Binance eyes Sunday withdrawal restart after wider breach found; PoR due Monday
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Answer first: Binance says it aims to restart withdrawals by Sunday after the record $6.3 billion hack, and co-CEO Richard Teng revealed the investigation has found additional breach points beyond an initially suspected compromised employee laptop. The exchange has reserved more than $6.34 billion to cover losses and plans to publish a proof-of-reserves update before a full report on Monday.
Key points
- New findings: multiple breach points; attackers used a self-destruct mechanism to erase evidence and exploited Ethereum's EIP-7702 account-delegation feature to take control of a hot wallet, bypassing normal approval procedures (Teng, video statement on X)
- Scale: about $2.5 billion was drained in minutes; total estimated loss $6.3 billion — the largest crypto hack on record
- Recovery plan: withdrawals targeted for Sunday (roughly 40 hours from Friday's statement); $6.34 billion reserved, including $5 billion already held in the affected cryptocurrencies, with the rest being bought on exchanges and OTC markets
- Accountability: proof-of-reserves update first, full report Monday; Binance says it is working with law enforcement, blockchain investigators and token issuers
Why it is trending
Selection basis: the day's most-covered crypto/exchange story on October 31. Day two of the Binance hack is now about whether withdrawals actually reopen and whether the reserve data backs the company's promise to make users whole.
Details
Teng said the attack targeted Binance's own hot wallet rather than customer funds, though CoinDesk's examination of reserve data found the compromised wallets were previously listed among assets backing customer balances. Reuters reported that rival exchanges are calling for quick moves to bolster defenses industry-wide, and U.S. outlets reported the FBI and Secret Service have joined the probe.
Confirmed / not confirmed
Confirmed: The Sunday restart target, the $6.34 billion reserve, the additional breach points and the EIP-7702 attack method (all from Teng's statement, reported by CoinDesk), and the Monday proof-of-reserves plan.
Not confirmed: The full sequence of the attack and the final recovery amount. Binance says the investigation is ongoing; frozen on-chain funds are not the same as recovered funds.
What to watch
Whether withdrawals actually reopen Sunday, Monday's full proof-of-reserves report, and any law-enforcement disclosures about the attackers.
Sources
- CoinDesk 'Binance discovers multiple breach points in $6.3 billion attack, eyes Sunday reopening' 2026-10-30
- Reuters via Investing.com 'Crypto exchanges call for quick moves to bolster defenses after Binance heist' 2026-10-31
- Business Standard 'FBI, Secret Service join probe as $6 bn Binance hack rattles crypto markets' 2026-10-31