Binance co-CEO: Striving to resume withdrawals before Sunday deadline, plans to publish full proof of reserves next Monday.

BlockBeats news, October 30 - Binance co-CEO Richard Teng posted an update on the Binance security incident, stating that the company is committed to covering all stolen losses with its own funds and has currently earmarked over $6.34 billion in corporate funds. Of this, $5 billion is held in the same cryptocurrencies as the affected assets, including USDC, USDT, BTC, ETH, and BNB, with the remaining required tokens being purchased through market and OTC channels.

He emphasized that the incident affected Binance's own hot wallet, customer funds were unaffected, and the vast majority of user assets are stored in cold wallets, only transferred to hot wallets when users make withdrawals. He explained that most of the company's daily operating income is held in crypto assets, and long-term retention and reinvestment have enabled it to immediately cover losses of this scale with its own funds.

Regarding the investigation, Richard Teng stated that this was not a single-person attack. Preliminary investigation points to a compromised laptop, but additional intrusion points have since been discovered. The attackers also used self-destruct mechanisms to destroy tools and traces, increasing the difficulty of tracking. He said the attackers used EIP-7702 to obtain on-chain execution authorization for the hot wallet, and the related delegation did not go through normal approval controls.

Binance is currently rebuilding its withdrawal service, which will only be restored after strict testing. Richard Teng said he hopes to restore user withdrawals within 40 hours, before the Sunday deadline. Meanwhile, the company is conducting a comprehensive security review of endpoints, cloud environments, key management, and signing systems.

Regarding Proof of Reserves, Binance plans to publish a full PoR report on Monday and aims to provide preliminary data for public verification before then. The company is also working with law enforcement agencies, blockchain intelligence firms, token issuers, and other trading platforms to continue tracking and recovering the stolen funds.