Binance plans phased withdrawal reopening and reserves report after $6.3B hack
Following a reported $6.3 billion exploit, Binance announced plans to begin restoring withdrawals in phases within approximately 34 hours, alongside token buybacks and an updated Proof of Reserves report targeted for Monday.
Binance is moving to stabilize operations following a reported $6.3 billion hack, outlining immediate priorities to restore access and reassure users. The exchange's technical team is targeting a phased resumption of withdrawal services within approximately 34 hours, subject to the completion of ongoing security checks. In a video shared on X, Binance Co-CEO Richard Teng said the exchange hopes to reopen withdrawals within 40 hours, ahead of a Sunday deadline.[1][4][5]
Binance stated that it will cover confirmed shortfalls using company resources. In an announcement shared after the incident, the exchange noted that $3 billion in assets has been frozen with assistance from industry partners and law enforcement. To address the remaining deficit, Binance is purchasing the remaining 20% of lost token assets via open-market and over-the-counter channels, cautioning that low-liquidity tokens and OTC settlement times could lengthen the process.[2][3][4]
To verify user holdings, the company plans to conduct an initial Proof of Reserves snapshot within 12 hours and publish results by Monday, November 2, 2026. Binance is also collaborating with blockchain intelligence firms, token issuers, other exchanges, and law enforcement agencies to track stolen funds, while promising a detailed technical post-mortem once its internal security review concludes.[1][3][4][5]
Key facts
- Binance suffered a hack with reported losses of $6.3 billion and announced it will use company resources to cover confirmed shortfalls.
- Roughly $3 billion in assets has been frozen following collaboration with industry partners and law enforcement.
- Binance's technical team aims to restart withdrawals in phases within approximately 34 hours, pending security checks.
- Binance Co-CEO Richard Teng stated the exchange expects to restore withdrawals within 40 hours, ahead of a Sunday deadline.
- The exchange is purchasing the remaining 20% of affected token assets through market and OTC channels to fill shortfalls.
- An updated Proof of Reserves snapshot is planned within 12 hours, with published results targeted for Monday, November 2, 2026.
- Binance is conducting a full security review and plans to publish a detailed technical post-mortem report.
Sources · 5 sources
- CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Binance targets Monday for initial proof-of-reserves report as it works to restore withdrawals Co-CEO Richard Teng said the exchange hopes to reopen withdrawals before Sunday’s deadline, which he expects to meet within 40 hours, according to a video posted on X. https://t.co/C1PDdwBhmb
Open source - BA
Bankless@BanklessPost on X ·
Binance says it will cover the $6.3 billion loss. Here's what we know about the attack, and what to watch before withdrawals reopen. https://t.co/mVb4qwf6B7
Open source - SO
SolanaFloor@SolanaFloorPost on X ·
As the industry awaits a full post-mortem on yesterday's $6.3B Binance hack, here's Dragonfly Managing Partner @hosseeb's take on the industry wide response 👇 https://t.co/3alhT0ZRRd
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🚨 UPDATE: Binance says it aims to begin restoring withdrawals in phases within 34 hours as security checks continue following the $6.3B hack. The exchange is also buying the remaining 20% of lost token assets and plans to publish an updated Proof of Reserves by Monday, November 2.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 LATEST: Binance says phased withdrawals could start returning within about 34 hours, with fresh Proof of Reserves results due Monday after its $6.3B hack. https://t.co/pRl8KphY4D
Open source