The first phase of withdrawal on binance is now open

[Comeacross]

How about the deposit of funds? Is it been open too? Or still suspended. Im wondering if trading is open actually since those two important details such as deposits and withdrawals arent working. I had funds left on binance and Im wondering if this can be traded or at least be P2P.

I think their deposit is not affected, but rather the withdrawals only.

The deposit was suspended for a few hours and later resumed that same day. I wonder if anyone would attempt to make deposit during the incident. Internal withdrawal is working fine thou but I haven't tried external/on chain withdrawal since their announcement but a slight delay should be expected just the way it happened with Bitget.

I just don’t trust them at all and I don’t think it was a real hack.

How the assets were freezed promptly was actually suspicious. The truth behind this would be reveal someday no matter how long.

This part is even crazier. How much profit have they been making that they can easily say they can cover billions of dollars stolen?!

Lol, this is what CZ has to say

Our SPCX shares (from our $500m investment in your Twitter takeover) are worth more than a billion.

[cryptoaddictchie]

I check to see if their withdrawal is working. Then I tried to withdraw, but still its processing.

I don't know if they are doing it manually or they return doing automatic withdrawals.

I see it seems the only affected part for so long is the withdrawal but I doubt people would have wanted to deposit now at the time like this.

The deposit was suspended for a few hours and later resumed that same day. I wonder if anyone would attempt to make deposit during the incident. Internal withdrawal is working fine thou but I haven't tried external/on chain withdrawal since their announcement but a slight delay should be expected just the way it happened with Bitget.

I see good thing deposit process is now open and this covers for all assets and tokens or do they have some restriction on depositing on some tokens and coins that are primarily affected with the hack?

Im not sure what happened on the Bitget hack but surely Binance is way more capable to resume all pending and delay much faster since the top 1 cex would ever make this agony for so long for ther users.

[Bitcoin.com97]

I never really had any doubt that they’d resume to be fully operational with ‘apparent’ 1:1 reserves. I just don’t trust them at all and I don’t think it was a real hack. Yet another warning to not keep your coins on an exchange for any significant period of time. Not your keys, not your coins.

Exactly, people cannot trust them again , because nobody saw it coming ,who knows what next is going to happen,at this point ,saving in exchange is very risky , because of all this unforseen circumstances, I really felt for many ,some has a lot of savings there ,even if they resume operation now ,trust me it not going to be easy for everyone, because trust has been broken ,and I think they should work on there security although all this things are bound to happen, because hackers are also working so hard to made away with people's sweat , so everyone should also take precautionary measures also, by not keeping there funds in exchange for so long .

[Faisal2202]

Binance has said the withdrawal would be in phrase, So if you have been waiting for when binance withdrawal would resume this is a reminder that the first phase is open and the first batch is Bitcoin

This is good news. I didn't know they were enabling withdrawals in phases, but now I do. They are first enabling withdrawals on the networks that had the highest demand in the last week before the hack. In the next phase, they will allow withdrawals of other alts as well.

So we can already withdraw our BTC if we want to. That's a relief for those who had Bitcoin held on it for the long term, but would they withdraw their coins now, or would they trust Binance even more.

[Jaycoinz]

We will see, but based on what I've read about past hacks, the losses were also covered by their SAFU fund. So in this case, I think it's still the same. After all, if Binance doesn't fulfill their promise we will see a lot of complaints and thus far, it seems I haven't seen any yet, so I assume everything is slowly falling into place, working as planned.

According to Binance, they have covered ninety percent of the losses from this hack. So I'm not surprised they have restored withdrawals. The exchange is assuring users that they will not experience any loss because of this sad event. The company is trying to build its reputation by assuring users that it is big enough to cover the losses. I hope users get back their funds and maybe move them to non-custodial wallets.

