Binance Withdrawals: $3.64 Billion Outflow After $6.3 Billion Breach

Binance processed $4.65 billion in withdrawals against $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC on Nov. 1, creating a net outflow of $3.64 billion. The exchange had suspended withdrawals following a $6.3 billion hack last week, making this the first period of normal activity since the breach.

The net outflow represents 2.1% of Binance's $171 billion in total assets, according to proof-of-reserves data available as of Oct. 28. The company stated that withdrawal volumes spiked initially but have since declined and stabilized. Deposit volumes remained substantial during the same timeframe.

Operations resumed in phases starting at 6 a.m. UTC on Sunday. By 12:36 p.m. UTC, services were back online for all 15 networks and assets designated for the initial phase. Testing continues for the remaining networks and assets.

Changpeng Zhao, the exchange's founder and former CEO, addressed users on X to mitigate concerns about the exodus of capital. Zhao noted that 98% of users chose to keep their funds on the platform. He observed that the majority of the net outflows occurred within the first few hours after access was restored.

The FBI identified the attackers as North Korean hackers operating under the name TraderTraitor. Binance stated it is absorbing the financial impact of the theft rather than passing losses to customers. The company has covered approximately 95% of the impacted amount, up from 90% in its previous update. The remaining 5% consists of less liquid tokens that require more time to source in the necessary quantities.