Binance Continues Withdrawal Restoration With Another Phase Expected Nov. 3

Binance said it was still working to restore withdrawals across more networks and assets after reopening access in stages following its Oct. 29 hot-wallet compromise.

Binance had set 1 a.m. ET Nov. 1 as the start of the first phase. By 7:36 a.m. ET, Binance had activated withdrawals for all 15 networks and assets included in phase one.

A compromise of Binance’s hot wallets at about 4:05 p.m. ET Oct. 29 caused estimated losses of $6.3 billion in token assets. Binance suspended withdrawals while keeping deposits and other unaffected services operational.

The first-phase outflow figures show users withdrew $4.649 billion and deposited $1.01 billion between 1 a.m. and 10:30 a.m. ET Nov. 1, a net outflow of about $3.64 billion. The net outflow represented 2.1% of Binance’s $171 billion in assets under management, measured against its Oct. 28 proof-of-reserves figure.

Binance’s Nov. 2 recovery update projected that the next stage of withdrawals would open Nov. 3, extending access to more networks and assets.