Binance sees $3.64 billion in net outflows as withdrawals resume
Binance experienced $3.64 billion in net outflows after resuming withdrawals following a major $6.3 billion hack. The exchange is working to stabilize operations and has committed to covering user losses.
Why it matters
This event underscores the volatility of cryptocurrency exchanges and the systemic risks posed by large-scale security breaches.
Binance said it recorded $3.64 billion in net outflows after reopening withdrawals on Sunday following a $6.3 billion hack, as customers rushed to move funds off the platform.
The exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC on Nov. 1, Binance said in a post on X.
The resulting net outflows represented 2.1% of Binance's $171 billion in total assets, based on its latest available proof-of-reserves data as of Oct. 28.
Binance said withdrawal volumes had declined and were stabilizing following an initial spike, while deposit volumes remained substantial.
The exchange began restoring withdrawals in phases at 6 a.m. UTC on Sunday, with services resuming across all 15 networks and assets included in the initial phase by 12:36 p.m. UTC. It said testing was continuing for the remaining networks and assets.
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