Key Takeaways
- Binance rejected paid withdrawal priority and compensation claim links.
- The completed proof lets customers check backing without exposing balances.
- Less liquid tokens account for the remaining 5% of affected assets to replenish.
Fake Compensation Offers Accompany Withdrawal Restart
Binance addressed potential fraud during its withdrawal restart following the $6.3 billion hack in a Nov. 2 withdrawal scam warning on X. The exchange stated:
“Withdrawals are resuming in phases and opportunistic scammers may try to take advantage of this period.”
It described the approaches customers could encounter: “They may impersonate Binance through DMs, emails, group chats and even small transfers with a message attached, offering to ‘speed up withdrawals,’ give ‘priority processing,’ help you ‘claim compensation,’ or move your assets into a ‘Binance vault’.”
The exchange cautioned:
“Anyone promising to expedite it for a fee is scamming you.”
It emphasized that Binance would never initiate contact about accounts or funds, sell places in a withdrawal queue, or charge to unlock a network or asset. Transfers to supposed safe accounts, secured wallets, or any address supplied by an impersonator were also among the requests it warned against.
Requests to connect a wallet, sign a transaction, or authorize access can accompany phishing and counterfeit websites that imitate trusted services. Binance cautioned that authorizations could allow third parties to move assets and that on-chain transactions are usually irreversible. It also ruled out requests for passwords, two-factor authentication codes, or seed phrases, along with unsolicited eligibility, status, or compensation claim links.
Scam Alert Follows $4.65 Billion in Withdrawals
The Federal Trade Commission (FTC) has separately warned that refund and recovery scammers impersonate organizations and demand upfront payments or financial information. Binance similarly rejected paid asset recovery services and directed customers with pending withdrawals to check the app. Its official verification page can authenticate channels, accounts, and websites; anyone concerned about account security was advised to change passwords, review settings, and contact in-app support.
The alert came one day after Binance’s initial withdrawal reopening across 15 networks on Nov. 1. Between 06:00 and 15:30 UTC that day, the platform processed $4.649 billion in withdrawals against $1.01 billion in deposits. Net outflows totaled approximately $3.64 billion as customers regained access, while restoration continued for other networks and assets.
Customers Gain Access to Reserve Verification
Separately, Binance’s newly available reserve proof covers the snapshot taken at 00:00 UTC on Oct. 31. Holders of BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC can independently check that balances included in that snapshot were backed at least 1:1. The process confirms inclusion and backing without revealing individual customer balances.
Verification requires logging in through the official Binance website and downloading the verifier to run on the customer’s own computer, using an open-source tool that developers and the public can inspect. The company stressed using trusted devices, protecting login information, and avoiding unofficial reserve websites. It reiterated:
“Binance will absorb the financial impact of the stolen funds, not our users.”
The company-funded asset replenishment reached 90% on Oct. 31 and approximately 95% by Nov. 1. Less liquid tokens accounted for the outstanding 5%, with industry partners helping source replacements. Binance planned another withdrawal phase for Nov. 3 and a broader reserve snapshot for Nov. 4, followed by an estimated 40 to 50 hours to generate its proof.
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