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“The difference is verification, not just promises.”
That’s what I told @CNBC today, speaking on the security incident and the steps we’ve taken since 29 October to ensure our users are protected.
We’re now 98% replenished. We’ve completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed. That’s why we have Proof of Reserves: accountability.
While Binance is at the centre of this story, this is an industry-wide problem. We must keep working together to safeguard customers and strengthen our industry.
I’ll be joining in 15 minutes. Looking forward to the conversation.
Tune in here ⤵️
teapawt.net/i/spaces/1ybALpPKvqmza…
Join Binance Co-CEOs @_RichardTeng and @heyibinance, alongside Chief Security Officer Jimmy Su, for a fireside chat.
Moderated by @jessicasmw.
🗓️ November 9, 2026
🕛 12:00 UTC
📍 X Spaces
Set your reminder → teapawt.net/i/spaces/1ybALpPKvqmza…
Tomorrow, I'll be joining @heyibinance and Jimmy Su for a fireside chat, moderated by @jessicasmw.
12:00 UTC on X Spaces. See you there.
Join Binance Co-CEOs @_RichardTeng and @heyibinance, alongside Chief Security Officer Jimmy Su, for a fireside chat.
Moderated by @jessicasmw.
🗓️ November 9, 2026
🕛 12:00 UTC
📍 X Spaces
Set your reminder → teapawt.net/i/spaces/1ybALpPKvqmza…
Our next priority is to reopen withdrawals for HYPE, INJ, APT, PLASMA, NEAR, and LTC by the end of next week, alongside all tokens on networks already restored.
Thank you for your continued patience.
Our latest Proof of Reserves snapshot now covers 44 tokens, up from 10, expanding the range of assets users can independently verify are backed at least 1:1.
Generating the full zero-knowledge proof takes 50–60 hours of computation. That’s a long wait, but it serves an important purpose: letting users verify the backing of their own balances, rather than simply taking our word for it.
On recovery, we’re now at ~98% of impacted assets replenished. We’ll continue buying the remaining, less liquid tokens carefully through market and OTC channels to avoid moving prices as we close the gap.
There’s still work ahead: fully reopening withdrawals and strengthening safeguards. I’ll keep sharing progress as we go.
Richard Teng retweeted
Binance Co-CEO Richard Teng: “We now are operating, we are protecting every user, and we are extremely thankful for our users’ confidence and trust”
Speaking with @DarrenBotelho on @FoxBusiness, Richard explained how Binance is protecting users and replenishing impacted assets, with 98% now restored - this is fully verifiable through our Proof of Reserves.
User funds remain safe. Binance absorbs the financial impact, not our users.
After some audio issues, I'm joining CNBC again shortly.
In 10 minutes I'm live on @SquawkStreet as we publish the full report on the 29 October incident. We're being transparent about this because the lessons go far wider than one company - tune in.
In a few minutes, I'll be live on @FoxBusiness to discuss our initial findings on the 29 October incident.
On 29 October, Binance was the target of one of the most sophisticated attacks the digital asset industry has ever seen. ~$6.34B in assets were impacted. We take full responsibility and we're making it right.
No user bears the loss. We set aside more than the full amount required. At this moment, 98% of impacted tokens had been replenished; we're completing the remaining 2%. Withdrawals have broadly resumed.
This wasn't one mistake or one breach - it was a months-long campaign. We're publishing the full report because the lessons go far beyond Binance.
~$2.85B has already been frozen or intercepted with law enforcement, issuers and blockchain intelligence firms. The speed of coordination could not be matched in traditional finance.
In 10 minutes I'm live on @SquawkStreet as we publish the full report on the 29 October incident. We're being transparent about this because the lessons go far wider than one company - tune in.
As withdrawals resume, impersonators are offering "priority processing," "compensation claims," and "secure vaults."
@Binance will never contact you first, charge to speed things up, or ask you to sign or move funds to unlock a withdrawal.
Verify before you trust → binance.com/en/official-veri…
Security Reminder: Stay Alert to Scams as Withdrawals Resume
Withdrawals are resuming in phases and opportunistic scammers may try to take advantage of this period. They may impersonate Binance through DMs, emails, group chats and even small transfers with a message attached, offering to "speed up withdrawals," give "priority processing," help you "claim compensation," or move your assets into a "Binance vault".
Please remember that Binance will never:
• Contact you first about your account or funds
• Offer or sell you a place in the withdrawal queue
• Charge a fee to unlock a network or asset
• Ask you to connect a wallet, sign, authorize anything, or transfer funds to "unlock" a withdrawal
• Ask you to move your assets into a "vault", "safe account", "secured wallet" or any address provided by someone else
• Send you an "eligibility", "status" or "compensation claim" link
• Ask for your password, 2FA codes or seed phrase
• Point you to a unofficial PoR site
• Offer paid "asset recovery" services
Once you connect, sign, or authorize a request, third parties can move your assets — and on-chain transactions are usually irreversible.
If your withdrawal is still pending, check its status in the Binance app. Anyone promising to expedite it for a fee is scamming you.
