Binance said unauthorized withdrawals began after its global hot-wallet infrastructure was compromised on October 29 at approximately 20:05 UTC. The exchange valued the affected tokens at about $6.3 billion and temporarily suspended withdrawals while carrying out additional security checks. Approximately $3 billion of affected assets were frozen on-chain through coordination with issuers and investigators, while more than $6.34 billion of company resources were earmarked to absorb the losses. The frozen assets do not yet represent recovered funds or independently verified proof that every affected account has been fully reimbursed. Binance plans a phased restart of withdrawals after security validation, an updated proof-of-reserves report by November 2, and the release of further verified technical findings.
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