Binance Sets 34-Hour Withdrawal Target After $6.3 Billion Breach

Binance set a target to begin restoring withdrawals within about 34 hours of its Oct. 30 update, as the exchange continued security reviews after a hot-wallet breach it estimated caused about $6.3 billion in losses.

The exchange said unauthorized withdrawals began at about 4:05 p.m. ET Thursday, Oct. 29 (20:05 UTC). Binance also said about $3 billion had been frozen on-chain.

Binance said it had set aside more than $6.34 billion in company funds, including $5 billion in the affected token assets. The exchange said losses would be covered through its Secure Asset Fund for Users and corporate treasury.

Withdrawals remained suspended while security checks continued. Deposits and other unaffected services were operating, and Binance expected to share further technical findings within about 48 hours of its update.