Binance begins second phase of withdrawals after $6.3 billion hack as outflows slow
Binance plans to start a second phase of cryptocurrency withdrawals on Tuesday, following last week's $6.3 billion hack of the exchange. Withdrawals for additional assets are scheduled to resume progressively from 04:00 UTC on Tuesday, according to Binance's latest recovery notice, after an initial reopening on Nov. 1.
Users were already able to withdraw some assets from Binance, a crypto exchange where people trade and hold digital currencies, starting Sunday. The new phase extends that to more assets and more blockchain networks.
Key points
- Second-phase withdrawals roll out progressively from 04:00 UTC Tuesday as security and readiness checks are completed, per Binance.
- Planned networks include Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base.
- On Monday, Binance also reopened withdrawals for several fiat currencies, including the US dollar, adding to 23 currencies already available.
- Net outflows fell to $2.57 billion on Monday from $6.1 billion the day before, per DefiLlama data cited in the report.
- Binance warned users not to trust anyone offering faster withdrawals or compensation help for a fee.
What the exchange says about the rollout
"Like phase one, reopening will roll out progressively across the assets as security and readiness checks are completed," Binance said.
The exchange said it is prioritizing tokens based on user demand over the past week. Deposits remain available.
Fiat withdrawals reopened Monday
On Monday, Binance said it also reopened withdrawals for several fiat currencies, including the US dollar, United Arab Emirates dirham, Vietnamese dong, Philippine peso and Indonesian rupiah. That adds to a list of 23 other currencies already available for withdrawal.
Outflows slow as users move funds
Data from DefiLlama, a service that tracks money moving in and out of crypto platforms, shows outflows from Binance have slowed since Sunday. Net outflows on Monday were $2.57 billion, compared to $6.1 billion the day before, per the data cited in the report.
Scam warning tied to the phased reopening
In a separate security reminder, Binance warned that scammers could exploit the phased reopening by impersonating the exchange. It said scammers may offer accelerated withdrawals, sell priority processing, offer help claiming compensation, or direct users to move assets into a purported "Binance vault."
"Anyone promising to expedite it for a fee is scamming you," Binance said.
What is confirmed and what is not
Confirmed per Binance's notices: the phased plan, the listed networks, the fiat reopening, and that deposits remain available. The outflow figures come from DefiLlama, a third-party tracker, and are reported data rather than an official Binance statement. Whether every listed asset goes live on Tuesday is not confirmed, since Binance says the rollout progresses as checks are completed.
Sources
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