Binance Sees $3.64 Billion in Net Outflows After Reopening Withdrawals Following $6.3 Billion Breach
Customers pulled roughly $4.65 billion within hours of Binance restoring withdrawals after a major security breach, resulting in net outflows of $3.64 billion, though the exchange says activity is now stabilizing.
Binance recorded $3.64 billion in net outflows on November 1 as customers rushed to move funds after the exchange reopened withdrawals following a major security breach, according to company figures. The exchange had suspended withdrawal services after a cyberattack on October 29 that resulted in losses estimated at $6.3 billion.
Withdrawal services were restored at 6 a.m. UTC, and between then and 3:30 p.m. UTC customers pulled approximately $4.65 billion in cryptocurrency and other assets. Over the same period, Binance received about $1.01 billion in deposits, leaving a net outflow of $3.64 billion, which represents the gap between funds leaving and entering the platform.
Binance said the net outflows amounted to roughly 2.1% of its $171 billion in total assets, based on its October 28 proof-of-reserves figures. The company added that most withdrawals took place in the first few hours after services resumed, and that activity has since begun to stabilize while deposits remain substantial.
By 12:36 p.m. UTC, Binance had restored withdrawals across all 15 networks and assets included in the initial reopening phase, with testing and restoration continuing for other supported networks and assets. The exchange had earlier announced that it had replenished approximately 90% of the assets stolen during the breach, a move aimed at reassuring users about its reserves.
The scale of the withdrawals highlights the sensitivity of crypto users to security incidents, even when an exchange moves quickly to cover losses and reopen services. The event will likely draw attention from regulators and market watchers focused on reserve transparency, proof-of-reserves reporting, and the resilience of large trading platforms.
Binance has not disclosed further details on the status of the remaining assets and networks still awaiting restoration, and it remains to be seen whether outflows continue in the coming days as confidence returns.
