Binance reports $3.64 billion in outflows after withdrawals resume

Binance recorded $3.64 billion in net outflows during the first nine and a half hours after it began reopening withdrawals on Nov. 1, the exchange’s first reported measure of customer activity after a record hack. The report by The Block said Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits by 15:30 UTC. The net figure was 2.1% of the exchange’s $171 billion in assets, based on its latest proof-of-reserves data at the time.

The reopening followed a theft of about $6.3 billion from Binance hot wallets, which led the exchange to suspend withdrawals while it investigated and restored services. Binance said it would cover the losses. The outflow figure therefore captures a large wave of customers moving funds after access returned; it does not by itself establish why individual customers withdrew or indicate that Binance could not meet withdrawals.

How did Binance restore withdrawals after the hack?

Binance resumed withdrawals in phases after pausing them as a precaution for security checks and service restoration. Its withdrawal recovery update listed an initial group of 15 networks and said other assets would return after checks. The exchange said it prioritized assets based on the previous week’s user demand, while warning that heavy traffic could cause delays.

That staged approach restored access to major assets, including bitcoin, ether, USDT and BNB, while Binance continued testing other networks. It traded speed of access for a controlled rollout: customers could again withdraw supported assets, but the full range of services was not immediately available. Binance said it had replenished about 95% of the impacted amount, with the remaining 5% made up of less liquid tokens that take longer to source. It also said it would bear the financial impact of the stolen funds.

Was the outflow unusually large compared with other exchanges?

Blockchain data cited by The Block showed $4.05 billion in net outflows from Binance over 24 hours, against combined net inflows of about $368 million at the next 10 largest exchanges tracked by DefiLlama. OKX led those inflows at $316.8 million. Bitfinex and Gate also recorded outflows, of $106.3 million and $34.5 million respectively.

Those figures offer a comparison, but not a like-for-like measure of customer movement across the whole market: DefiLlama tracks assets in exchange wallets, and the comparison excluded Coinbase and Kraken. The Block separately cited CoinGlass data showing Binance’s bitcoin balances fell by about 19,289 BTC over 24 hours, while balances at Coinbase and Kraken rose by about 984 BTC and 1,422 BTC. These measures point to movement away from Binance, but they cover different assets and data sets from the exchange’s own nine-and-a-half-hour net-flow report.

What will show whether withdrawals have stabilized?

Binance said withdrawal volumes spiked when access returned, then declined and were “stabilising as expected”; it also said deposits remained substantial. Those are the exchange’s descriptions of activity, not an independent measure of customer confidence. The net outflow provides a sharper early comparison: customers withdrew considerably more than they deposited, even as the exchange reported the resumption of service.

The next signals are whether daily net flows continue to narrow, whether the remaining networks and assets return without renewed interruptions, and whether Binance’s updated proof-of-reserves report supports its recovery claims. The exchange said it was processing withdrawals from newly generated wallets and planned to publish a reserves snapshot based on Oct. 31. Until flows and service availability settle, the first day’s figures show the scale of immediate withdrawals, not where customer balances will stabilize.

Source material

• report by The Block — theblock.co
• withdrawal recovery update — binance.com