Binance CEO Says Full Proof-of-Reserves Report Due Nov. 2, Pledges Full Compensation for Hack Losses

Binance plans to release a proof-of-reserves, or PoR, report, and aims to resume withdrawals suspended after a hack by Sunday.

Richard Teng, Binance's chief executive officer, said in a statement on the hacking incident released on Oct. 30 that the company plans to publish its full proof-of-reserves report by Nov. 2. If possible, Binance will also disclose preliminary verification results earlier.

Teng reaffirmed that the company would fully compensate losses from its own funds. Binance has secured more than $6.34 billion in company funds to cover the affected assets. Of that amount, $5 billion is already held in the same digital assets that were impacted, including USDC, Tether's USDT, Bitcoin and Ether.

He also stressed that customer assets were not affected. The incident was limited to Binance's own hot wallet, while customer assets are managed under a separate security system.

Withdrawal services will resume after security checks are completed. Binance is rebuilding its withdrawal system from the ground up and will not restart the service until it passes strict testing, Teng said, adding that the company expects to restore withdrawals by Sunday.