Binance co-CEO Richard Teng said the exchange aims to reopen customer withdrawals by Sunday, Nov. 1, following a security incident, with access contingent on completing tests.
Customers can still deposit while Binance checks devices connected to its systems, cloud infrastructure, cryptographic-key controls and procedures for authorizing transactions. The exchange has not confirmed that withdrawals will return by its target date.
Binance’s initial review pointed to a DevOps engineer’s computer as a possible route to a service container involved in unapproved withdrawal requests. In a Friday, Oct. 30, update, Binance estimated the incident’s impact at about $6.3 billion and said its SAFU fund and company funds would cover losses. The exchange also said customer funds remained safe; the estimate and response appeared in EconoTimes’ earlier report.
Teng said Binance may release some reserve figures ahead of the full disclosure. The exchange plans to publish its complete proof-of-reserves report Monday, Nov. 2.
