Binance Plans Full Proof-of-Reserves Report by Monday, Teng Says

Binance co-CEO Richard Teng said the exchange will publish a full proof-of-reserves report by Monday, Nov. 2, after an attack on its hot wallet that he said did not affect customer assets.

Teng said most customer funds are held in cold wallets and move to hot wallets only when users request withdrawals. Binance hopes to release an initial version of the report sooner. Teng said the exchange is rebuilding withdrawal services and remains on track to resume them by Sunday, Nov. 1.

Teng said investigators found additional intrusion points after initially identifying a compromised laptop. He said attackers used a self-destruct mechanism to erase tools and traces, then used EIP-7702 to gain on-chain execution authorization for one hot wallet, bypassing Binance’s usual approval process. Binance is reviewing its endpoints, cloud systems, key management and signing processes across the company, he said.

Binance will cover the stolen funds with company money, Teng said. The exchange has reserved more than $6.34 billion, with $5 billion already held in affected assets and the rest being acquired through market and over-the-counter channels.