Binance expects to begin resuming withdrawal services within the next 48 hours, co-CEO Yi He said in a service update posted on X at 04:17 UTC on 30 October. The statement is the first reopening timeline since the exchange halted withdrawals at 22:15 UTC after a $6.3 billion hack.
Yi He added that deposits remain unaffected and continue to operate as normal, although earlier statements from Binance had said all deposits and withdrawals were temporarily suspended. The main Binance account has not clarified the discrepancy.
If the 48-hour target holds, customers could be locked out of withdrawals for roughly 54 hours in total. The exchange is using the time to rebuild the system the attacker used. Yi He described work on enhancements to the withdrawal service and related address controls.
Binance's initial investigation found that a compromised DevOps engineer's laptop gave an attacker access to a service container that could submit unauthorized withdrawal transactions. The exchange said it revoked the affected address authorization. On-chain activity showed the drain ran through an EIP-7702 delegation that let an attacker-deployed contract act for a Binance hot wallet.
About $3 billion of the $6.3 billion in stolen funds is frozen, a figure that has risen overnight. Binance said the remaining gap of about $3.3 billion will be covered from the SAFU fund and company funds and that it will publish an updated Proof of Reserves after remediation.
Market reaction reflected some relief after the cause and funding source were disclosed. BNB traded at $716.15, down 4.2% over 24 hours, after earlier falling more than 8%. Bitcoin was at $78,120, down 2.1%, according to CoinGecko.
Binance's approach contrasts with Bybit, which kept withdrawals open through its $1.5 billion breach in February 2025. A staged reopening is likely, with withdrawals restored network by network, possibly with lower limits and delays for large requests. No government agency or regulator has commented publicly.
