Binance said in its second update on the security incident that its technical team is aiming to begin restoring withdrawals in phases in about 34 hours, subject to the completion of security checks. The update was signed by co-CEOs He Yi and Richard Teng. Services that were not affected, including deposits, remain operational.
The exchange said it has set aside more than $6.34 billion in funds. Of that amount, $5 billion consists of the same categories of tokens that were stolen, covering about 80% of the affected amount, while the remainder is being acquired through market purchases and over-the-counter channels. Binance also said its first proof-of-reserves snapshot will be taken within 12 hours, with the results scheduled for release on Nov. 2.
On the investigation, Binance said that beyond the initially suspected compromise of a laptop computer, it has identified additional points of breach. The company added that it has not found evidence of wallet private key leakage so far and expects to disclose more technical findings in about 48 hours. ChainCatcher previously reported that the incident caused losses of about $6.3 billion, with roughly $3 billion frozen on-chain.
Binance said in a second update on its security incident that its technical team is aiming to begin restoring withdrawals in phases in about 34 hours, provided security checks are completed. The statement was signed by co-CEOs He Yi and Richard Teng. Unaffected services, including deposits, remain operational.
The exchange said it has reserved more than $6.34 billion in funds. Binance said $5 billion of that amount is in the same categories of tokens that were stolen, covering about 80% of the affected amount, while the rest is being purchased through market and over-the-counter channels. It also said the first proof-of-reserves snapshot will be taken within 12 hours, with the results to be released on Nov. 2.
On the investigation, Binance said that in addition to the initially suspected compromise of a laptop computer, it later found other points of breach. The company said it has not found evidence of wallet private key leakage at this stage and expects to disclose more technical findings in about 48 hours.
ChainCatcher previously reported that the incident resulted in losses of about $6.3 billion, and about $3 billion has been frozen on-chain.
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