Binance Warns of Fake $150 Rewards as Withdrawals Resume
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Binance told users on November 1, 2026 that no cash voucher campaign was active and that screenshots promising $150 rewards for the withdrawal suspension were fabricated, according to Blockonomi. Co-founder Yi He said a planned community rewards campaign still required regulatory approval before any official launch.
The warning landed the same day the exchange began restoring withdrawals across 15 networks following a precautionary pause triggered by the October 29 hot-wallet theft. Yi He said the regulator’s review was expected once offices reopened on Monday, November 2, and urged users to avoid phishing links and fraudulent promotions tied to the disruption.
Key facts
- Fake screenshots circulating on social media claimed users could receive $150 because withdrawals had been paused; Yi He said no such promotion was running as of November 1, 2026.
- Interim Binance marketing chief Eowyn Chen denied compensation for the withdrawal suspension and pointed users to official accounts for updates.
- Withdrawals resumed across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain, XRP Ledger, Base, Dogecoin, Optimism, Arbitrum, Tron, Solana, Polygon and Avalanche C-Chain, with additional routes to return after security checks.
- The U.S. Secret Service said it continued investigating the theft of more than $6 billion, a figure Bitcoin.com News and AMBCrypto put at about $6.3 billion.
- Changpeng Zhao thanked the Secret Service, other authorities and industry partners, saying they acted within minutes to track and freeze stolen funds.
Recovery covers roughly 95% of the loss
Binance said it had covered approximately 95% of the affected amount, up from 90% in its previous update. The remaining 5% involved less liquid tokens that needed more time to source through market and over-the-counter purchases. The exchange added that BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances were fully backed, with a reserve snapshot available through its official proof-of-reserves page. Deposits stayed open throughout the phased rollout.
Earlier, Bitcoin.com News reported on October 30 that Binance had outlined a four-part recovery plan signed by co-CEOs Yi He and Richard Teng, with matching tokens worth $5 billion covering roughly 80% of the loss at that stage. That report also cited Elliptic’s independently verified freezes at $2.84 billion as of its 8 a.m. UTC update on October 30, while Binance itself cited about $3 billion frozen onchain. AMBCrypto’s October 30 report put the theft at about $6.3 billion, called it the largest in crypto history, and said it followed Bybit’s $1.5 billion hack in 2025.
Why it matters
The alerts separate a genuine recovery operation from invented payouts, a distinction that matters because fake offers borrowed the credibility of ongoing announcements about frozen funds and loss coverage. For users, the practical risk is withdrawal of login credentials through phishing links rather than any missing reward. The incident also ranks as the biggest exchange theft on record by the circulating estimates, putting scrutiny on how hot-wallet access and signing controls are managed across the industry.
What to watch
The regulator’s review when offices reopen on Monday, November 2, will determine whether the community rewards campaign proceeds, and Binance has said more withdrawal routes will return as security checks complete. Investigators have not closed the theft inquiry.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Blockonomi, Bitcoin.com News, AMBCrypto
