Binance co-CEO Richard Teng said Friday the exchange hopes to resume customer withdrawals by Sunday, Nov. 1, and will publish a full proof-of-reserves report by Monday, Nov. 2, with an initial view possibly sooner.
In a video statement posted on X at about 10:30 a.m. ET, Teng said the withdrawal service is being rebuilt and will not be switched back on until it “passes rigorous testing,” which he said is on track to finish within about 40 hours. That is a target, not a confirmed reopening time. Deposits are operating normally, according to Binance’s updated incident notice.
Teng also gave new detail on how the attack worked. He said the attacker used Ethereum’s EIP-7702 account-delegation feature to gain execution approval over a Binance hot wallet without going through the company’s normal approval controls, and used a “self-destruct” mechanism to erase tools and traces. He said more than one person was involved and that investigators have found additional points of breach but have not yet pieced together the full sequence. A formal technical post-mortem has not been published.
The headline figures are unchanged. Binance says it has reserved more than $6.34 billion of company funds, $5 billion of it already in the same tokens that were taken, and is buying the rest through market and over-the-counter channels. About $3 billion has been frozen on-chain, and Binance said it has “begun recovering” assets.
U.S. authorities are now involved. The FBI said it is “aware of the incident,” and the Secret Service said it is working with the U.S. Attorney’s Office for the District of Columbia to trace and recover funds, BBC News reported. No agency has publicly named a culprit; Chainalysis has attributed the attack to North Korea’s TraderTraitor group.
Bitcoin was near $77,180 at 1:53 p.m. ET, down about 4% over 24 hours, per CoinGecko. Ether was near $2,240, and BNB near $701, down about 6%.
Sources: Binance, BBC News, CoinDesk, Chainalysis, CoinGecko