Binance issued a scam warning on Nov. 2, one day after reopening withdrawals across 15 networks following a $6.3 billion hack. Between 06:00 and 15:30 UTC on Nov. 1, the exchange processed $4.649 billion in withdrawals against $1.01 billion in deposits, producing net outflows of $3.64 billion.
Scammers are exploiting the withdrawal restart through direct messages, emails, group chats and micro-transfers, offering to speed up withdrawals, provide priority processing, help users claim compensation, or move assets into a "Binance vault."
Binance clarified it never initiates contact about accounts or funds, does not sell queue positions, and does not charge fees to unlock networks or assets. Any request for payment to expedite services is fraudulent. The exchange warned against transferring funds to addresses provided by impersonators or authorizing wallet connections and transactions, which are typically irreversible on-chain.
Binance completed a cryptographic reserve proof on Nov. 2 covering a snapshot taken at 00:00 UTC on Oct. 31. The proof verifies that balances for 10 assets—BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC—were backed at least 1:1. Users can verify holdings independently by logging into the official Binance website, downloading the verifier and running it locally. The mechanism confirms balance inclusion and backing without disclosing individual customer holdings.
Binance advised customers with pending withdrawals to check the app for status updates and said users concerned about account security should change passwords, review settings and contact in-app support. The exchange's official verification page can authenticate communication channels, accounts and websites.
