Binance begins second withdrawal phase following record hack

What happened

Binance plans to start a second phase of cryptocurrency withdrawals on Tuesday after last week's $6.3 billion hack. Additional assets will reopen progressively from 04:00 UTC, following an initial reopening on Nov. 1, while deposits remain available.

Confirmed

Global impact / market context

Letting customers withdraw more coins signals Binance is restoring normal service after the $6.3 billion hack, which means users can move funds again. Faster access reduces the risk that worried holders sell at a discount or move to rival exchanges, which supports customer confidence.

Analyst inference

The staggered reopening across networks such as Ethereum, Solana and XRP Ledger shows Binance is testing systems asset by asset rather than all at once. That cautious pace may keep some holders uneasy and could influence where they keep their coins after access returns.

Analyst inference

What to watch

1. Binance says the second phase starts at 04:00 UTC on Tuesday and covers networks including Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base. Confirmed
2. Watch whether Binance extends withdrawals to all remaining assets after this phase, since the notice says reopening rolls out progressively as security and readiness checks are completed. Proposed
3. Track whether users withdraw coins in large amounts once access returns, which could move assets off the exchange and shift where trading activity and cash available are concentrated. Analyst inference

Affected assets

• ETH — Ethereum
• XRP — XRP
• SOL — Solana
• ARB — Arbitrum
• OP — Optimism

Evidence

• cointelegraph.com