The massive wave of withdrawals accounted for roughly 2.1% of the exchange's $171 billion in total assets before transaction flows began to level off. Services were brought back online in phases across 15 initial networks and assets as technical teams conducted testing on the remaining systems. Meanwhile, the platform has already covered approximately 95% of the stolen funds using internal reserves to protect users from financial losses. Sourcing the remaining 5% of affected balances will take additional time due to lower liquidity in specific tokens.
Key points
Total net outflows reached $3.64 billion, which represented approximately 2.1% of the exc…: Total net outflows reached $3.64 billion, which represented approximately 2.1% of the exchange's $171 billion asset base.
Former chief executive Changpeng Zhao confirmed that the heavy withdrawal volumes spiked…: Former chief executive Changpeng Zhao confirmed that the heavy withdrawal volumes spiked immediately before quickly stabilizing.
Management pledged to absorb the entire financial impact, having already restored about 9…: Management pledged to absorb the entire financial impact, having already restored about 95% of the compromised funds.
Sources checked by our analysis pipeline: 1
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.
Binance founder and former CEO Changpeng Zhao sought to reassure users following the breach, writing on X that "98% choose to stay!" He said most of the net outflows occurred within the first couple of hours after withdrawals resumed.…
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