Binance Reports $11 Billion in Withdrawals After Hack

Binance processed about $11 billion in withdrawals from 06:00 UTC on Nov. 1 to 04:00 UTC on Nov. 3, after reopening services following its Oct. 29 hack. Deposits of about $6 billion offset more than half of the withdrawals, leaving roughly $5 billion in net outflows.

Binance released the figures on Tuesday. The net outflows represented about 3.1% of the $171 billion in assets the exchange had previously reported.

Withdrawals exceeded deposits by $936 million during the peak hour, which began at 08:00 UTC on Nov. 1. The gap narrowed during Nov. 2 as deposits increased. In the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits and $183 million in withdrawals, producing a $10 million net inflow.

Binance co-CEO Richard Teng described the hourly data as evidence of improving customer activity. “The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals,” he wrote.

Bitwise CEO Hunter Horsley attributed the activity to customer confidence in Binance’s handling of the exploit. “Users [are] putting a lot of trust in Binance,” he wrote. “I imagine based on the way they handled the exploit.”

In a post, former Binance CEO Changpeng Zhao estimated that 6% to 10% of withdrawn funds went to other centralized exchanges. Most of the funds, he wrote, moved to self-custody wallets and did not later interact with decentralized exchanges.

Zhao referred to public reports but did not identify them or provide the wallet analysis supporting the estimate.

Zhao also wrote that Binance covered the losses from its own balance sheet without borrowing money, selling assets or raising funds. “Binance did not borrow money. Binance did not sell assets. Binance did not raise money,” he wrote.

Binance reopened services in phases while completing security checks. The exchange said on Nov. 1 that it would publish a detailed post-incident report after completing its investigation and restore additional assets as they become ready.