Binance reserves $6.34B after hack, targets phased withdrawals

Binance has set aside more than $6.34 billion to cover its $6.3 billion security breach and outlined plans to begin restoring withdrawals within approximately 34 hours, subject to security checks. Summary Binance says $5 billion is already held in the same cryptocurrencies stolen during the attack. Withdrawals will reopen in phases after security checks, while deposits and unaffected services remain operational. Proof of Reserves results are scheduled for Nov. 2, following an initial asset snapshot. Investigators have identified additional breach points, with no evidence so far of leaked wallet private keys. Binance’s second recovery update, dated Oct. 30 and signed by co-CEOs Yi He and Richard Teng, says the exchange will absorb the losses through its Secure Asset Fund for Users and corporate treasury. The company placed the start of the hot-wallet compromise at approximately 20:05 UTC on Oct. 29. Since then, its teams have been investigating the attack, securing affected infrastructure and arranging replacement assets while withdrawals remain suspended. “Binance will absorb the financial impact of these stolen funds, not our users,” the announcement states. Binance has secured 80...