Binance Sets 34-Hour Withdrawal Target After $6.3 Billion Breach

Binance set a target to begin restoring withdrawals within about 34 hours of its Oct. 30 update, as the exchange continued security reviews after a hot-wallet breach it estimated caused about $6.3 billion in losses. The exchange said unauthorized withdrawals began at about 4:05 p.m. ET Thursday, Oct. 29 (20:05 UTC). Binance also said about $3 billion had been frozen on-chain. Binance said it had set aside more than $6.34 billion in company funds, including $5 billion in the affected token assets. The exchange said losses would be covered through its Secure Asset Fund for Users and corporate treasury.