Binance says its investigation into the $6.3 billion hack has found more security gaps than the initially suspected compromised employee laptop. Co-CEO Richard Teng shared the update in a video statement on X on Friday. He said the attackers left a self-destruct mechanism to erase evidence. They also used Ethereum’s EIP-7702 account-delegation feature to take control of a hot wallet without going through Binance’s normal approval steps.
Attack details still emerging
Teng called it a complex attack. Investigators have found additional breach points, but they have not yet mapped the full sequence of events. CoinDesk previously reported on the account-delegation method and how the attacker gained wallet permissions. Malicious code then drained about $2.5 billion in minutes, according to that reporting.
Binance has paused withdrawals while it rebuilds and tests infrastructure. Teng said the exchange hopes to restart withdrawals by Sunday, within roughly 40 hours. The review covers cloud systems, employee devices, private-key management and transaction-signing procedures. That is a wide checklist, and it suggests the exchange is not treating this as a single laptop problem.
Loss cover and reserve questions
Teng repeated that Binance will cover all $6.3 billion in losses with company funds. He said Binance has reserved more than $6.34 billion, including $5 billion already held in the affected cryptocurrencies. The rest is being bought through exchanges and over-the-counter markets.
He also said the attack hit Binance’s own hot wallet, not customer funds. A separate CoinDesk review of Binance reserve data found that the compromised wallets had previously appeared in a list of assets backing customer balances. That does not settle the question of who bears the final risk, but it is likely to draw more scrutiny.
Binance plans to publish an initial proof-of-reserves update before a full report on Monday. Teng said the exchange is working with law enforcement, blockchain investigators and token issuers to recover stolen assets. For users, the immediate focus is the Sunday withdrawal target. Whether Binance meets it will depend on how quickly the remaining checks clear.
