Binance Co-CEO He Yi Leads Crisis Response During $6 Billion Cyberattack
He Yi managed a 100-person war room while pregnant during a massive security breach.
1Crisis Response Leadership
Binance co-CEO He Yi directed the exchange's emergency response to a massive $6 billion cyberattack while seven months pregnant. Operating from Abu Dhabi, she managed operations throughout the night, taking critical calls until 3 a.m. local time to ensure the platform contained the breach and restored essential customer services.
2Emergency War Room Operations
The company established an informal emergency war room on its internal messaging platform, Wea, to coordinate the response. This team included approximately 100 participants, ranging from security personnel to specialized cryptocurrency tracing experts. Employees collaborated in both English and Chinese to address the fallout of the incident effectively and rapidly.
3FBI Attribution of Theft
The Federal Bureau of Investigation officially attributed the theft of over $6 billion in virtual assets to North Korea. The agency identified the specific cyber activity as TraderTraitor. This attribution highlights the significant geopolitical risks and state-sponsored threats currently facing major global cryptocurrency exchanges operating within the digital financial ecosystem.
4Operational Impact and Withdrawals
Binance immediately suspended customer withdrawals upon detecting unusual transactions at 4:20 p.m. on October 29. The exchange later resumed services in phases starting on Sunday. Following the restoration of withdrawal capabilities, the platform recorded net outflows of approximately $3.6 billion, reflecting the immediate market reaction to the security breach.
5He Yi's Professional Background
He Yi is a co-founder of Binance and has served as co-CEO alongside Richard Teng since late 2025. Her career includes roles as a television host and marketing leadership at OKCoin and Yixia Technology. At Binance, she has previously overseen customer service, marketing, business development, and the investment arm, Binance Labs.
6Market and Investor Reaction
The news of the cyberattack triggered a sharp decline in the prices of several major cryptocurrencies on Friday. While He Yi and other senior executives focused on the internal crisis management, Binance founder Changpeng Zhao remained active on X, communicating with his 12.9 million followers throughout the duration of the incident.
7Strategic Crisis Management Dynamics
The incident underscores the extreme operational pressures faced by leadership during large-scale security breaches. By mobilizing a cross-functional team of 100 experts, Binance attempted to mitigate long-term damage. The coordination between international teams and the rapid transition to phased service restoration demonstrate the complex logistical challenges inherent in managing global exchanges.
8Long-term Security Implications
This event serves as a critical case study for the cryptocurrency industry regarding state-sponsored cyber threats. The scale of the $6 billion loss necessitates a re-evaluation of security protocols for major exchanges. Moving forward, the industry must balance rapid incident response with maintaining user trust to prevent massive capital outflows during crises.