Binance expands phased withdrawals after $6.3bn hack

Binance users can begin withdrawing more assets after the $6.3 billion hack, but availability depends on the asset and network clearing security checks.

The reopening is gradual, so a listed coin may still be unavailable on a particular network when you try to withdraw it.

Which Binance withdrawals are reopening?

Binance said in its November 3 withdrawal update that the next phase would start at 04:00 UTC that day. It listed assets across BSC, Ethereum, Solana, XRP, Sui, Arbitrum, Optimism, Tron and Base. BTC, ETH, SOL, XRP, DOGE and ADA are among the assets included.

The listed networks and assets will not all reopen at once. Binance says it will restore each network-and-asset pair progressively as security and readiness checks are completed, with further assets to follow. Deposits remain open and are unaffected, according to the exchange.

What should users check before sending?

Check the withdrawal page for the specific asset and network, or Binance’s network status page, before starting a transfer. A token appearing in the announcement does not confirm that every route for it is available immediately. Binance says users may also see delays or longer processing times during the rollout because of traffic.

If a withdrawal fails, Binance advises trying again after a short while. The announcement does not specify a new fee schedule or promise a fixed time for every asset to become available. Confirm the receiving wallet supports the selected network before sending, since a network mismatch can prevent a transfer from arriving correctly.

How does this fit into the hack response?

Binance said the theft involved about $6.3 billion in token assets taken from compromised hot wallets around 20:05 UTC on October 29. The Associated Press report on the breach said Binance had pledged to cover the losses and that roughly $3 billion in affected assets had been frozen. AP also reported that blockchain firms linked the attack to a North Korean hacking unit.

In its November 3 update, Binance said it would bear the financial impact of the stolen funds and continue restoring withdrawals as safeguards are strengthened. The exchange’s earlier incident update said it had set aside more than $6.34 billion in company funds to cover the stolen assets. Users who need to move funds now should rely on the live status for their specific asset and network, rather than assume the whole withdrawal service is back.

Source material

• November 3 withdrawal update — binance.com
• Associated Press report on the breach — apnews.com