Following the resumption of services after a record $6 billion hack on October 29, Binance reported approximately $11 billion in withdrawals between 06:00 UTC on November 1 and 04:00 UTC on November 3.
According to data released by the exchange on Tuesday, roughly $6 billion in deposits helped offset these outflows, resulting in a net outflow of approximately $5 billion during this 46-hour window.
These net withdrawals represent roughly 3.1% of Binance’s previously stated $171 billion in total assets.
The highest period of volatility occurred during the hour starting at 08:00 UTC on November 1, when withdrawals outpaced deposits by $936 million. However, the pace of outflows slowed throughout November 2 as increasing deposit volumes began to balance the scales.
By the hour beginning at 03:00 UTC on November 3, the trend had shifted toward stability, with Binance recording $193 million in deposits against $183 million in withdrawals, yielding a $10 million surplus.
Binance co-CEO Richard Teng noted that this shift indicates stabilizing user activity, stating:
“The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals.”
Bitwise CEO Hunter Horsley also observed the trend, suggesting that the exchange’s management of the recent security incident helped maintain user confidence. “Users [are] putting a lot of trust in Binance,” Horsley remarked. “I imagine based on the way they handled the exploit.”
Zhao Asserts Most Withdrawals Flowed to Private Wallets
Binance co-founder Changpeng Zhao clarified that only a small portion of the withdrawn capital migrated to rival platforms. Citing external reports, Zhao stated that between 6% and 10% of withdrawals were sent to competing centralized exchanges, while the vast majority were moved to self-custody wallets that showed no subsequent interaction with decentralized exchanges.
While Zhao did not provide the specific wallet analysis or name the reports used for his assessment, he emphasized that Binance has managed the financial repercussions of the hack internally. He noted that the exchange has not sought external funding, borrowed capital, or sold assets to cover the breach, instead absorbing the losses directly from its own balance sheet.
The exchange is continuing a phased reopening of withdrawal services, which began at 04:00 UTC on November 3 and includes assets on the Ethereum, Solana, and BNB Smart Chain networks. Binance indicated that further assets will be made available as security protocols are finalized, and a comprehensive post-incident report will be published once the internal investigation concludes.
_20260909054021554_9b5681.webp?w=1024&resize=1024,1024&ssl=1 "PKR Extends Record 275‑Day Winning Streak, Closes at 276.7")
