Binance Resumes Withdrawals in Phases After $6.3B Hack
Binance is gradually restoring cryptocurrency withdrawals after a reported $6.3 billion hack. The first phase began on Nov. 1, covering 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and Solana. Binance said deposits remain open, that balances for 10 major assets are fully backed, and that it has covered about 95% of the amount affected while absorbing losses rather than passing them to customers.
A second withdrawal phase is scheduled to start at 04:00 UTC on Tuesday. It will reopen additional assets across BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base as security and readiness checks are completed. Binance says assets will be prioritized according to user demand. The staged Binance withdrawals may ease concerns about access to funds, but delays and continued scrutiny of exchange security could weigh on market confidence and trading activity.
Neutral
The withdrawal restart is broadly neutral for the prices of the cryptocurrencies mentioned. Restoring access in stages and Binance’s statements that it has covered most affected funds and will absorb losses may reduce immediate concerns about forced selling or frozen balances. However, the reported scale of the hack, security checks and gradual timetable could sustain uncertainty and prompt some traders to reduce exposure or move assets off the exchange. In the short term, these opposing effects make a clear price direction difficult to establish. Over the longer term, prices are more likely to depend on whether withdrawals proceed without disruption, whether the exchange maintains confidence, and broader market conditions; the announcement itself does not establish a direct change to any token’s fundamentals.