Binance reports $3.64 billion net outflows in first hours after reopening withdrawals
Binance said customers withdrew US$4.65 billion and deposited US$1.01 billion in the first nine and a half hours after it began restoring withdrawals on Sunday, three days after a US$6.3 billion theft. The exchange said withdrawal volumes had since eased and that an updated proof-of-reserves report is due on Monday.
Binance, the world’s largest cryptocurrency exchange, said customers made a net US$3.64 billion of withdrawals in the first nine and a half hours after it began restoring withdrawals on Sunday 1 November, following the theft of about US$6.3 billion from its hot wallets on Thursday.
What Binance said. In a post on X, Binance said it processed US$4.65 billion in withdrawals and US$1.01 billion in deposits between 06:00 and 15:30 GMT on Sunday, The Block reported. The exchange put the net outflow at 2.1% of its US$171 billion in assets, based on proof-of-reserves data from 28 October. Binance said withdrawal volumes had declined and were “stabilising as expected” after an initial spike, while deposit volumes “have remained substantial”, according to The Block.
Reopening in phases. Binance began restoring withdrawals at 06:00 GMT and had reopened all 15 networks in its first phase, including Bitcoin, Ethereum, BNB Chain, Solana and XRP, by 12:36 GMT, The Block reported. Other networks, including Cardano, Chainlink, Hyperliquid, Litecoin and NEAR, were still being tested. As of 16:22 GMT, Binance’s status page showed withdrawals suspended for 531 of 552 listed coins, with 14 others, including bitcoin and ether, partly restored, according to The Block.
Outside data. Data provider DefiLlama, which tracks US$131.1 billion in assets across Binance’s wallets, showed US$4.05 billion in net outflows over 24 hours as of 16:37 GMT, The Block reported. The next 10 largest exchanges tracked by DefiLlama had about US$368 million in combined net inflows over the same period, led by OKX with US$316.8 million.
What comes next. Binance said an updated proof-of-reserves report, based on a 31 October snapshot and computed with zero-knowledge proofs, was projected for release on Monday 2 November, The Block reported. Co-chief executive Richard Teng said on Saturday that the exchange had replenished 90% of the stolen assets and would cover the rest. The FBI has attributed the theft to North Korea’s TraderTraitor group.
See also: Binance’s plan for the first withdrawal phase and the FBI’s statement on the theft.
Sources
- Binance sees $3.64 billion in net outflows after reopening withdrawals following record hack · The Block
- Binance begins phased withdrawals starting with bitcoin · CoinDesk
- Binance restarts withdrawals after $6.3bn heist · Al Jazeera
- Binance Processes $4.65B in Withdrawals Across 15 Networks After Hack · Bitcoin.com News
- Binance resumes withdrawals for some major cryptocurrencies after $6 billion heist · CBS News
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