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Binance: $6.3B hack, 2nd withdrawal phase
Binance is starting its second phase of cryptocurrency withdrawals on Tuesday, following a record $6.3 billion hack. The exchange will progressively reopen withdrawals for additional assets, including those on Ethereum and Binance Smart Chain. This move is expected to stabilize withdrawal volumes, which have slowed since Sunday.
Binance announced that it will begin a second phase of cryptocurrency withdrawals on Tuesday, with additional assets becoming available for withdrawal from 04:00 UTC. This follows an initial reopening on Sunday, where withdrawal volumes started to stabilize.
The exchange plans to reopen withdrawals progressively across assets as security and readiness checks are completed, prioritizing tokens based on user demand over the past week. Deposits remain available, and networks part of the second phase include Binance Smart Chain, Ethereum, and Solana.
Data from DefiLlama shows that outflows from the crypto exchange have slowed since Sunday, with net outflows on Monday at $2.57 billion, compared to $6.1 billion the day before. Binance also reopened withdrawals for several fiat currencies, including the US dollar and Indonesian rupiah.
Binance warned users of potential scams exploiting the phased reopening, where scammers may impersonate the exchange and offer accelerated withdrawals or priority processing for a fee. The exchange reminded users that anyone promising to expedite the process for a fee is scamming them.
The second phase of withdrawals is a significant step towards restoring normal operations at Binance, following the record hack. However, users should remain cautious of potential scams and monitor the situation closely.
Source: cointelegraph.com
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