Binance Net Outflows Reach $5.3 Billion After $6.4 Billion Hack
Binance records billions in withdrawals after security breach
Binance customers withdrew $10.97 billion in cryptocurrency within 46 hours of a major security breach. Despite the high volume of funds leaving the platform, CEO Richard Teng stated that the exchange is beginning to show signs of stabilization.
An exchange is a platform where people buy, sell, and store digital assets. The security breach occurred on October 29 and resulted in the loss of $6.4 billion. The withdrawals that followed resulted in a total net outflow of $5.28 billion, which is the difference between the money leaving and the money being deposited.
Key figures from the 46-hour period
- Total withdrawals from the platform reached $10.97 billion.
- The net outflow stood at $5.28 billion after accounting for new deposits.
- Withdrawal pressure was highest on November 1, when $1.24 billion left the exchange in a single hour.
- At its peak, the platform saw $936 million more leave the exchange than enter during a one-hour window.
Official data from CEO Richard Teng
CEO Richard Teng shared blockchain data on Tuesday to provide clarity on how funds moved following the attack. A blockchain is a digital ledger used to record cryptocurrency transactions. The FBI has attributed the initial hack to a North Korean hacking group known as TraderTraitor.
The $6.4 billion stolen during the October 29 hack is separate from the customer withdrawals. While many users moved funds off the exchange after the breach, the data shared by Teng shows that deposits totaled $5.69 billion between November 1 and early November 3.
Signs of stabilization on the platform
Mr. Teng noted that the withdrawal pressure has slowed over the last few days. By 03:00 UTC on November 3, hourly deposits had begun to exceed withdrawals by approximately $10 million.
Teng cited this shift as a sign that the exchange is stabilizing. He stated that the trend is starting to show more positive inflows, indicating that more money is being moved onto the platform than is being taken out.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
