In a recent update, Binance announced plans to gradually reinstate withdrawal services for several cryptocurrencies, following the suspension caused by a $6 billion security breach. This announcement includes a timeline for Hyperliquid (HYPE) withdrawals, as well as Litecoin, Injective, Aptos, Plasma, and NEAR Protocol, aiming to reopen these services by the end of next week.
Criticism over Delayed HYPE Access Intensifies
The announcement comes amid growing discontent from the Hyperliquid community. Users questioned Binance’s decision to delay HYPE withdrawal services, even as it has resumed transactions for numerous other crypto assets in the past week. HYPE distinguishes itself as one of the few high-cap tokens still awaiting the reactivation of withdrawals.
Binance has stated it is working to resume withdrawals for HYPE and five other assets by the end of the next week.
Community backlash has not only targeted the delay itself but also the lack of transparency regarding its causes. Hyperliquid investors, asserting that the attack did not impact their platform, are demanding a clear explanation of why HYPE transactions have not been prioritized earlier.
Community Seeks Transparency on Withdrawal Delays
Recognized as an expanding entity in decentralized derivatives, Hyperliquid users express concerns that the delay extends beyond mere technical issues. Social media channels have seen increased activity, with Binance co-founder Changpeng Zhao being tagged in posts questioning the fairness of the decision.
Hyperliquid advocates argue there is no justified reason for HYPE being withheld, as they claim it was unaffected by the hack.
As criticisms escalate, various theories about the nature of the breach and the order of reopening withdrawals have emerged. Some users speculate HYPE’s exclusion might be intentional. However, Binance maintains that they are diligently working to restore withdrawal services according to the outlined schedule.
Unified Timeline Provided for Multiple Assets
Binance’s recent update not only includes HYPE but also extends to Litecoin, Injective, Aptos, Plasma, and NEAR Protocol. Despite the breadth of coverage, discussions predominantly focus on HYPE, as criticisms correlate its growing adoption with withdrawal delays. Part of the community argues this could potentially hinder Hyperliquid’s growth trajectory.
Contrary to calming the situation, Binance’s announcement has prompted further inquiries. Particularly, the Hyperliquid community wants a detailed explanation about why HYPE withdrawals face longer delays, considering withdrawals for numerous other assets have already recommenced.
