Binance targets Nov 1 withdrawal restart after finding more breach points in $6.3B hack
Author: Crypffalo Research · 23:54 30/10/2026
Co-CEO Richard Teng says Binance aims to reopen withdrawals within about 40 hours, on Sunday Nov 1, and will publish a full proof-of-reserves report on Monday Nov 2 after the $6.3 billion hack.
Binance is aiming to reopen withdrawals on Sunday, Nov 1, after nearly three days of frozen outflows following a roughly $6.3 billion hot wallet hack. Co-CEO Richard Teng laid out the timeline in a video posted on X on Friday, Oct 30.
Teng also said investigators have found additional points of breach. The exchange plans to publish a full proof-of-reserves report on Monday, Nov 2.
Key takeaways
- Withdrawals: target restart within about 40 hours, on Sunday Nov 1, subject to the rebuilt service passing testing.
- Investigation: more breach points found, with the full sequence of events still unclear.
- Compensation: over $6.34 billion in company funds set aside, including $5 billion already held in the affected assets.
- Transparency: preliminary reserve figures first, full report on Monday Nov 2.
- Status: deposits are running normally, while withdrawals remain suspended.
What Binance said about the attack
According to CoinDesk, Teng called it "a complex attack." The attackers reportedly used a self-destruct mechanism to erase evidence and exploited Ethereum's EIP-7702 account-delegation feature to take control of a hot wallet without going through normal approval procedures.
Binance is reviewing its cloud systems, employee devices, private-key management and transaction-signing procedures. The withdrawal service is being rebuilt and will only reopen once it clears testing.
Teng said the attack targeted Binance's own hot wallet rather than customer funds. However, CoinDesk noted that the compromised wallets had previously appeared on a list of assets backing customer balances.
Where the compensation money comes from
Binance says it has reserved more than $6.34 billion of company funds to cover the full loss of about $6.3 billion. Around $5 billion of that is already held in the same assets that were stolen.
The remaining roughly $1.34 billion is being bought on exchanges and in OTC markets. That buying is worth watching, as it could add short-term demand for some of the affected assets.
Key milestones:
- Oct 29 evening (UTC): Binance's hot wallet is drained and withdrawals are halted across several networks.
- Oct 30: Binance confirms $6.3 billion in losses, pledges full coverage, and Teng outlines the reopening plan.
- Sunday, Nov 1: conditional target to restart withdrawals.
- Monday, Nov 2: full proof-of-reserves report.
TokenPost cautioned that Nov 1 is a target, not a guarantee that withdrawals will be available by then.
What it means for crypto markets
Bitcoin is trading near $77,000, down about 5% over 24 hours, while ether sits around $2,220, according to CoinDesk price data. The market is still digesting the hack, alongside pressure from tech stocks.
- Bull case: Binance reopens on schedule, withdrawals proceed in an orderly way and the reserve report shows full backing. That could ease counterparty fears and support sentiment.
- Risk case: the Nov 1 date slips, or reopening triggers a large and sustained wave of withdrawals. The discovery of more breach points also suggests the full picture could still change.
Another factor is the hacker's own stash. CoinDesk reports that about 18,270 BTC has been split across 19 wallets that cannot be frozen, so any movement from those addresses could add volatility.
What to watch next
- Binance's preliminary reserve figures ahead of the full report.
- The Sunday, Nov 1 withdrawal restart and the size of outflows in the first hours.
- The full proof-of-reserves report on Monday, Nov 2.
- Fund flows from the hacker's wallets and any new freezes by stablecoin issuers.
- Check the economic calendar and real-time liquidations for weekend volatility.
Frequently Asked Questions
When can Binance users withdraw again?
Binance is targeting Sunday, Nov 1, within about 40 hours of Teng's statement. The date depends on the rebuilt withdrawal service passing testing.
Are customer funds affected?
Binance says the attack hit the company's own hot wallet and it will cover all losses with company funds. The Nov 2 reserve report will be the key way to verify that claim.
What is a proof-of-reserves report?
It is a report showing that an exchange holds enough assets to cover user balances. Binance's full report is due on Monday, Nov 2.
*This content is for information only and is not financial advice.*
Tags: Binance, Hack, Withdrawals, Proof of Reserves
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