Binance aims to reopen withdrawals Nov. 1, reserves proof due Nov. 2

Binance plans to start restoring withdrawals in phases around Sunday, Nov. 1, and to publish a proof-of-reserves report on Monday, Nov. 2, three days after the Binance hack and withdrawal pause. Both dates are targets. The exchange says the restart depends on finishing its security checks.

The timetable comes from a security update on binance.com signed by co-CEOs Yi He and Richard Teng and posted at about 19:30 UTC on Oct. 30. It says the tech team "targets to start resuming the withdrawal service within approximately 34 hours," and that each phase will be announced as it opens. Binance has not said which coins or networks go first. As of 08:00 UTC on Oct. 31, its announcements page carried no reopening notice. Binance says deposits were not affected.

What the Nov. 2 reserves report is meant to show

Binance puts the loss at about $6.3 billion in tokens drained from its hot wallets from around 20:05 UTC on Oct. 29. It says it has set aside more than $6.34 billion of company funds, including $5 billion held in the same assets that were stolen, such as USDC, USDT, BTC, ETH and BNB. By the exchange's count, that already covers roughly 80% of the hole. It is buying the remaining 20% on the market and through OTC desks.

The proof of reserves should show whether user balances are fully backed once those purchases settle. Binance planned an initial snapshot within 12 hours of the update and promised results by Monday. A separate technical post-mortem is due later, with first findings expected "within about 48 hours." The company has also widened its first explanation: the attack went beyond one compromised laptop, it now says, though it has found no evidence that wallet private keys leaked.

About $3 billion of the stolen funds is frozen on-chain, according to Binance. Circle CEO Jeremy Allaire said the company had frozen more than $800 million in USDC linked to the incident and was coordinating with law enforcement, Decrypt reported. If Binance's figure holds, the theft alone exceeds the total in an Immunefi study showing crypto lost $4.67 billion to hacks in two years.

Washington starts asking about offshore venues

Citing Reuters, the same Decrypt report says Binance is working with the FBI and the US Secret Service. The FBI confirmed it was aware of the incident and was coordinating with public and private partners. The Secret Service did not comment. Blockchain analytics firms TRM Labs and Chainalysis have tied the attack to TraderTraitor, a North Korean hacking group.

CFTC Chairman Michael Selig told CNBC on Oct. 30 that the hack "proves our exact point" about the crypto market rules his agency proposed this month. "The real issue here is that these are unregulated offshore exchanges," he said, according to The Block. The Oct. 5 proposal would create a new registration category for exchanges offering leveraged and margined retail crypto trading. The agency is pressing its reach elsewhere too, including in the CFTC's fight with Utah over prediction markets.

The same day, President Donald Trump told reporters he was looking into the hack and noted that Binance says customers will get their funds back. He added that he had "always felt it was a little bit dangerous," The Block reported. Separately, the industry group The Digital Chamber asked Congress to pass a bill giving the CFTC authority over crypto exchanges before the current session ends.