Binance Co-CEO: Withdrawals Expected to Resume Within 40 Hours, Full Proof of Reserves to Be Released Monday

October 30 — Binance Co-CEO Richard Teng said in a video update posted on X that Binance is rebuilding its withdrawal service and will not reopen it until it passes strict tests, with withdrawals expected to resume before the Sunday deadline, in about 40 hours. Binance will release a full Proof of Reserves report on Monday and hopes to publish preliminary results before that.

On the investigation, Richard Teng said the attack was not carried out by a single person; preliminary findings suggest the incident may involve a compromised laptop, and follow-up investigation uncovered additional points of compromise. The attacker used a self-destruct mechanism to destroy tools and traces during the attack, increasing the difficulty of tracing; the attacker also used EIP-7702 to obtain on-chain execution authorization for a hot wallet, a delegation that did not go through Binance's normal approval process. Binance is conducting a company-wide security review of its endpoints, cloud, key management and signing systems.