As of today, November 7, 2026, the situation with Binance continues to recover, but the details of the attack and security lessons are in the spotlight. Withdrawals are being expanded, compensation remains at 98%, and the fundamental security of users’ funds has not been affected.
✅ Latest positive developments
· Withdrawals continue to expand: Since November 6, Binance has enabled withdrawals for more assets on BSC, BASE, ETH, OPTIMISM, MATIC, ARBITRUM, AVAXC, TRX, SUI, and other networks, including XRP, CAKE, SAND, WLD, GRT, and other tokens. Due to the high volume of requests, brief delays are possible.
· Compensation remains stable at 98%: As of November 3, 98% of the affected token assets have been recovered. Binance has reserved funds exceeding 100% of the losses, and users have suffered no losses. The remaining 2% consists of low-liquidity tokens that will take time to acquire.
· Outflows are under control: Net outflows affected only about 3% of total assets under management (approximately $148 billion). There was no panic-driven client exodus, a significant difference from the FTX collapse.
⚠️ Key details of the attack revealed today
· The hackers acted extremely quickly: According to Bloomberg, the hackers used the EIP-7702 feature on Ethereum, paying a fee of just about $15, and transferred approximately $2.5 billion (40% of the total) in a single transaction in three and a half minutes. Moreover, after detecting the intrusion, Binance could not immediately stop the transfer of funds because the authorization existed on the blockchain and did not depend on the exchange's infrastructure.
· Entry point: The hackers gained access to the wallet signing system through fake interviews and malware, then initiated unauthorized transactions. Binance has already restored the affected systems, changed credentials, and strengthened device controls.
💎 Brief summary
For ordinary users, the critical phase has passed, funds are protected, and withdrawals are gradually being restored. The main uncertainty is that approximately $3.1 billion is still in wallets controlled by the hackers (who are exchanging altcoins for BTC and laundering the funds), but Binance has confirmed that these losses will not be passed on to users.
