“Hello, everyone.

First of all, I want to thank you all for your support. Difficult moments like these remind us once again how strong our industry can be when we work together.

We are grateful to our partners who acted quickly to help freeze the affected assets, as well as to law enforcement agencies around the world, with whom we are working closely to ensure those responsible are held accountable.

But above all, we are grateful to our users for their patience and understanding.
Rest assured: we are working around the clock to resolve this situation, fully compensate users for their losses, and earn your trust.

I want to be absolutely clear: WE COMMIT TO FULLY COVERING ALL LOSSES RESULTING FROM THE ATTACK WITH COMPANY FUNDS. Your assets are safe.

The good news is that we are already returning the affected assets.

Binance has reserved more than $6.34 billion in company funds to cover the affected assets. Of that amount, $5 billion is already held in the same tokens that were affected, including USDC, USDT, BTC, ETH, BNB, and others.

I know many of you are still asking the same question: how can Binance prove that your assets were not affected?
Let me answer directly. We NEVER use customer funds, so they were not affected. Binance's own hot wallet was affected by this incident. User assets are held within Binance's existing security architecture. The vast majority are kept in cold wallets and transferred to a hot wallet only when a user requests a withdrawal.

And one more important point. Binance has always been built for the long term. We keep much of what we earn through our day-to-day operations in crypto assets.

We have kept a significant portion of these assets within the company and reinvested them in business development and security. That's because we believe in crypto and in the long-term value of this industry.

That's why today we are able to immediately cover losses of this scale with company funds.

We are now covering the remaining amount by acquiring the necessary tokens through market and OTC channels.

We will share further updates as soon as we can.

If you are a user concerned about the situation, we recommend checking the funds in your Binance accounts. Also, please wait for our initial Proof of Reserves publication, which will allow for a public verification. We plan to publish it on Monday.

You can also contact customer support with any questions.

Now I want to tell you what we know about the attack itself.

Our technical experts and security teams are continuing their detailed investigation.

This attack was not carried out by just one person.

The initial investigation suggested that the incident may have been related to a compromised laptop, but further investigation uncovered additional points of entry.

This was a sophisticated attack.

The attackers also used a self-destruct mechanism that removed the tools they had used and erased their tracks as the attack unfolded, making it significantly harder to trace and investigate.

The attackers used the well-known EIP-7702 multisignature protocol to obtain authorization to perform on-chain operations with the hot wallet.

This delegation did not go through our standard verification mechanisms. That's why we had to suspend withdrawals to investigate, rebuild, and retest the entire infrastructure.

What are we doing now?

First. We are rebuilding the withdrawal service and will not relaunch it until it has passed thorough testing. We very much hope users will be able to withdraw funds again before the Sunday deadline we set. We are currently on track to meet that schedule—it is within a 40-hour window.

Second. We are conducting a comprehensive security audit across the company—end-user devices, cloud infrastructure, key management, and transaction-signing systems. Everything is being checked.

Third. We are completing the acquisition of the remaining assets and will verify that we hold them through Proof of Reserves. The full Proof of Reserves report will be published by Monday, and we expect to provide the initial data even earlier.

Fourth. We are working with law enforcement, blockchain analytics firms, token issuers, and other exchanges to trace and recover the affected funds. We will do everything in our power to ensure those responsible are held accountable.

And finally. This is a collective effort across the entire industry, and we are grateful to our partners throughout the ecosystem who stepped in so quickly to support us. We will get through this challenge. Thank you for your support—and please stay safe”

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