Binance issued a security advisory on November 2, cautioning users that scammers could take advantage of the exchange’s staged withdrawal reopening following a major security breach.
The advisory states that fraudsters may contact users through email, direct messages, group chats, or small cryptocurrency transfers, pretending to be Binance representatives. They may claim to help with delayed withdrawals, compensation claims, or asset recovery, and could promise to speed up pending transactions, sell priority access to withdrawal queues, or request transfers to allegedly secure wallets.
Binance emphasized that it does not charge fees to unlock withdrawals, does not offer paid recovery services, and never asks customers to authorize wallet transactions to regain access to funds. The exchange also warned against fraudulent proof‑of‑reserves websites and fake compensation links that could appear as new verification tools are introduced.
Potential impact of malicious wallet permissions
If users approve unauthorized wallet permissions, attackers can move assets without further consent, creating losses that cannot be reversed.
Recovery progress and reserve verification
The warning follows an October 29 attack that compromised Binance’s hot wallets, resulting in an estimated $6.3 billion in stolen cryptocurrencies. Binance reported that about 95 % of the affected assets have been replenished using company resources, while the remaining 5 % consists of less‑liquid tokens being sourced through market purchases and over‑the‑counter transactions.
On November 2, Binance completed a zero‑knowledge proof for its October 31 reserve snapshot, allowing users to verify that balances of ten major assets—including Bitcoin, Ethereum, BNB, XRP, Solana, Zcash, and four stablecoins—were backed at a 1:1 ratio at that time. The verification requires users to obtain account‑specific data and download a tool from Binance’s official proof‑of‑reserves platform. The snapshot reflects holdings as of 00:00 UTC on October 31 and does not represent the exchange’s current financial position.
Withdrawal restoration timeline
Withdrawals began to resume on November 1, with access expanding gradually across supported cryptocurrencies and blockchain networks. A further phase is planned for November 3, though Binance has not specified which assets or networks will be added. Another reserve snapshot covering additional cryptocurrencies is scheduled for November 4, with the associated zero‑knowledge proof expected to require 40–50 hours to generate.
Customer guidance
Binance advises users with pending withdrawals to check status directly through the official application and to verify any communications using the exchange’s official verification service.
