Binance logs $3.64 billion net outflow as withdrawals resume after hack

what happened

Binance registered net outflows of roughly $3.64 billion during the first nine-plus hours since it started bringing back withdrawals on Sunday, the exchange reported. Its figures show $4.65 billion pulled out and $1.01 billion paid in between 1 a.m. and 10:30 a.m. ET, a net drain equal to 2.1% of its $171 billion in assets under management, measured against the October 28 proof-of-reserves snapshot.

Withdrawals have eased after an early surge, while deposits remain high, the company wrote on X. Restoration is happening in stages: 15 networks and assets were back by 7:36 a.m. ET, while the rest, including Cardano, Chainlink, Hyperliquid, Litecoin and NEAR, were still being tested. Separately, DefiLlama data showed a 24-hour net outflow of $4.05 billion, while rival OKX took in $316.8 million.

The halt followed a $6.3 billion theft from hot wallets on Thursday, the largest crypto hack on record. The FBI linked it to North Korea's TraderTraitor group.

why it matters

For markets, the key point is how quickly capital moved off the largest exchange, which tends to weigh on sentiment and can redirect liquidity toward competitors. The flows so far are withdrawals rather than direct sales of bitcoin or ether, so the price impact is harder to gauge.

market impact

Bitcoin and ether: heavy exchange outflows add uncertainty and weigh on sentiment

• ▼Bitcoin pressure down — heavy exchange outflows add uncertainty and weigh on sentiment
• ▼Ether pressure down — heavy exchange outflows add uncertainty and weigh on sentiment

tags

instruments