Binance targets Sunday withdrawal restart after breach, reserve report Monday
Binance's Richard Teng says withdrawals could resume Sunday if testing passes, with a Proof of Reserves report due Monday after a wider-than-expected breach.
Binance is aiming to reopen withdrawals on Sunday after a hack that has kept them paused, according to reports from The Defiant and CoinDesk. Richard Teng, who The Defiant calls co-CEO and CoinDesk calls CEO, said the exchange also plans to publish a full Proof of Reserves report by Monday.
The Defiant reported that Teng said Binance has set aside more than $6.34 billion in company funds. CoinDesk's headline describes the incident as a $6.3 billion exploit. The material available does not spell out how those two figures relate, so readers should wait for Binance's own breakdown.
Restart depends on testing
In a second report, The Defiant said Teng described the Sunday target as on track, with the restart expected within 40 hours of his comments. He tied that timeline to a condition: the rebuilt withdrawal service has to pass testing before it reopens.
That means Sunday is a goal, not a firm commitment. Withdrawals remain paused until the testing is complete, according to The Defiant.
Wider breach found
CoinDesk reported that Binance has uncovered a wider breach than first understood. According to the outlet, Teng said the attackers erased evidence and bypassed security checks.
The summaries do not say how the attackers got in, which systems were affected, or how far the wider breach extends. They also do not say whether any customer assets were lost. Those details were not in the material provided, and we are not guessing at them.
What traders should watch
The first checkpoint is whether withdrawals actually restart on Sunday. Traders with funds on Binance should look for official word on whether the rebuilt service passed testing, since The Defiant said that is what the reopening depends on.
The second is the Proof of Reserves report due by Monday. It should show how the reserved funds Teng mentioned compare with the exchange's obligations. Traders should also look for more detail on the scope of the breach and the erased evidence, which CoinDesk reported. Until Binance publishes that information, the size and cause of the incident remain only partly explained.
Sources
- Binance’s Teng Targets Sunday Withdrawal Restart After Hack The Defiant
- Binance’s Teng Sets Monday Reserve Report Deadline as Withdrawals Stay Paused The Defiant
- Binance uncovers wider breach in $6.3 billion exploit, targets Sunday withdrawal restart CoinDesk
Written with AI assistance from the sources above and checked against them. Not investment advice.