Binance net outflows Hit $3.64B as Withdrawals Reopen
Binance net outflows reached $3.64B in the first 9.5 hours after withdrawals reopened, about 2.1% of assets, as the exchange said 95% of stolen funds were covered.
- Binance said withdrawal demand peaked soon after service returned and then eased toward stable levels.
- DefiLlama's dashboard showed a higher outflow figure of $4.36 billion, according to Reuters.
- The exchange says it has now covered about 95% of stolen assets, up from 90% a day earlier.
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Binance net outflows hit $3.64 billion in the first hours after the exchange reopened withdrawals on November 1, the first real test of customer trust since its record $6.3 billion hack. Users pulled $4.65 billion and deposited $1.01 billion between 06:00 and 15:30 UTC, TokenPost reported, citing Binance's figures. Reuters says that equals about 2.1% of the exchange's assets.
What actually happened
Binance restarted withdrawals in phases on Sunday. The first window ran from 06:00 to 09:00 UTC and covered bitcoin, ether, USDT, USDC, BNB, XRP and other high-demand assets across the most requested networks, CoinDesk reported. Further phases depend on each blockchain passing security and stability checks.
A Binance spokesperson told CoinDesk that balances in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed and can be checked on its proof-of-reserves page. TokenPost says the remaining uncovered 5% consists mainly of less-liquid tokens.
Founder Changpeng Zhao said 98% of users chose to stay and that most net outflows came in the first few hours. That claim comes from CZ himself, so treat it as Binance's framing rather than independent data.
How big are the binance net outflows?
In dollar terms, $3.64 billion is a lot. As a share of assets, it is about 2.1%, per Reuters. That is far from a run. Exchanges that actually failed usually saw a much larger share of customer funds leave in a short window.
The gap between Binance's number and DefiLlama's $4.36 billion likely comes from method and timing. DefiLlama tracks on-chain wallet balances, while Binance reports net client flows as of 15:30 UTC. Neither is wrong; they measure slightly different things.
Deposits of $1.01 billion over the same window matter too. Some users clearly see the hack response as reassuring, or are moving funds in to trade the volatility.
A 2% outflow after the biggest hack in crypto history is a stress test passed, not a victory lap.
Context from the hack
The FBI blamed North Korea's TraderTraitor group for the theft, which we covered in fbi tradertraitor binance. Blockchain analytics firm TRM Labs said 18,270 BTC were taken, worth about $1.47 billion at the time, CoinDesk reported.
Binance says it is absorbing the losses itself, including through its SAFU emergency fund, rather than passing them on to users. Our preview of the reopening plan is in binance withdrawals sunday.
Some hacker wallets are still active. TokenPost reported that Lookonchain linked one wallet to the hack after it deposited about $250,000 at Gate during the 12 hours ending 02:41 UTC on November 2. Laundering through cross-chain venues like THORChain has also drawn heavy scrutiny.
What it means for BNB and rivals
BNB barely flinched. CoinGecko showed it near $709 at 06:04 UTC on November 2, up about 0.6% in 24 hours. That calm suggests traders see the reopening as a sign Binance can pay, which is the one question that matters most after a hack.
Rival exchanges may still pick up some of the departing funds. Users who leave after a scare rarely return quickly, even when the exchange handles the crisis well.
What to watch next
Three things matter this week. First, the next withdrawal phases: smaller networks and tokens are still waiting, and delays there would keep users anxious.
Second, the uncovered 5%. Binance has not given a full timeline for replacing the remaining less-liquid assets in the sources we reviewed.
Third, flows over several days, not hours. A one-day spike that fades is normal. A steady drain over a week would be a much worse signal for Binance and for BNB.
What to do as a reader
If you hold funds on Binance, check whether your asset and network are in the reopened list before moving anything. Rushing a withdrawal on an unsupported network can leave funds stuck.
Read the primary numbers yourself in TokenPost's report and check Binance's proof-of-reserves page. Watch the binance net outflows trend over the coming days rather than one headline.
Spreading funds across self-custody and more than one venue is basic risk management, hack or no hack. Nothing here is investment advice.
Not financial advice. DYOR, ser.
