Binance says it will publish a post-mortem after a USD 6,300 million hack and restore withdrawals in phases

Binance says the next few days will focus on four things: reopening withdrawals, tightening Proof of Reserves disclosures, recovering frozen funds, and publishing a technical post-mortem. For payment and crypto operators, the useful part is not the headline number; it is the incident-response sequence, the loss-absorption commitment, and the way the exchange is trying to reassure users and counterparties at the same time.

1. The company says the attack hit its hot wallets on 2026-10-29 at approximately 20:05 UTC, resulting in a loss of about USD 6,300 million in tokenized assets. Binance called it a “serious security incident” and said it had been working “around the clock” during the 24 hours that followed.
2. Its first operational priority is to restart withdrawals. According to the update signed by co-CEOs Richard Teng and Yi He, the technical team aims to begin resuming withdrawal service in about 34 hours, subject to the completion of security checks, and the rollout will happen in phases.
3. The second priority is transparency through Proof of Reserves. Binance said it is buying the remaining 20% of the lost tokenized assets and plans to execute an initial Proof of Reserves snapshot in 12 hours, with the result due for Monday 2026-11-02.
4. The third priority is recovery of frozen stolen funds. Binance said it is working with law enforcement, blockchain intelligence firms, token issuers, and other exchanges to trace and recover the stolen funds. It also said the infrastructure that was compromised has been contained, affected authorizations revoked, additional controls added to prevent further unauthorized activity, and withdrawals temporarily suspended.
5. The fourth priority is a post-mortem. Binance said it is conducting a full security review and will publish a detailed technical report covering what happened, what it learned, and the additional safeguards it is implementing. The company also said it will absorb the financial impact of the stolen funds, not its users, and that it has set aside more than USD 6,340 million in company funds, including USD 5,000 million in the exact tokenized assets that were stolen, such as USDC, USDT, BTC, ETH, BNB, and others.