Binance recorded about $3.64 billion in net outflows in the first nine and a half hours after it began restoring withdrawals on Sunday, following Thursday's $6.3 billion hack. The exchange put the net outflow at 2.1% of its $171 billion in assets. Withdrawal volumes have since declined and are "stabilising as expected" after an initial spike, Binance said, while an outside tracker puts the 24-hour figure higher.

What Changed

AI-generated summary, reviewed by an editor. More on our AI guidelines.

What Binance counted

Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits between 1 a.m. and 10:30 a.m. ET on Nov. 1, the exchange said in a post on X. The 2.1% figure is Binance's own, based on its latest proof-of-reserves data from Oct. 28. Deposit volumes "have remained substantial," according to the exchange.

The reopening came in phases. Binance began at 1 a.m. ET and reopened all 15 networks and assets in its first phase by 7:36 a.m. ET. The first phase covered tokens including ether and the stablecoins USDT and USDC.

As of 11:22 a.m. ET, Binance's status page showed withdrawals suspended for 531 of the 552 coins listed, with 14 others, including bitcoin and ether, partly restored.

The outside count

DefiLlama, which tracks $131.1 billion in assets across the exchange's wallets, showed $4.05 billion in net outflows from Binance over 24 hours as of 11:37 a.m. ET. The next 10 largest exchanges it tracks saw about $368 million in combined net inflows over the same period, led by OKX at $316.8 million.

DefiLlama does not track Coinbase or Kraken. Bitcoin balances on the two exchanges rose by about 984 BTC and 1,422 BTC over 24 hours, while Binance's fell by about 19,289 BTC, according to CoinGlass.

Not every withdrawal was a customer leaving. Some transfers are between Binance wallets, co-CEO Yi He said on X. For scale, the next-biggest exchange, OKX, has about $29 billion, against Binance's $171 billion.

The hack behind it

Attackers drained about $6.3 billion from Binance's hot wallets on Thursday in the largest crypto hack on record. The FBI attributed the theft to North Korea's TraderTraitor hacking group on Saturday. Co-CEO Richard Teng said on Friday that the breach was a "complex attack" involving a compromised laptop and malicious software designed to delete evidence of its activity.

Binance said it had covered around 95% of the impacted amount, up from 90% in its previous update. The remaining 5% consisted of less liquid tokens that would take longer to source in the quantities required, the exchange said. Bitcoin was trading around $78,000, roughly 5% below where it was before the theft.

An updated reserves report, based on an Oct. 31 snapshot and computed with zero-knowledge proofs, is projected to be released on Monday.

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Who is staying

Founder and former CEO Changpeng Zhao wrote on X that "98% choose to stay!" He said most of the net outflows occurred within the first couple of hours after withdrawals resumed.

"We won't pull money off," said Vincent Liu, chief investment officer at Kronos Research. "If you want to trade or hedge in crypto, you will have to be on Binance."

Others are trimming. Quantitative firm SQS Trading had about a quarter of its trading capital on Binance and planned to cut that by roughly a third, founder Eli Williams said in an interview. That change won't flatten its positions or reduce usage of the exchange as a venue for hedging, he said.

"It's hard to forecast what the net impact will be at this point," Williams said, "but we will be monitoring capital outflows and volume impact relative to other major venues."

Frequently Asked Questions

How much money left Binance after withdrawals reopened?

Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits in the first nine and a half hours after reopening withdrawals on Sunday, a net outflow of about $3.64 billion. The exchange put that at 2.1% of its $171 billion in assets.

Why does DefiLlama show a different number?

It showed $4.05 billion in net outflows from Binance over 24 hours as of 11:37 a.m. ET, and it tracks $131.1 billion in assets across the exchange's wallets.

Were all withdrawals customers leaving?

No. Co-CEO Yi He said on X that some transfers are between Binance wallets.

Who was behind the Binance hack?

The FBI attributed Thursday's theft of about $6.3 billion from Binance's hot wallets to North Korea's TraderTraitor hacking group on Saturday.

Are all coins withdrawable again?

No. As of 11:22 a.m. ET on Sunday, Binance's status page showed withdrawals suspended for 531 of the 552 coins listed, with 14 others, including bitcoin and ether, partly restored.

AI-generated summary, reviewed by an editor. More on our AI guidelines.

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