TheBlock
Binance recorded about $3.64 billion in net outflows during the first nine and a half hours after it began restoring withdrawals on Sunday, following a $6.3 billion hack on Thursday. The exchange processed $4.65 billion in withdrawals against $1.01 billion in deposits between 1 a.m. and 10:30 a.m. ET. Binance said the net outflow represented 2.1% of its $171 billion in assets under management.
Why it matters
The episode puts a major exchange’s ability to restore access and retain customer balances under pressure after a record-setting crypto theft. The FBI attributed the attack to North Korea’s TraderTraitor hacking group. Binance said withdrawals were stabilising after an initial spike and deposits remained substantial, but its status page still showed suspensions across most listed coins as of 11:22 a.m. ET.
Binance reopened withdrawals in phases, restoring all 15 networks and assets in its first phase by 7:36 a.m. ET. The remaining networks and assets under testing included Cardano, Chainlink, Hyperliquid, Litecoin and NEAR. Bitcoin and Ether were among 14 assets with withdrawals partly restored.
Market impact
DefiLlama tracked $4.05 billion in Binance net outflows over 24 hours as of 11:37 a.m. ET. The next 10 largest exchanges it tracks recorded about $368 million in combined net inflows, led by OKX at $316.8 million. The data points to a sharp contrast in exchange flows, although DefiLlama’s Binance wallet coverage was $131.1 billion in assets.
CoinGlass data showed Binance’s Bitcoin balance falling by about 19,289 BTC over 24 hours, while balances at Coinbase and Kraken rose by about 984 BTC and 1,422 BTC. Binance said it had replenished 90% of the stolen assets and would cover the rest. It also said an updated proof-of-reserves report, based on an Oct. 31 snapshot and using zero-knowledge proofs, was projected for Monday.
Frequently asked questions
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How much did Binance process in withdrawals and deposits?
In the first nine and a half hours after withdrawals began reopening, Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits.
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What share of Binance's assets did the initial net outflow represent?
Binance said the roughly $3.64 billion net outflow represented 2.1% of its $171 billion in assets under management.
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Which group did the FBI link to the Binance hack?
The FBI attributed the theft to North Korea's TraderTraitor hacking group.
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How did Binance's 24-hour outflows compare with flows at other tracked exchanges?
DefiLlama tracked $4.05 billion in Binance net outflows, while the next 10 largest exchanges it tracked recorded about $368 million in combined net inflows.
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What did Binance say about replacing the stolen assets and its reserves report?
Binance said it had replenished 90% of the stolen assets and would cover the rest. It projected an updated proof-of-reserves report, based on an Oct. 31 snapshot, for Monday.
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