TL;DR
- Binance-linked wallets recorded approximately $6.1 billion in outflows within 24 hours of withdrawals resuming
- The Binance outflows represented around 3.6% of the exchange’s previously reported $171 billion in assets
- Binance says withdrawal demand is stabilising and claims to have replenished approximately 95% of the assets affected by the hack
Binance Faces Withdrawal Pressure After Record-Breaking Hack
Binance is seeing billions of dollars leave its wallets after reopening withdrawals following last week’s $6.3 billion security breach. While the outflows highlight lingering concerns about exchange security, the majority of the platform’s reported assets remain in its associated wallets.
Data tracked by DeFiLlama showed approximately $6.1 billion in outflows over a 24-hour period following the resumption of withdrawals. That represents roughly 3.6% of the $171 billion in assets Binance reported holding before the attack.
However, the figures require some context. Blockchain data captures movements between wallets and does not necessarily represent customer withdrawals alone. Binance has also questioned the accuracy of certain third-party flow estimates, citing transfers involving its own wallets.
The withdrawal activity followed an approximately 45-hour suspension triggered by the October 29 exploit, which saw attackers steal an estimated $6.3 billion in cryptocurrency.
Binance Restores Withdrawals as Rival Exchanges Attract Deposits
Binance began restoring withdrawals in phases on November 1, initially prioritising 15 networks and assets, including Bitcoin, Ethereum, Solana, XRP, and major stablecoins.
During the first nine and a half hours, the exchange reported processing approximately $4.65 billion in withdrawals against $1.01 billion in deposits, resulting in $3.64 billion in net outflows.
Meanwhile, competing platforms attracted fresh capital. OKX recorded approximately $450 million in net inflows, while Bybit received around $134 million, according to reported exchange-flow data.
These movements suggest that some capital may be shifting toward alternative trading venues, although the figures do not establish whether those deposits came directly from Binance customers.
Binance has said withdrawal demand surged initially before beginning to stabilise, while deposits remained substantial.
Binance Pledges to Cover Hack-Related Losses
The exchange has attempted to reassure users by committing its own resources to cover the stolen assets. Binance previously said it had replenished approximately 95% of the affected holdings, with the remaining portion largely involving less liquid tokens that require additional time to source.
The company has also said it will provide further transparency through its proof-of-reserves reporting.
Nevertheless, the incident places renewed attention on exchange security, custody arrangements, and the risks of keeping substantial cryptocurrency holdings on centralised platforms.
For the broader market, the next test will be whether Binance can maintain normal operations and restore user confidence as withdrawal activity continues to settle.
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