Binance reports $11 billion in withdrawals after reopening following $6 billion hack
$11 billion withdrawn in 46 hours after reopening
Binance, a crypto exchange where users trade digital assets, reported about $11 billion in withdrawals between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after it reopened services following a $6 billion hack on Oct. 29.
Deposits of about $6 billion offset just over half of the withdrawals. That left a net outflow of roughly $5 billion during the period.
$5 billion net outflow, with withdrawals slowing over time
- Withdrawals: about $11 billion
- Deposits: about $6 billion
- Net outflow: about $5 billion, or about 3.1% of Binance's previously reported $171 billion in assets
- Peak hour: withdrawals exceeded deposits by $936 million in the hour starting at 08:00 UTC on Nov. 1
- By the hour starting at 03:00 UTC on Nov. 3, deposits were $193 million and withdrawals were $183 million, a positive balance of $10 million for that hour
The early hours showed the largest net outflows. The pace later slowed, and deposits increasingly offset withdrawals during Nov. 2.
What Binance leaders said
Binance co-CEO Richard Teng said hourly deposits were beginning to exceed withdrawals, which he described as more positive inflows.
Bitwise CEO Hunter Horsley, commenting on the data, said users were putting a lot of trust in Binance and suggested this reflected how Binance handled the exploit.
Binance co-founder Changpeng Zhao said Binance did not borrow money, sell assets, or raise money to absorb the financial impact. He said the exchange covered the losses from its balance sheet.
Zhao's claim about where withdrawals went is not fully documented
Zhao said only 6% to 10% of withdrawals went to other centralized exchanges. A centralized exchange is a company-run trading platform.
He said most funds went to self-custody wallets. A self-custody wallet is a wallet the user controls themselves, rather than a company. He added that those wallets had not later interacted with decentralized exchanges, which are trading platforms run by software rather than a single company.
Zhao cited unspecified public reports. His post did not identify those reports or provide the underlying wallet analysis. The 6% to 10% figure should therefore be treated as an unconfirmed claim, not as confirmed data from the supplied material.
More withdrawals reopened in phases
Binance announced a further phased reopening of withdrawals from 04:00 UTC on Nov. 3. This included assets on Ethereum, Solana, and BNB Smart Chain.
Binance said the reopening would continue in phases as security checks are completed. Further assets will be added as they become ready.
In its Nov. 1 update, Binance also said it would publish a detailed post-incident report once its investigation is complete.
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.