Binance Customers Withdraw $2.51 Billion as Exchange Restores Access After Hack

Binance Resumes Withdrawals After $6.3 Billion Breach

Binance customers moved about $2.51 billion in cryptocurrency out of tracked exchange wallets on Nov. 1 after the platform restored withdrawal access. An exchange is a platform where people buy, sell, and hold cryptocurrency. A wallet is a digital tool for storing cryptocurrency. The outflows followed a $6.3 billion security breach on Oct. 29 that forced Binance to suspend withdrawals while it reviewed its systems.

The FBI attributed the attack to North Korea's TraderTraitor hacking operation. Binance said it was gradually reopening services across 15 blockchain networks (a shared digital record of transactions) and moving withdrawals to newly generated wallets.

Key Numbers From Nov. 1 Outflows

• About $2.51 billion in total net crypto outflows
• Roughly $1.08 billion in USDT (a stablecoin designed to hold a steady value)
• Roughly $912 million in Bitcoin
• $385 million in USDC (also a stablecoin)
• $131 million in wrapped Ethereum

What Binance Said About Withdrawals

Binance announced on Nov. 1 that it was restoring withdrawal access in phases after completing added security reviews. The first networks to reopen included Bitcoin, Ethereum, BNB Smart Chain, XRP, and Base. Dogecoin and Optimism were added soon after, followed by Solana, Tron, Arbitrum, Avalanche, Polygon, Zcash, and Sui.

Binance co-founder Yi He said withdrawals were running fairly smoothly but warned that congestion could not be ruled out if many requests arrived at once. She urged customers to verify withdrawal addresses and keep their devices secure.

The exchange said it had replenished about 95% of affected assets using company funds and market purchases, up from 90% before. It said balances in Bitcoin, Ethereum, USDT, USDC, BNB, Solana, XRP, USD1, RLUSD, and Zcash were fully backed.

Data Tracked by DeFiLlama

The outflow figures come from DeFiLlama, which tracked Binance wallets. The data shows movement surged as Binance resumed processing withdrawals. Because Binance moved withdrawals to newly generated wallets, the data makes it harder to estimate exactly how many customers moved funds elsewhere.

What Is Confirmed

• Binance tracked $2,510 million in net crypto outflows on Nov. 1.
• Withdrawals resumed on Nov. 1 after being suspended following the Oct. 29 attack.
• USDT, Bitcoin, USDC, and wrapped Ethereum made up most of the tracked outflows.
• Binance said customer funds remain protected and that it will absorb losses from the attack.

What Is Still Unclear

It is uncertain how much of the on-chain activity represents customers moving assets elsewhere, because Binance is processing withdrawals through newly generated wallets. The exchange has not provided a clear customer-exit estimate. It is also unclear whether the stolen assets will be recovered, though Binance said it is working with law enforcement and industry partners.

Why This Matters for Crypto Users

Large outflows after a breach can show whether customers trust an exchange to keep their funds safe. Binance's updated proof-of-reserves disclosures and its promise of a detailed post-incident report are meant to provide more information about the assets backing customer balances.

What Happens Next

Binance has pledged to publish a detailed post-incident investigation report. Its updated proof-of-reserves disclosures are expected to provide further information about the assets backing customer balances.

Sources for This Report

• CryptoSlate

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