Key takeaways
- Binance confirms $4.72 billion in net withdrawals after hack
- Initial nine-hour period saw $4.65 billion withdrawn
- Exchange says outflows are stabilizing despite security concerns
Binance customers have withdrawn a net $4.72 billion since the cryptocurrency exchange resumed withdrawals following its record $6.3 billion security breach, exceeding an earlier viral claim that more than $3.75 billion had left the platform within ten hours.
The updated figure was confirmed by a Binance spokesperson in a November 2 Reuters report. The exchange said the net outflows represented approximately 2.8% of its reported assets, suggesting that the substantial withdrawals had not developed into a platform-wide liquidity crisis.
Binance Withdrawals Accelerate After $6.3 Billion Hack
Binance began reopening cryptocurrency withdrawals at 06:00 UTC on November 1, initially restoring access across 15 major blockchain networks and assets.
During the first nine and a half hours, the exchange processed $4.649 billion in withdrawals and received approximately $1.01 billion in deposits.
That produced a net outflow of $3.64 billion, equivalent to 2.1% of Binance's $171 billion in reported assets at the time.
The figures provide important context for a widely circulated claim that more than $3.75 billion was withdrawn within ten hours.
The $3.75 billion figure was not independently verified as a precise ten-hour customer-withdrawal total. Binance's confirmed data showed gross withdrawals exceeding $4.6 billion during a slightly shorter period, while net outflows were lower because customers continued depositing funds.
The latest $4.72 billion reading represents a subsequent update, rather than an additional withdrawal amount.
Coinpaper previously reported the initial $3.64 billion withdrawal surge, highlighting the pressure facing Binance as customers regained access to their holdings.
Onchain Trackers Show Billions More Moving
Independent blockchain monitoring suggests even larger volumes of cryptocurrency have moved through Binance-linked wallets.
DefiLlama tracked more than $6 billion in outflows from labeled Binance addresses over a 24-hour period after withdrawals resumed.
However, these figures should not be confused with confirmed customer withdrawals.
Exchange-controlled wallets regularly transfer cryptocurrency between hot wallets, cold storage and operational addresses. Some of those transactions may appear as outflows in blockchain-monitoring systems without representing customers leaving the platform.
Binance maintained that withdrawal activity was slowing after the initial surge, while deposits remained substantial.
Reuters reported approximately $2.7 billion in cumulative inflows alongside the updated withdrawal figures.
Meanwhile, competing exchanges also attracted deposits. CoinDesk reported approximately $450 million in net inflows to OKX and $134 million to Bybit during the reopening period, although those figures do not establish that the funds originated at Binance.
The latest movements come as Binance works to restore confidence after the largest reported cryptocurrency exchange hack.
Binance Rebuilds Reserves as FBI Investigation Continues
Binance said it had replaced approximately 95% of assets affected by the breach, up from the earlier 90% replenishment milestone.
The exchange has committed to covering customer losses using corporate resources and security reserves rather than passing the financial impact directly to users.
Its next major transparency test is an updated proof-of-reserves report based on an October 31 snapshot.
Meanwhile, the FBI attributed the attack to North Korea's TraderTraitor group, prompting renewed attention to cryptocurrency security and the movement of stolen funds.
Binance founder Changpeng Zhao subsequently credited the FBI's intervention with helping contain the market impact.
