Binance Logs $3.64 Billion In Net Outflows After Reopening Withdrawals Following Record $6.3 Billion Hack

Binance said users pulled out a net $3.64 billion in the first nine and a half hours after it resumed withdrawals on Sunday, which followed Thursday's record $6.3 billion hack. The exchange said the outflow was about 2.1 percent of its assets and that the pace had slowed after an initial rush.

Withdrawals outpace deposits

In a post on X, the world's largest crypto exchange said it handled $4.65 billion in withdrawals and $1.01 billion in deposits between 1am and 10:30am ET. It calculated the net outflow against $171 billion in assets, the figure from its latest proof-of-reserves data dated October 28.

Binance said withdrawal activity is ‘stabilising as expected’ after the early surge, while deposits remain substantial.

Phased reopening still incomplete

Binance began restoring withdrawals in phases at 1 am ET. By 7:36am ET, all 15 networks and assets in the first phase were live. Testing continues on the rest, including Cardano, Chainlink, Hyperliquid, Litecoin and NEAR, according to the exchange's status page.

As of 11:22am ET, the page showed withdrawals suspended for 531 of the 552 listed coins. Another 14, among them bitcoin and ether, were only partly restored.

Rivals see inflows

Independent data pointed the same way. DefiLlama, which tracks $131.1 billion in assets across Binance's wallets, recorded $4.05 billion in net outflows over 24 hours as of 11:37am ET. The next 10 largest exchanges it monitors took in a combined $368 million over the same period, with OKX leading at $316.8 million.

Bitfinex and Gate saw net outflows of $106.3 million and $34.5 million, respectively. DefiLlama does not cover Coinbase or Kraken, but CoinGlass data showed bitcoin balances on the two rising by about 984 BTC and 1,422 BTC. Binance's bitcoin holdings fell by roughly 19,289 BTC.

Hack traced to North Korean group

Attackers emptied about $6.3 billion from Binance's hot wallets on Thursday, the largest crypto theft on record, prompting the exchange to suspend withdrawals. On Saturday, the FBI attributed the attack to TraderTraitor, a hacking group linked to North Korea.

Reserves report due Monday

Binance said it now processes withdrawals from newly created wallets added to its proof-of-reserves list.

Co-CEO Richard Teng said Saturday that the exchange had replenished 90 percent of the stolen assets and would cover the remainder. Binance had said Friday that it had set aside $6.34 billion to cover the losses.