CoinDesk
More than $6 billion in cryptocurrency left wallets associated with Binance in the 24 hours after the exchange reopened withdrawals following a roughly 45-hour suspension. DefiLlama tracked $6.1 billion in outflows, about 3.6% of the $171 billion in assets Binance reported holding before the attack.
Why it matters
The wallet figures offer a gauge of how customers and large holders responded once they could move funds, but they do not measure customer withdrawals alone. Publicly visible movements can include transfers between wallets controlled by Binance. DefiLlama tracked about $129 billion in Binance-linked crypto wallets after the outflows, though its coverage and asset calculations differ from Binance's reserve figures.
The suspension followed an October 29 hack in which attackers stole about $6.3 billion in cryptocurrency. Binance began restoring withdrawals at 06:00 UTC on November 1, and all 15 networks and assets in the initial reopening phase were available by 12:36 UTC, including Bitcoin, Ether, Solana, XRP and major stablecoins.
Market impact
Binance said it processed $4.649 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours after reopening, for $3.64 billion in net outflows. The exchange said withdrawal demand surged at first and then eased, while deposits remained substantial.
Rival OKX recorded about $450 million in net inflows and Bybit about $134 million. Those figures show funds moving into competing venues, but do not establish how much came directly from Binance customers. Binance said it had replenished about 95% of the assets affected by the hack; the remainder largely consisted of less liquid tokens that take longer to acquire.
Frequently asked questions
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How large were Binance's outflows compared with its reported assets?
DefiLlama tracked $6.1 billion in outflows, about 3.6% of the $171 billion in assets Binance reported holding before the attack.
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Do the wallet figures represent only customer withdrawals?
No. Publicly visible wallet movements can include transfers between wallets controlled by Binance, so the figures do not measure customer withdrawals alone.
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How much did Binance report in net outflows after withdrawals reopened?
Binance said it processed $4.649 billion in withdrawals against $1.01 billion in deposits during the first nine and a half hours, leaving $3.64 billion in net outflows.
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Which rival exchanges recorded net inflows?
OKX recorded about $450 million in net inflows, while Bybit received around $134 million. The aggregate figures do not establish how much came directly from Binance customers.
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How much of the stolen assets did Binance say it had replenished?
Binance said it had replenished about 95% of the assets affected by the hack. It said the remainder consisted largely of less liquid tokens that take longer to acquire.
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