Binance: Aims to gradually restore withdrawals within approximately 34 hours, having covered 80% of the losses

Binance released a second update on the security incident signed by Co-CEOs He Yi and Richard Teng, stating that the technical team aims to begin phased withdrawals within approximately 34 hours, contingent upon the completion of security checks; services such as deposits that are unaffected are operating normally.

Binance stated that it has reserved over $6.34 billion in funds, of which $5 billion consists of stolen tokens, covering about 80% of the affected amount, with the remaining portion being purchased through market and over-the-counter channels; the first reserve proof snapshot will be conducted within 12 hours, with results to be announced on November 2.

In terms of investigation, in addition to the initially suspected laptop breach, other points of compromise have been discovered, and no evidence of wallet private key leakage has been found so far. Further technical findings are expected to be disclosed within approximately 48 hours.

ChainCatcher previously reported that the losses from this incident are about $6.3 billion, with approximately $3 billion frozen on-chain.