Oct 30, 2026, 12:31 p.m. EDT
2 min read
The ongoing inquiry by Binance into the historic $6.3 billion security breach has revealed further vulnerabilities beyond the initial suspicion of a compromised staff member’s laptop, according to co-CEO Richard Teng speaking on Friday, as he provided more facts about the assault and established a target of Sunday to bring back withdrawals.
During a video address published on X, Teng explained that the perpetrators utilized a self-destruction mechanism to wipe out traces and capitalized on the Ethereum EIP-7702 account-delegation mechanism to seize control of a hot wallet bypassing standard authorization checks at Binance.
“This was a complex attack,” Teng stated, noting that examiners discovered extra intrusion spots even though the full timeline of events remains under evaluation.
Earlier coverage by CoinDesk outlined the account-delegation technique, breaking down how the perpetrator secured wallet access privileges and deployed malicious scripts to extract approximately $2.5 billion in minutes.
Binance has halted user withdrawals while reconstructing and checking its technical framework. Teng mentioned that the platform aims to reactivate withdrawals by Sunday, roughly within 40 hours, while conducting evaluations of its cloud environments, staff hardware, private-key handling, and transaction approval steps.
Teng also reaffirmed that Binance has pledged to absorb the entirety of the $6.3 billion deficit utilizing corporate reserves. Binance has set aside in excess of $6.34 billion, which incorporates $5 billion currently retained in the impacted digital currencies, he noted. The rest of the funds are being acquired via exchanges and over-the-counter channels.
Furthermore, he mentioned that the intrusion targeted Binance’s proprietary hot wallet rather than user funds. An alternate investigation into Binance reserve metrics by CoinDesk, nevertheless, revealed that the breached wallets were previously cataloged among assets supporting user balances.
Binance intends to publish a preliminary proof-of-reserves refresh prior to issuing a complete report on Monday, Teng specified, adding that the exchange is additionally cooperating with law enforcement agencies, blockchain sleuths, and token creators to retrieve the appropriated assets.
Read all of CoinDesk’s coverage of the Binance hack.
Originally published at https://www.coindesk.com/tech/2026/10/30/binance-uncovers-wider-breach-in-usd6-3-billion-exploit-targets-sunday-withdrawal-restart.
