Binance Restores Operations After Hack: Withdrawal Timelines and Attack Details

Binance intends to resume fund withdrawals within the next 40 hours following a major cyberattack. The company's co-founder provided updates on the investigation and measures to restore platform operations.

Attack Details

The incident was initially linked to a compromised employee laptop, but the investigation revealed additional intrusion vectors. Hackers employed self-destruct mechanisms to erase traces and used the EIP-7702 protocol to bypass standard hot wallet security procedures.

Recovery and Compensation

• Binance is completely rebuilding its infrastructure and conducting testing before reopening withdrawals.

The company has set aside over $6.34 billion of its own funds to cover damages, with $5 billion already transferred into affected cryptocurrencies. The remaining assets are being purchased on the market and through over-the-counter (OTC) deals.

Exchange representatives emphasize that user assets were not compromised, as the attack only targeted the platform's internal reserves. A full Proof of Reserves report is scheduled for publication by Monday, with preliminary data potentially available earlier.

Law Enforcement Cooperation

Binance is conducting a comprehensive security audit and collaborating with token issuers and other exchanges to recover stolen funds. The US Secret Service confirmed Circle's involvement alongside private companies in tracking and blocking the assets.