Binance's co-CEO: Aims to resume withdrawals before the Sunday deadline, and plans to release a full proof of reserves next Monday.

Binance Co-CEO Richard Teng has issued an update on the exchange’s security incident, confirming the company will cover all stolen losses with its own capital, and has set aside over $6.34 billion in funds. Of that amount, $5 billion is held in the same assets as those affected, including USDC, USDT, BTC, ETH, and BNB; remaining required tokens are being acquired via market and over-the-counter (OTC) channels. Teng stressed that only Binance’s internal hot wallets were compromised, with customer funds untouched. The vast majority of user assets are stored in cold wallets, only transferred to hot wallets for withdrawal purposes. He explained that most of the company’s operating revenue is held in crypto assets, and its long-term holdings and reinvestments enable it to immediately cover such a large loss with its own funds. On the investigation, Teng noted the attack was not carried out by a single individual. Initial probes point to a compromised laptop, but additional breach points have since been uncovered. The attackers also used self-destruct mechanisms to destroy tools and traces, complicating tracking. He added that the attackers exploited EIP-7702 to obtain on-chain execution authorization for hot wallets, with the related delegation not subject to normal approval controls. Binance is currently rebuilding its withdrawal service, which will only be restored after rigorous testing. Teng said he aims to resume user withdrawals within 40 hours, by the Sunday deadline. Meanwhile, the company is conducting a comprehensive security review of endpoints, cloud environments, key management, and signature systems. For proof of reserves (PoR), Binance plans to release a full PoR report on Monday, and will provide preliminary data for public verification ahead of that. The firm is also collaborating with law enforcement agencies, blockchain intelligence companies, token issuers, and other exchanges to continue tracking and recovering stolen funds.