If this was a real hack and also all other previous hacks that have hit Binance, then its safe to say that it's either they are not learning from other previous cases or they actually liked to be hacked, because it's crazy to say that they have actually experienced hack not once not twice but I think 3x and yet they haven't upgraded their system in such a way that these hacks won't repeat itself. I believe Trust wallet which is also an entity of  Binance has been hacked late 2025 of which it also suffered loss of couple millions in dollars and yet it also survived.

[Webutxo]

This is good news. I didn't know they were enabling withdrawals in phases, but now I do. They are first enabling withdrawals on the networks that had the highest demand in the last week before the hack. In the next phase, they will allow withdrawals of other alts as well.

So we can already withdraw our BTC if we want to. That's a relief for those who had Bitcoin held on it for the long term, but would they withdraw their coins now, or would they trust Binance even more.

I think the top most used chain withdrawals are enabled and working smoothly, you can withdrawal stables and some other coins. The exchange has experienced a tremendous numbers of withdrawals which is now more than $2.5B in the first 2 hours and at the same time some people have deposit money back on the exchange. I don't know how some people are putting money on the exchange after waiting for 2 days to get their money out of the exchange.

The shocking thing is that some people that withdraw their coin from Binance withdraw the money to another exchange, kraken experienced large deposit after Binance open their withdrawals. That means people have not learn to not use centralized exchanges. If Binance exchange can get hack, then certainly other exchanges will get hack too. It's a matter of time.

[Agbe]

I don't know why people still keep bitcoin in exchange when the bitcoin forum warns users not to keep their funds there and there is high possibility that people here are telling others who are not in this forum to avoid using anything call centralized exchanges because it is not your coins and not your keys. Well human being is difficult to deal with.

I only use exchange for instant p2p. Binance approval of withdrawal after the hack is even very fast compared to bitget hacked time. Bitget took almost two weeks plus to reopen the withdrawal but Binance is within the week.

[Vompola]

I think we should trust Binance Exchange, they have suddenly been the victim of a big money hacking and they have given such a guarantee that they will return the funds of every user. Since the amount is very large, it is not possible to think so easily, but they have to give them some time and we, the users, have to be patient. Since they have already started these activities, I think they will successfully resolve these activities within a certain day.

[ColdLava40]

Is this a Pr that you can trust exchanges ?

I'm not falling for this p honestly. The biggest crypto hack involving Exchanges never saw reimbursement fully back to the victims. Not even Ftx and Mt Gox could do it, I'm keen to see if it happens with Binance. But then,  if this is a pr then we shouldn't forget in a rush that if it is not your keys, it can never be your coins. They will try to return to a little few bit completely?! I harbour doubts truthfully.

The hack shouldn't be enough to make a major exchange like Binance completely go out of business.

This shouldn't even be a major problem as long as users can still withdraw their coins. The only issue I can think of is that the exchange may experience heavy traffic, causing significant withdrawal delays because many people will rush to move their funds out.

The lesson here is simple, not your keys, not your coins. People should never have left their funds on a centralized exchange in the first place.

[I_Anime]

According to BINANCE post on x they have started the first phase of withdrawal after they blocked withdraw after they got hacked in what is the biggest hack attack in the history of mankind.

Binance has since been dropping positive news and they said they will cover all losses and non of their users would be affected, many doubted if that will be possible and from the comments they get on their social media many people were actually waiting for withdrawal to open.

Binance has said the withdrawal would be in phrase, So if you have been waiting for when binance withdrawal would resume this is a reminder that the first phase is open and the first batch is Bitcoin

This is why they remain the biggest cryptocurrency exchange. Though the withdrawal freeze didn’t affect me that much because most of my assets are in noncustodial wallets. I only keep a few funds on the exchange for short-term speculations whenever I feel like it.

Well, I came across a post on X claiming that Binance has already recovered 80%.  https://x.com/binance/status/2116728061765034338?s=46 .Exchanges have to tighten their security, especially at times like this, considering how rampant hacking has become nowadays.

[MainIbem]

This is why they remain the biggest cryptocurrency exchange. Though the withdrawal freeze didn’t affect me that much because most of my assets are in noncustodial wallets. I only keep a few funds on the exchange for short-term speculations whenever I feel like it.

