Binance says it is conducting security checks, and withdrawals will resume after the issue is resolved
On October 29, 2026, Binance’s official account posted that the team is conducting security checks, and withdrawals will resume as soon as the security issue is fully resolved. The post also said user funds remain safe and that updates will continue.
This statement follows the same day’s large abnormal outflow from Binance’s hot wallet. Earlier, Binance had officially confirmed that it was investigating a “potential security issue” and said user funds were completely safe; founder Changpeng Zhao said the incident appeared to be a hack and said he expected to fully cover user funds as a shareholder. On-chain data showed that the wallet labeled Binance 14 transferred out large amounts of assets such as ETH and USDT after EIP-7702 delegation, and Tether and Circle have frozen the related stablecoins.
Binance’s latest statement explicitly ties the resumption of withdrawals to the security issue being fully resolved, but it has not yet disclosed the specific nature of the problem, the amount of losses, or a timetable for resumption.
Original sources:
Title: Our team is conducting security checks. Withdrawals will resume as soon as the security issue is fully resolved. Publisher: Binance (@binance) Publication date: 2026-10-29 URL: https://x.com/binance/status/2115935002139742437 Source type: official announcement Verification status: the full post was read this time, verification date 2026-10-29 Supporting content: Binance says it is conducting security checks, withdrawals will resume after the security issue is fully resolved, user funds remain safe
Title: Our teams are aware of reports of a potential security issue... Publisher: Binance (@binance) Publication date: 2026-10-29 URL: https://x.com/binance/status/2115918888429133902 Source type: official announcement Verification status: the official post was read this time, verification date 2026-10-29 Supporting content: Binance confirmed it is investigating a potential security issue, user funds are completely safe (background)
Title: User funds are safe! It does look like a hack on Binance... Publisher: Changpeng Zhao (@cz_binance) Publication date: 2026-10-29 URL: https://x.com/cz_binance/status/2115915423174853077 Source type: original post by the person involved Verification status: the full post was read this time, verification date 2026-10-29 Supporting content: CZ said it appears to be a hack and expected full coverage (background)
ABAB AI Insight
This statement from Binance directly links the suspension of withdrawals to the issue being fully resolved. Earlier, the company had only said it was investigating a potential security issue and that user funds were safe, without specifying the withdrawal status. By making resumption conditional on full resolution, the platform is choosing to restrict fund outflows until internal checks are completed, rather than maintaining normal withdrawal operations.
On the capital-flow side, after the abnormal outflow from the hot wallet, keeping withdrawals open could further expose assets that have not been isolated. Suspending withdrawals locks user-side funds inside the platform until the checks are finished. This coexists with Changpeng Zhao’s expectation, expressed as a shareholder, of full coverage: the company has not confirmed the final loss amount, nor has it explained the source or execution method of the coverage.
Unlike stablecoin issuers freezing specific addresses through blacklists, an exchange withdrawal suspension affects all users on its own platform. The recovery time depends on the completion criteria for the internal security checks, which have not yet been announced. Key watchpoints are whether Binance releases a characterization of the issue, the scope of losses, or a specific timetable for withdrawal resumption.
ABAB News · Law of Cognition
After an abnormal hot-wallet event, the exchange tied withdrawal resumption to the issue being fully resolved, creating a lock on funds until internal checks are completed.
The official statement that user funds are safe and the resumption condition that the security issue be fully resolved are statements at different levels.