Binance Says Withdrawals May Resume Within About 40 Hours

Binance co-CEO Richard Teng said the exchange could restore withdrawals within about 40 hours, pending security tests, as it investigates an attack involving a hot-wallet authorization.

Teng said Binance is rebuilding its withdrawal service and will keep it closed until it passes rigorous testing. He said the service may return before a Sunday deadline, roughly 40 hours away.

Binance plans to publish a full proof-of-reserves report Monday and hopes to share preliminary results sooner.

Teng said early findings point to a compromised laptop, with investigators later finding additional entry points. He said more than one person was involved and attackers used a self-destruct mechanism to erase tools and traces, complicating efforts to track them.

Teng also said attackers used EIP-7702 to obtain on-chain execution authorization for a hot wallet without going through Binance's usual approval process. Binance is reviewing security across its endpoints, cloud systems, key management and signing systems.