Binance Expects Withdrawals to Resume Within 42 Hours After $6.3B Incident

Binance expects to reopen withdrawals within 42 hours after an incident affected $6.3 billion in assets, with co-CEO 何一 describing it as a hack and saying $3 billion was frozen.

In a video posted to X, 何一 said Binance suspended withdrawals to make sure its wider operating environment was not compromised. She said participants across the crypto industry helped freeze the funds.

The $6.3 billion figure refers to affected assets, while $3 billion covers funds frozen during the response.

何一 said Binance’s daily revenue and holdings are mostly crypto assets. Those assets match most of the affected types, while a small portion would need to be bought on exchanges or through over-the-counter channels.

Binance plans a detailed technical security audit report, 何一 said. She added that the exchange would continue tracking the hacker and pursue the case to the end. Withdrawals remained paused at the time of her statement, with reopening expected within 42 hours.