Well, I came across a post on X claiming that Binance has already recovered 80%.  https://x.com/binance/status/2116728061765034338?s=46 .Exchanges have to tighten their security, especially at times like this, considering how rampant hacking has become nowadays.

Even the biggest exchange couldn't secure their platform from being hacked. Well that's by the way, your major investment should be in a self custody wallet while little in exchanges for trading and if you if you by chance make huge gains from trading it's advise that a huge part of it is sent to the self custody wallet. Although i see simultaneously trading and long term holding as a difficult task for me cause i could get distracted from my long term investment goal but if you can perfectly manage both then it's cool.

[Princeemmanuel070]

Not your Key, Not your money, please dont save BTC on Exchange, anything can happen. I really hope Binance bounce back stronger from this.

[TastyChillySauce00]

This part is even crazier. How much profit have they been making that they can easily say they can cover billions of dollars stolen?!

Even their SAFU funds which supposedly accumulated from a small percentage of their trading fee is already at the billion level, it wouldn't be surprising if they actually make massive amount of annual revenue.

I think back in march forbes estimated the revenue to be at $16Bn which later got debunked by CZ himself and stated that the number is closer to $5Bn which close enough to cover $6.3Bn gap. But, revenue isn't net profit therefore that is another thing to remember.

I think the reason Yi He which is co-founder of Binance is stating that the revenue for the year is sufficient to cover the losses is because the true gap is the $3.3Bn stolen, the remaining $3Bn stolen that is currently frozen will eventually get returned back to them even though there's no guarantee all of them can be recovered without going through complicated legal process.

[BlackBoss_]

Even their SAFU funds which supposedly accumulated from a small percentage of their trading fee is already at the billion level, it wouldn't be surprising if they actually make massive amount of annual revenue.

I think back in march forbes estimated the revenue to be at $16Bn which later got debunked by CZ himself and stated that the number is closer to $5Bn which close enough to cover $6.3Bn gap. But, revenue isn't net profit therefore that is another thing to remember.

I think the reason Yi He which is co-founder of Binance is stating that the revenue for the year is sufficient to cover the losses is because the true gap is the $3.3Bn stolen, the remaining $3Bn stolen that is currently frozen will eventually get returned back to them even though there's no guarantee all of them can be recovered without going through complicated legal process.

With all recent news and what we have known so far, there is very high possibility that Binance exchange will successfully resolve this hack and its consequence and move onwards with their exchange business. However, it's unlikely a guarantee for anything happens in the future, they're fine this time but in the future if something worse comes, nobody knows what will happen with this exchange and users who store fund there.

This hack and its severity are newest scary and valuable lessons for people who use centralized exchanges. It's another story added to this Reminder: do not keep your money in online accounts.

Binance is a big and successful exchange but not only this, they also have very good management over years so far but these things might be changed in the future. If changes are towards worse direction, bad consequence might appear.

[BlackBoss_]

Things have been getting crazy in the records these centralized exchanges keep setting as the most amount of funds being stolen!!! You'd think after so many hacks in so many years, they'd do something to prevent such large thefts at the very least!

AIs actually change many things globally and in all industries so the cryptocurrency centralized exchange industry is not an exception. Likely this hack on Binance will not be the biggest one, more will come in the future with bigger hacked value and more unprecedented severe consequences.

This part is even crazier. How much profit have they been making that they can easily say they can cover billions of dollars stolen?!

Things were already crazy with Binance since recently years by their declining criteria for listings of new coins and tokens on their exchanges. From listing shitcoins and tokens easily, Binance has been no longer an exchange with best quality mark of projects listed there.

It was also crazy with the terrible ever market crash and liquidations in October last year. People are lucky by don't lose their money this time because Binance allows users to withdraw their funds after the big and severe hack.

However coming months, Binance will try doing many things for getting money back, to cover their loss in this hack and many crazy things will happen with this exchange.