Binance resumes more withdrawals but keeps HYPE token frozen
The exchange issued its ninth recovery update following a $6.3bn hack, though the 11th-largest cryptocurrency by market cap has now been inaccessible for eight days.
Key takeaways
- 1Binance reopened more withdrawals at 04:00 UTC on November 6 in its ninth recovery update.
- 2The HYPE token remains frozen for the eighth day despite no funds being lost in the hack.
- 3Authorities have recovered or frozen $2.85bn of the $6.3bn stolen from the exchange.
Binance reopened withdrawals for several tokens on November 6 at 04:00 UTC. This was the ninth recovery update since a $6.3bn security breach. Degen News reported that the update excluded HYPE, the native token of Hyperliquid. This is the eighth day that HYPE holders have been unable to move assets from the exchange.
On-chain investigator Mlm said the update allows movement for almost all restricted assets except for HYPE. Mlm said that while the token remains frozen, no HYPE supply was lost during the exploit. Earlier phases of the recovery began on November 5, when Binance resumed withdrawals for UNI and AAVE on networks like Ethereum and Polygon.
The restrictions follow a $6.3bn hack involving 11 blockchains and 12,000 wallets. YourKhabri previously reported that authorities and security firms froze $2.85bn of the stolen funds. Hyperliquid is the 11th-largest cryptocurrency with a market value of $18.5bn. Its token fell 8.1 percent in the 24 hours leading up to the update.
The continued freeze on HYPE suggests Binance and investigators are still clearing specific transaction paths for the asset. The exchange has not given a reason for the delay. The exclusion of a top-20 token typically indicates complex security checks or pending regulatory approvals. Traders will watch for the tenth update to see if the freeze continues or if Binance provides a timeline for HYPE.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.