Binance Expands Withdrawal Access Across Ethereum, Solana, and XRP Networks Following $6.3B Hack

Key Takeaways

• The exchange launched its second withdrawal phase starting at 04:00 UTC on Tuesday.
• This follows the $6.3 billion security breach last week and the initial service restoration on Nov. 1.
• The second phase includes major networks like Ethereum, Solana, XRP Ledger, Tron and Base.
• DefiLlama data indicates net outflows decreased to $2.57 billion on Monday from $6.1 billion the previous day.
• The platform issued warnings about fraudulent actors claiming to expedite withdrawal processes.

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The cryptocurrency exchange Binance has initiated a second wave of withdrawal services on Tuesday, as monitoring data reveals that user fund movements are beginning to normalize following last week’s massive $6.3 billion security incident.

The platform’s most recent recovery update confirms that additional asset withdrawals will restart incrementally beginning at 04:00 UTC on Tuesday. This expansion builds upon the initial service restoration that launched on Sunday, Nov. 1.

http://twitter.com/binance/status/2117444179630707088

Binance confirmed the second phase will mirror the methodology applied during the first stage. Rather than enabling all assets simultaneously, each cryptocurrency will become available for withdrawal after completing individual verification protocols.

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

The platform indicated it is prioritizing asset availability based on withdrawal demand patterns observed throughout the previous week. Meanwhile, deposit functionality continues to operate normally across the exchange.

Blockchain Networks Covered in Latest Phase

Binance released details on the specific blockchain ecosystems included in this second withdrawal stage. The networks encompass Binance Smart Chain, Ethereum, Solana, XRP Ledger and Sui.

Additional supported networks comprise Arbitrum, Optimism, Tron and Base. The exchange published a comprehensive inventory of individual tokens scheduled for withdrawal activation across these blockchain platforms.

On Monday, Binance additionally restored withdrawal capabilities for multiple fiat currencies. The activated currencies include the US dollar, United Arab Emirates dirham, Vietnamese dong, Philippine peso and Indonesian rupiah.

[[LINK_START_0]]http://twitter.com/binance/status/2117164969582330063[[LINK_END_0]]

These five fiat options supplement a previously accessible group of 23 other national currencies. The combined total now reaches 28 fiat currencies available for user withdrawals.

In a concurrent security advisory, Binance alerted its user base about fraudulent schemes connected to the phased service restoration. The exchange cautioned that bad actors might impersonate Binance representatives and promise accelerated withdrawal processing.

Binance noted that scammers might also attempt to sell priority queue access or present fake compensation claim opportunities. Other fraudulent tactics include directing users to transfer holdings into fictitious “Binance vault” services.

“Anyone promising to expedite it for a fee is scamming you,” Binance said.

User Fund Movements Decline

[[LINK_START_0]]Data from DefiLlama[[LINK_END_0]] indicates that fund withdrawals from Binance have decelerated substantially since Sunday. Outflow metrics track the total value of assets users transfer away from the exchange.

Net outflows on Sunday—the initial day when withdrawal services were restored—totaled $6.1 billion. This amount nearly matched the $6.3 billion compromised during last week’s security breach.

By Monday, net outflows had contracted to $2.57 billion. This represents a reduction of more than 50 percent compared to Sunday’s withdrawal volume.

The declining outflow trend emerged one day prior to Tuesday’s scheduled launch of the second withdrawal phase. Additional cryptocurrency assets are slated to become available progressively starting at 04:00 UTC on Tuesday as Binance finalizes its security verification and operational readiness assessments.