Binance Records $6 Billion Outflows After Reopening Withdrawals Following $6.3 Billion Hack
Binance Sees $6 Billion Leave After Hack
More than $6 billion worth of various tokens flowed out of wallets associated with Binance over 24 hours after the exchange reopened withdrawals following a major hack. An exchange is a platform where people buy, sell, and hold cryptocurrency. The outflows followed a roughly 45-hour suspension prompted by an October 29 attack in which hackers stole approximately $6.3 billion in cryptocurrency.
Key Numbers From the Outflows
- The $6 billion in outflows represents roughly 3.6% of the $171 billion in assets Binance reported holding before the attack.
- In the first nine and a half hours, Binance processed $4.649 billion in withdrawals against $1.01 billion in deposits, leaving $3.64 billion in net outflows.
- After the outflows, DefiLlama tracked approximately $129 billion in Binance-linked cryptocurrency wallets. A wallet is a digital tool used to store cryptocurrency.
What Binance Said
Binance said on November 1 that it had replenished approximately 95% of the assets affected by the hack. The company said withdrawal demand surged immediately after reopening before falling back, while deposits remained substantial.
Where Some Funds Went
During Binance's reopening, rival exchanges saw money flowing in. OKX recorded approximately $450 million in net inflows, while Bybit received around $134 million. Publicly available aggregate data does not establish how much of that came directly from Binance customers.
Confirmed Facts
- Binance began restoring withdrawals at 06:00 UTC on Sunday, November 1.
- All 15 networks and assets in the initial reopening phase were available by 12:36 UTC, including bitcoin, ether, solana, XRP and major stablecoins. A stablecoin is a type of cryptocurrency designed to hold a steady value.
- The outflow figure is based on publicly visible wallet movements tracked by DefiLlama, which can include transfers between wallets controlled by an exchange rather than exclusively customer withdrawals.
What Remains Unclear
- DefiLlama's coverage and asset calculations differ from Binance's own reserves figures.
- It is not clear exactly how much of the money entering rival exchanges originated from Binance customers.
Why This Matters
The outflows offer a measure of how customers and large holders reacted when they could finally move their money after a major theft. It shows customer behavior at an exchange recovering from a security breach.
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.