Binance Co-CEOs: Complete proof of reserves to be released by Monday at the latest, with the goal of restoring withdrawals within 40 hours.

According to TechFlow, on October 30, Binance Co-CEO Richard Teng announced that Binance has reserved over $6.34 billion in corporate funds to cover the stolen assets, with $5 billion already held in the affected tokens, including USDC, USDT, BTC, ETH, and BNB. The remainder is being acquired through market and OTC channels. He reiterated that only Binance's proprietary hot wallet was compromised, customer funds remain untouched, and the vast majority of user assets are stored in cold wallets.

Regarding the attack details, Teng stated that the incident was not carried out by a single individual and involved complex methods. Initial investigations pointed to a breached laptop, with subsequent inquiries revealing additional entry points. The attacker deployed a self-destruct mechanism, destroying tools and erasing traces during the assault, which complicated tracking efforts. Additionally, the attacker exploited the known EIP-7702 protocol to gain on-chain execution authorization for the hot wallet, bypassing Binance's standard approval controls. As a result, Binance suspended withdrawal services to conduct investigations, reconstruct systems, and fully retest the infrastructure.

Regarding next steps, Binance is reconstructing the withdrawal service and will only reinstate it after rigorous testing, aiming to restore withdrawals before a Sunday deadline of approximately 40 hours. Binance is also conducting a comprehensive security audit across endpoints, cloud platforms, key management, and signature verification processes. The exchange plans to release a complete Proof of Reserves (PoR) report by Monday at the latest, hoping to share preliminary findings before then. Furthermore, Binance is collaborating with law enforcement agencies, blockchain intelligence firms, token issuers, and other exchanges to trace, freeze, and recover the stolen funds.