Binance Targets Weekend Withdrawal Resumption After $6.3B Hack

Binance is targeting a weekend withdrawal resumption following a major security breach that resulted in the loss of approximately $6.3 billion in cryptocurrency assets. The exchange said it aims to restore withdrawal services within about 34 hours, subject to the completion of additional security checks.

In its second security update on October 30, Binance co-CEOs Yi He and Richard Teng said the exchange would restore withdrawals in phases. Meanwhile, deposits and other unaffected platform services remain operational.

The announcement comes as Binance continues to investigate the attack, strengthen its security infrastructure and recover the stolen assets. The exchange has also pledged to cover all losses without passing the financial burden to customers.

Binance Plans Phased Withdrawal Resumption

Binance said its technical teams are working to restore withdrawal services safely. However, users should not expect every cryptocurrency and withdrawal option to become available at once.

The exchange plans to reopen withdrawals in phases, with each stage depending on security checks and system remediation.

According to Binance, the temporary suspension allows its teams to review affected infrastructure, implement additional safeguards and verify that its systems can process transactions safely.

The exchange has not guaranteed that all withdrawals will resume simultaneously. Instead, it will provide updates as each phase becomes available.

CoinDesk reported that Binance was targeting Sunday for the withdrawal restart following comments from co-CEO Richard Teng.

Binance Confirms $6.3 Billion Security Breach

The withdrawal suspension followed an attack on Binance’s hot wallets on October 29. The exchange confirmed that unauthorised transactions resulted in the loss of approximately $6.3 billion in token assets.

Binance initially suspected that attackers had gained access through a compromised laptop belonging to a DevOps engineer. However, further investigations uncovered additional points of compromise.

Co-CEO Richard Teng also disclosed that attackers used a self-destruct mechanism to erase evidence and exploited Ethereum’s EIP-7702 account-delegation feature to bypass normal transaction approval procedures.

Despite the breach, Binance said it had found no evidence that attackers leaked wallet private keys.

The investigation remains ongoing as the exchange works with internal and external security experts to establish the full sequence of events.

Binance Sets Aside $6.34 Billion to Cover Losses

Binance has pledged to absorb the financial impact of the attack through its Secure Asset Fund for Users (SAFU) and corporate treasury.

The exchange said it had set aside more than $6.34 billion in company funds to cover the stolen assets. Of this amount, approximately $5 billion is already held in the same types of tokens affected by the breach, including Bitcoin, Ethereum, BNB, USDT and USDC.

This represents about 80% of the estimated losses. Binance is purchasing the remaining token assets through market and over-the-counter channels.

The exchange also said it would continue updating users through its official communication channels as it completes the process.

These measures are intended to ensure that customers do not bear the financial losses from the incident.

Binance and Crypto Partners Freeze $3 Billion in Assets

Binance is also working with law enforcement agencies, blockchain intelligence firms, token issuers and other exchanges to trace and recover the stolen funds.

The exchange reported that approximately $3 billion in affected assets had been frozen on-chain.

Several crypto companies have also taken action. Tether froze nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million. Ripple also restricted approximately $200 million in potentially affected funds.

These interventions have limited the movement of a significant portion of the reported stolen assets. However, recovery efforts remain ongoing.

Binance said it would continue working with industry partners to identify the attackers and pursue the remaining funds.

Binance Plans Proof of Reserves Update for Monday

Beyond restoring withdrawals, Binance has outlined plans to improve transparency following the security incident.

The exchange intends to take an initial Proof of Reserves snapshot and publish the results by Monday, November 2, 2026.

Proof of Reserves reports allow users to examine the assets held by an exchange and assess whether its reserves cover customer balances.

Binance said the updated report would provide information about its latest asset holdings and the corresponding backing of user balances.

The exchange also plans to publish a detailed technical post-mortem explaining how the attack happened, the weaknesses investigators identified and the additional security measures being introduced.

These updates will be important as Binance works to restore confidence among customers following one of the largest reported crypto thefts.

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Binance Withdrawal Restart Remains Subject to Security Checks

Binance’s planned weekend withdrawal resumption is an important step in its response to the $6.3 billion hack.

However, restoring withdrawals is only one part of the recovery process. The exchange must also complete its investigation, strengthen its security controls and demonstrate that customer balances remain fully backed.

For users, the phased approach means withdrawal availability may vary across assets and services during the restoration period.

Binance has advised customers to follow its official channels for verified updates. Until the exchange confirms that withdrawals are available, users should treat the announced timeline as a target rather than a guarantee.

The coming days will therefore test Binance’s ability to restore normal operations while maintaining security and transparency.