset recovery has made interim progress. In currently available public information, these are the two central data points of the incident and the main focus of market discussion.
The incident involves $6.3 billion in stolen funds and is a major exchange security incident. Parties involved include at least Binance and the CoinEx founder. The large $6.3 billion figure, combined with the dispute over the cause of the theft and the progress in asset recovery, has made the incident's market impact and user attention extremely high. Exchange security incidents are usually directly tied to user asset safety, so related developments tend to be closely scrutinized. Public information shows the incident has attracted concentrated attention from the crypto industry and market participants.
The CoinEx founder's statement was that the $6.3 billion Binance hack could have been prevented. This statement is a public judgment by the CoinEx founder as an outside party on the prevention aspect of the incident, not an investigative conclusion issued by Binance or an investigating authority. The remark directs discussion toward security responsibility and risk control. As of now, the cause of the theft remains disputed, and no unified conclusion has been reached. From public information, outsiders can only confirm that there is a dispute over the cause; they cannot determine the specific technical vulnerability, internal management issue, or attack path. Therefore, the statement is better understood as questioning the prevention aspect of the incident rather than as a final conclusion on all facts.
Binance has recovered 98% of assets, the most clear-cut of the handling results disclosed so far. The 98% recovery rate indicates that the vast majority of stolen assets have been recovered, but disclosed information does not specify arrangements for the remaining assets, the recovery method, or a timetable. In major theft incidents, the recovery rate is a key indicator for observing crisis handling efficiency, and 98% means direct asset-level losses have been substantially reduced. However, this figure is an interim result and cannot replace a full account of the incident. If the cause is deemed preventable, recovery progress does not automatically eliminate questions about security responsibility.
The incident has drawn intense attention not only because of the $6.3 billion figure but also because it involves three dimensions at once: a security incident, a dispute over the cause, and asset recovery. For the crypto industry, exchange security capabilities, incident response speed, and asset recovery transparency directly affect user confidence. The CoinEx founder's public statement and Binance's recovery progress appearing side by side have expanded market discussion of exchange security responsibility from outcomes to process. Beyond whether assets can be recovered, the market has also begun to focus on whether the incident could have been prevented. The CoinEx founder questions prevention, while Binance's recovery data corresponds to handling results; together they form the two main threads of current information.
In terms of nature, the $6.3 billion stolen amount gives the incident high visibility among crypto industry security incidents. Exchange security is an important component of the stability of crypto market infrastructure, and when large asset losses occur, the market tends to focus on an exchange's prevention mechanisms, emergency response, and asset recovery capabilities. In this incident, the CoinEx founder's statement directly addresses prevention, while Binance's recovery data corresponds to post-incident handling. Combining these two aspects allows for a more complete view of the incident's scope of impact.
Currently confirmable information centers on three aspects: the CoinEx founder's statement, the $6.3 billion stolen amount, and Binance's 98% asset recovery progress. Disclosed information does not provide details such as when the incident occurred, the attack path, investigative conclusions, or a specific plan for handling the remaining assets. Therefore, reporting needs to distinguish confirmed facts from matters yet to be confirmed: the 98% recovery rate is clear progress, could have been prevented is the CoinEx founder's public judgment, and the existence of a dispute over the cause is the current state of information. For aspects not yet disclosed, conclusions should not be added independently, nor should external assessments be directly equated with investigative results.
It should be noted that currently public information contains only the above content and does not yet include details such as the specific time of the incident, the specific type of stolen assets, the attack method, the blockchain network involved, or the involvement of investigating agencies. Therefore, current reporting can only be presented based on confirmed facts. Regarding the dispute over the cause, outsiders should wait for Binance or relevant investigative agencies to release more information rather than treating third-party assessments as final conclusions.
Matters worth following include further explanation of the cause, arrangements for the remaining assets, related security improvements, and responses from various parties to the dispute. For an exchange, handling a major security incident includes not only asset recovery but also cause disclosure, responsibility determination, and user communication. At a stage where a dispute over the cause coexists with recovery progress, the market will focus on whether Binance gives a more complete account of what happened and whether there will be further disclosure on asset handling beyond the 98% recovery rate. These matters will affect outside judgments on the nature of the incident and security responsibility, but before information becomes clear, the incident should still be described as a major exchange security incident with a disputed cause and interim progress in asset recovery.
Source: https://crypto.news/binance-hack-could-have-been-prevented-coinex-founder/
