Binance: Aims to Resume Withdrawals in Phases Within About 34 Hours, with 80% of Losses Covered

According to TechFlow, on October 31, Binance released the second update on the security incident, signed by Co-CEOs Yi He and Richard Teng, stating that the technical team aims to begin phased resumption of withdrawals within about 34 hours, subject to completion of security checks; unaffected services such as deposits continue to operate normally.

Binance stated that it has reserved over USD 6.34 billion in funds, of which USD 5 billion consists of tokens of the same type as those stolen, covering about 80% of the affected amount, with the remainder being purchased through market and OTC channels; the first proof-of-reserves snapshot will be taken within 12 hours, and the results will be published on November 2.

Regarding the investigation, in addition to the initially suspected laptop compromise, additional points of compromise were subsequently identified; no evidence of wallet private key leaks has been found so far, and further technical findings are expected to be disclosed within about 48 hours. TechFlow previously reported that the incident caused losses of about USD 6.3 billion, with about USD 3 billion already frozen on-chain.

Source: TechFlow