Key Notes
- Richard Teng targets a withdrawal restart within 40 hours of his October 30 address, subject to rigorous testing.
- Binance plans a full Proof of Reserves report by Monday and hopes to offer an initial view earlier.
- The company reiterates more than $6.34 billion in loss-coverage funds as its broader security review continues.
Binance co-CEO Richard Teng says the exchange is aiming to restore withdrawals within 40 hours of his October 30 address, subject to rebuilding and rigorous testing of its withdrawal infrastructure. He also pledged a full Proof of Reserves report by Monday, November 2, with an initial view potentially available sooner.
The video, shared by Binance, adds a new service target and details about an attack that Teng says involved multiple intruders, additional breach points and mechanisms that destroyed tools and traces. The exchange’s official transcript sets out his account of the investigation, funding and recovery work.
A message from Binance’s Co-CEO, @_RichardTeng.
— Binance (@binance) October 30, 2026
Withdrawals Depend on Rebuilding and Testing
Teng said the withdrawal service is being rebuilt and will remain offline until it passes the required checks. He expressed confidence that users would be able to withdraw before the exchange’s Sunday deadline, describing the target as within 40 hours.
“We are not switching it back on until it passes rigorous testing,” he said.
The timetable refers to his Friday, October 30 statement and points to Sunday, November 1. It is a target rather than confirmation that withdrawals are available, and the countdown does not restart when this article is published.
Our earlier service report covered Binance’s 45-hour estimate from its 08:47 UTC update. Teng’s address provides a later progress report while retaining testing as the condition for reopening. It does not give an exact reopening appointment or a timetable for individual reimbursements.
Teng Describes More Breach Points and Destroyed Traces
The initial laptop explanation is no longer the whole account, Teng said. Investigators found additional points of breach, and he said the operation was not carried out by one person. He did not identify the other entry points or name individual attackers in the transcript.
Teng also described a self-destruct mechanism that removed attack tooling and traces as the intruders proceeded, complicating the investigation. He did not specify the software involved. That account concerns the attackers’ operational traces; it does not establish that public blockchain transaction records were erased.
He said EIP-7702 was used to obtain onchain execution authority over a hot wallet and that the delegation bypassed Binance’s usual approval controls. Under the Ethereum specification, EIP-7702 allows an account to authorize contract code to run in its context. The relevant mechanism is account delegation.
CoinScreamer’s EIP-7702 brief explains the authorization batch and the separate asset sweep. Our full Binance hack reconstruction distinguishes usable signing authority from proof that private keys were extracted. Teng’s update does not resolve that distinction or provide a final root-cause report.
Company Funds Are Covering the Asset Shortfall
Teng reiterated that Binance had reserved more than $6.34 billion of company funds, with $5 billion already held in the affected tokens. He named USDC, USDT, BTC, ETH and BNB among those assets. Purchases of the outstanding token amounts are continuing through market and over-the-counter channels.
The co-CEO said Binance’s own hot wallet was affected, that customer assets were not impacted and that most user assets are held in cold wallets. He said the company does not use customer funds and attributed its ability to absorb the loss to crypto assets retained from its operations. Those are Binance’s assertions about the funding and custody arrangements, pending the promised public verification.
Our coverage of the $6.34 billion allocation explains the earlier statement that this company-fund amount excludes frozen or protected assets. Reserving replacement assets, freezing stolen tokens and returning recovered funds are separate steps. The allocation should not be added to earlier theft estimates as though it represents another loss.
A Full Reserve Report Is Targeted for Monday
Teng said Binance would publish a full Proof of Reserves report by Monday and hoped to provide an initial view before then. He also said purchases of the remaining assets would be reflected in that verification.
On the calendar of his October 30 address, Monday means November 2. The report was a promised future disclosure in the statement, not a reserve snapshot already supplied with the video. Its publication and the restoration of withdrawals remain separate milestones.
The Security Review Goes Beyond the Withdrawal Service
Teng said the company-wide review covers endpoints, cloud infrastructure, key management and signing. He also described work with law enforcement, blockchain intelligence companies, token issuers and other exchanges to trace and recover assets.
That wider response includes the issuer interventions documented in our Tether freeze brief and Circle freeze brief. Their dated announcements describe token restrictions, not completed repayment. Our Coinbase assistance report separately covers transfer screening and the offer of help between exchanges.
The immediate tests of Binance’s progress are whether the rebuilt service passes its checks, withdrawals actually reopen and the promised reserve information is released. Teng’s assurance that customer assets are safe remains the company’s position; the address itself is not an independent audit of those claims.
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