Binance to resume withdrawals for UNI and AAVE after record $6.3bn hack
The exchange will restore services for assets on the Ethereum, Tron, and Sui networks in phases starting November 5 following the largest heist in crypto history.
Key takeaways
- 1Withdrawals for UNI, AAVE, and others resume in phases starting November 5 at 04:00 UTC.
- 2Affected networks include Ethereum, BNB Smart Chain, Base, Tron, Polygon, and Sui.
- 3Authorities and crypto firms have frozen or seized $2.85bn of the $6.3bn stolen in the hack.
Binance will begin a phased resumption of withdrawals for several major tokens, including UNI and AAVE, starting at 04:00 UTC on November 5. The exchange said in a security update that the move covers assets on the Ethereum, BNB Smart Chain, Base, Tron, Polygon, and Sui networks. Other tokens scheduled for restoration include VIRTUAL, MORPHO, and ASTER. This follows a period of restricted access to these assets while the platform addressed security concerns.
Wu Blockchain reported that each asset will only be enabled once Binance completes specific security and readiness checks. Users can check the final status of these tokens on the platform's withdrawal page. While withdrawals have been restricted for these specific assets, deposit services remained open throughout the recovery process. The exchange is manually verifying the status of each network before allowing funds to move off the platform.
The restrictions followed a $6.3bn hack on November 1, which YourKhabri previously reported was the largest heist in the history of the industry. North Korea-linked hackers were blamed for the theft, which led to the freezing of $971m in USDT by Tether. Authorities and firms have since recovered or frozen approximately $2.85bn of the stolen funds. Binance held roughly $171bn in assets under management before the incident and saw net outflows of $3.64bn when it first began reopening services earlier this month.
The gradual return of withdrawal services suggests that Binance is stabilising its internal controls after the breach. Traders will monitor whether the reopening of these specific tokens leads to further outflows or if the platform's assets under management continue to level off. The recovery of these networks is a necessary step for the exchange to return to full operations, though some tokenised assets may still face market strain as mechanics adjust to the restored liquidity.
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