BackBinance begins second withdrawal phase following record hack

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Cointelegraph3 hours agoCrypto1 min read

Binance begins second withdrawal phase following record hack

Quick Look

Binance will begin a second phase of cryptocurrency withdrawals on Tuesday following last week's $6.3 billion hack, with additional assets reopening progressively from 04:00 UTC after an initial reopening on Nov. 1.

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Why It Matters

Binance suffered a $6.3 billion hack last week and initially reopened withdrawals on Nov. 1. Deposits remain available throughout the recovery process.

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Binance plans to begin a second phase of cryptocurrency withdrawals on Tuesday following last week's $6.3 billion hack.

Withdrawals for additional assets are scheduled to resume progressively from 04:00 UTC on Tuesday, according to Binance's latest recovery notice. The rollout follows an initial reopening on Nov. 1.

"Like phase one, reopening will roll out progressively across the assets as security and readiness checks are completed," said Binance.

The exchange said it was prioritizing tokens based on user demand over the past week. Deposits remain available.

Networks part of the second phase of withdrawals include Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base, according to Binance.

Open Questions

What caused the $6.3 billion hack?
Which specific assets will be included in each phase of the withdrawal rollout?
When will all assets be fully available for withdrawal?
Will users be compensated for losses from the hack?

Binance plans to resume cryptocurrency withdrawals for additional assets progressively from 04:00 UTC on Tuesday, following an initial reopening on Nov. 1. Withdrawal volumes have stabilized after last week's $6.3 billion hack, with Monday net outflows at $2.57 billion compared to $6.1 billion on Sunday. Fiat withdrawals for several currencies have also reopened.

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Binance begins second withdrawal phase following record hack

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