Binance plans to start restoring withdrawals in phases within about 34 hours of its latest security update, giving customers a timetable for accessing their money after the record $6.3 billion hack. The restart still depends on the exchange completing its security checks.
The target was announced in an October 30 statement signed by co-CEOs Yi He and Richard Teng. It covers the start of the reopening process, so customers should expect updates as individual phases become available. Deposits and other unaffected services remain operational.
The company put the condition plainly in its announcement:
The tech team targets to start resuming the withdrawal service within approximately 34 hours, subject to the completion of security checks.
Binance said it had contained the compromised infrastructure, revoked affected authorizations and added controls to prevent more unauthorized activity. Withdrawals remain paused while teams review the systems, make repairs and check that they are safe to use.
Replacing the stolen assets
The exchange says it has set aside more than $6.34 billion of company funds to cover the theft through its Secure Asset Fund for Users, known as SAFU, and its corporate treasury.
Of that amount, $5 billion is already held in the same tokens that were stolen, including USDC, USDT, Bitcoin, Ether and BNB. The company is buying the remaining assets through market trades and over-the-counter deals.
Its commitment is explicit:
Binance will absorb the financial impact of these stolen funds, not our users.
Apex's live coverage has followed the reserve commitment and the withdrawal shutdown.
These are company statements about the replacement funds. The next public verification step is a proof-of-reserves snapshot, which Binance said it planned to run within 12 hours of the announcement. It expects the results to be ready by Monday, November 2.
The reports are intended to show the platform's asset holdings and the backing of customer balances.
The investigation has widened
The company initially suspected a compromised laptop, but says investigators have since found additional points of breach. It reports no evidence so far that wallet private keys were leaked. The full attack sequence remains under investigation.
Binance expects to share further technical findings within about 48 hours of the announcement, once the information has been verified and its release will not undermine the investigation. A fuller incident report will explain what happened and the safeguards being added.
The exchange also says approximately $3 billion in stolen assets has been frozen on-chain through work with law enforcement, token issuers, blockchain investigators and other partners. Those frozen assets are separate from the company funds reserved to cover the loss, and efforts to recover them are continuing.