Binance Says It Will Resume Withdrawals Within 34 Hours

Binance sets 34-hour target for withdrawal resumption following 6.3 billion dollar exploit

Binance announced it will resume withdrawal services within approximately 34 hours, pending final security checks, following a security breach that generated an estimated economic impact of USD 6.3 billion, Infobae reported. The platform detailed four core priorities in its second update regarding the incident that affected its hot wallets on October 29, 2026.

The Tech TL;DR:

• Binance aims to restart withdrawal services in phases within roughly 34 hours after completing security verification.
• The company states it has set aside over USD 6.34 billion to cover the losses entirely so users do not absorb the financial impact.
• Blockchain intelligence firm TRM Labs attributed the attack with high confidence to the North Korea-linked group TraderTraitor.

Binance absorbs 6.3 billion dollar hot wallet loss

The security incident occurred at approximately 20:05 UTC on October 29, 2026, when company hot wallets were compromised, resulting in the loss of approximately USD 6.3 billion in tokenized assets. Co-CEOs Richard Teng and Yi He signed the corporate statement confirming the breach. Binance stated that it will absorb the financial impact rather than passing losses to users. To maintain that commitment, the company set aside more than USD 6.34 billion in corporate funds, keeping USD 5.000 billion in the exact tokenized assets that were stolen, including USDC, USDT, BTC, ETH, and BNB. According to the company, this coverage accounts for approximately 80% of the affected amount, while acquisition of the remaining 20% proceeds through market channels and OTC desks.

Four-point recovery plan and proof of reserves snapshot

The recovery strategy outlines four distinct actions for the coming days. First, the technical team targets the phased resumption of withdrawals within 34 hours subject to verification checks. Second, the platform is purchasing the remaining 20% of lost tokenized assets and plans an initial Proof of Reserves snapshot within 12 hours, with results scheduled for November 2, 2026. Third, the firm is collaborating with law enforcement agencies, blockchain intelligence firms, token issuers, and other exchanges to trace and freeze stolen funds. Fourth, management committed to publishing a comprehensive post-mortem technical report detailing the event, lessons learned, and new safeguards. At the time of the update, approximately USD 3.000 billion in affected assets had been frozen on-chain.

Vulnerability investigation and attribution findings

Initial company investigations suggested a compromised laptop might have been involved, but subsequent analysis revealed additional points of vulnerability. Binance reported finding no evidence that private keys for its wallets were leaked, and promised further technical findings within roughly 48 hours. Meanwhile, external blockchain intelligence firm TRM Labs attributed the theft with high confidence to the TraderTraitor group, linked to North Korea, though Binance’s official statement did not address that specific attribution. The exchange advised users to rely exclusively on official Binance channels and customer support contacts to avoid misinformation during the ongoing recovery operations.

Disclaimer: The technical analyses and security protocols detailed in this article are for informational purposes only. Always consult with certified IT and cybersecurity professionals before altering enterprise networks or handling sensitive data.