Only use the official Binance app and official channels for updates. To check whether a channel, account or website is real, use the official verification page:
binance.com/en/official-veri…
If you see anything suspicious, or think your account may be at risk, change your password right away, review your security settings and contact in-app Customer Support.
Keeping your assets safe is always our top priority. Thank you for your trust and support.
I want to thank our users for their patience and support as we continue working through this recovery process.
We've completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed.
There's still work to do, and we'll continue to communicate our progress openly.
Richard Teng retweeted
Withdrawal Update
Withdrawals have now been restored for the following assets and networks:
- Ethereum Network: USDC, USDT, ETH
- BNB Smart Chain (BSC): USDC, USDT, BNB
We will continue to restore additional assets and networks in phases following the completion of our security checks. Further updates will be shared through official Binance channels.
Today, we're beginning the phased resumption of withdrawals, taking a careful approach to ensure services return safely and securely.
We've now replenished approximately 95% of the impacted assets, and our commitment remains clear: Binance will absorb the financial impact of the stolen funds, not our users.
Thank you for your patience, understanding, and continued trust. We know this hasn't been easy, and we're committed to seeing the recovery through.
We know how important trust is, especially in moments like this.
We've now replenished 90% of the stolen assets, and we're committed to covering the remaining 10%. Our users will not bear the financial impact of this incident.
We've also shared an updated Proof of Reserves snapshot, and we're working towards resuming withdrawals on November 1.
Thank you for your patience and trust. We'll keep you updated every step of the way.
Over the past 24 hours, our teams have been working around the clock to respond to a serious security incident involving unauthorized withdrawals of funds. This is a live update on where things stand - what we've done, what we've learned, and what comes next.
Bottom line: Binance will absorb the financial impact of these stolen funds, not our users.
Over $6.34B reserved, $5B already held in the exact impacted assets. ~$3B frozen so far with our partners,
Withdrawals resume once security checks are done. Then our Proof of Reserves, and a full post-mortem.
We are grateful to our users for their patience and understanding.
Read the full update:
TRANSCRIPT:
Hi everyone, firstly, I want to thank you all for the support. Difficult times like these are a great reminder how strong our industry is when we work together.
We are grateful to our partners that acted quickly to freeze the hacked assets; to global law enforcement, who we’re working hand in hand with to seek justice;
But most of all - we are grateful to our users for their patience and understanding.
Rest assured that we are working non-stop to resolve this, to make the users whole, and live up to your trust.
I want to be clear: WE ARE COMMITTED TO COVERING ALL HACKED LOSSES THROUGH OUR COMPANY FUNDS. Your assets are safe.
The good news is that we are recovering stolen assets for users.
Binance has reserved over $6.34B of company funds to cover the stolen assets. $5B of these funds are already held in the exact token assets that were impacted, such as USDC, USDT, BTC, ETH, BNB etc.
I know many of you are still asking the same question: how can Binance actually prove that your assets were not affected?
Let me be direct about the first point. We NEVER use any customer funds, so they are not impacted. What was affected in this incident was Binance's own hot wallet. User assets are held under Binance's established security architecture. The vast majority sit in cold wallets, and are only moved into a hot wallet when a user makes a withdrawal.
One more thing I want to share. Binance has always been built for the long term. Most of what we earn from day-to-day operations is held in crypto assets. We have kept a lot of them in the company, and reinvested them — into the business, and into security. Because we believe in crypto, and in the long-term value of this industry.
That is precisely why we are able to absorb a loss of this size, immediately, with our own money.
We are working on the outstanding amount by buying the token assets through market and OTC channels. We will share more progress as soon as we can.
If you, as a user, are concerned, we encourage you to check funds on your Binance accounts. Wait for our initial Proof of Reserve for public verification, which is targeting Monday. You can reach out to our customer service with any questions.
Next, I want to give you an update on our understanding of the hack itself.
Our tech and security teams are still deep in the investigations of the hack.
This was not carried out by one person. Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach.
This was a complex attack. The attacker also used a self-destruct mechanism that destroyed tooling and traces as they went, making it more difficult for us to trace and investigate.
The attacker used a known multi-signature protocol EIP-7702, to obtain on-chain execution approval over a hot wallet. That delegation did not pass through our normal approval controls. That’s why we need to pause the withdrawal service to investigate, rebuild, and retest the entire infrastructure system.
So what are we doing now?
First, we are rebuilding the withdrawal service, and we are not switching it back on until it passes rigorous testing. We are very hopeful that users will be able to withdraw prior to our Sunday deadline, which is on track to be within 40 hours.
Second, we are conducting a full security review across the entire company — endpoints, cloud, key management, signing. Everything.
Third, we are completing the purchase of the remaining assets and will verify in our Proof of Reserves. We will be sharing a full Proof Of Reserves report by Monday, and we are hoping to give an initial view of Proof of Reserves before that.
Fourth, we are working with law enforcement, blockchain intelligence firms, token issuers and other exchanges to trace and recover stolen funds. We will do everything within our power to ensure that these bad actors will be held accountable.
Lastly, this is an industry-wide effort, and we are grateful to partners across the ecosystem who have moved quickly to help and support. We will weather this storm. Thank you for the support - and stay safe.