# Binance Explains Why Withdrawal Pause Failed to Stop Oct. 29 Transfers By Simon Yoon Canonical URL: https://www.tokenpost.com/news/technology/52929 Published: 2026-11-10T08:38:02.000Z Updated: 2026-11-10T08:38:02.000Z Section: Technology > Security chief Jimmy Su said revoking an on-chain authorization required a separate transaction, and the exchange took hours to contain the incident. Binance Chief Security Officer Jimmy Su said an on-chain authorization let asset transfers continue despite a withdrawal pause during the exchange’s Oct. 29 security incident, requiring a separate transaction to revoke the permission. The authorization used by the attacker existed on-chain, outside Binance’s withdrawal system. Su said pausing withdrawals therefore could not stop transfers made under that authorization. Binance had to submit a new on-chain transaction to revoke it. It took hours to contain the incident because the exchange’s hot wallet used multiparty computation, Su said. That arrangement left no single private key available to revoke the authorization immediately, and the security team had to devise a process to do so before it contained the incident. Su’s explanation on Nov. 9 adds detail to Binance’s [previously outlined security response](). The exchange is bringing in outside security experts to check its internal findings and recommend improvements. Binance is also preparing a security research fund with AI companies and security firms. The planned work will focus on AI-related threats in blockchain systems. Su said Binance will manage its internal AI tools and development environments to critical infrastructure standards in the future. ## Links in this article - [previously outlined security response](https://www.tokenpost.com/news/technology/48962)