binance withdrawals sunday: Restart Target After EIP-7702 Hit

The binance withdrawals sunday target is now the date the whole market is circling. Co-CEO Richard Teng said Binance aims to switch withdrawals back on by Sunday, November 1, and publish a full proof of reserves by Monday, after rebuilding systems hit in the record $6.3 billion hack. He also revealed the attacker abused Ethereum's EIP-7702 delegation to slip past normal approval controls.

What actually happened

In a video update on Friday, Teng laid out the plan. Binance hopes to resume withdrawals within roughly 40 hours, by Sunday, and will release a full proof of reserves report by Monday, with an initial view before then. Decrypt and TokenPost both reported the two dates.

The technical picture got worse before it got better. CoinDesk reported that investigators found additional points of breach beyond the employee laptop. Teng said the attackers used a self-destruct mechanism that wiped tooling and traces, and used EIP-7702, an Ethereum feature that lets ordinary wallets run smart contract code, to gain execution approval over a hot wallet.

"That delegation did not pass through our normal approval controls," Teng said, according to Decrypt. That is the core reason the binance withdrawals sunday timeline exists at all: the exchange is rebuilding and retesting infrastructure before money can flow out again.

The money side

The Block's Daily summarized the funding. Binance has allocated $6.34 billion in company funds and reserves, holds about $5 billion in the affected assets already, and is buying the remaining $1.3 billion through market and OTC trades. That is separate from roughly $3 billion frozen by partners including Tether, Circle, Ripple and World Liberty Financial.

Teng stressed that the breach hit Binance's own hot wallet, not customer funds, and that most user assets sit in cold storage. Co-CEO Yi He said this year's revenue would fully cover the loss, according to Bloomberg via Business Standard. The FBI and Secret Service are now involved in the recovery effort.

The question for Sunday is not whether Binance can pay. It is whether the rebuilt pipes are ready.

We covered the first 24 hours in binance 6.3b hack and the broader exchange-risk odds in cex insolvency odds.

Why EIP-7702 is the detail to remember

EIP-7702 was built to make wallets smarter. It lets an externally owned account delegate execution to contract code. In this case, Teng says, that delegation became a side door around Binance's signing process. Expect every exchange and custody team to audit how their hot wallets handle these delegations over the next weeks.

For users, it is a reminder that new wallet features change attack surfaces. That applies to self-custody too, not just exchanges.

What could still go wrong

A few things can push the date. Testing may surface more issues, especially since investigators are still mapping the full sequence of the attack. Partners may also need time to coordinate on the frozen funds, and the attacker kept moving assets on Tron on Friday, according to Arkham data cited by Decrypt.

None of that changes the coverage pledge. It does mean the restart could be staged, with some assets or networks returning before others. Read the official announcement carefully when it lands rather than relying on screenshots.

What to do as a reader

If you have funds on Binance, do not panic-click anything. Follow only the official status pages and Teng's or Binance's verified accounts. Scammers love an exchange outage, and fake "early withdrawal" links will show up.

Expect a queue. If binance withdrawals sunday goes ahead, many users may try to move funds at once. Network fees and confirmation times can spike. Plan withdrawals with a buffer instead of racing the first minute.

Read the proof of reserves when it lands Monday. Look for whether liabilities and the affected assets are covered, not just headline totals. The Decrypt write-up of Teng's update is a good primary-adjacent summary until Binance posts the report.

Remember the target can slip. Teng tied the restart to testing, and a delay would not by itself mean funds are gone. Nothing here is investment advice.