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After resuming withdrawals on Sunday following a $6.3 billion hack, Binance said it recorded a net outflow of $3.64 billion as customers rushed to move funds from the platform.
Binance said in a post on X that the exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC on November 1.
Based on the latest reserve proof data available as of October 28, the resulting net outflow amounted to 2.1% of Binance’s total assets of $171 billion.
Binance said that while deposit volumes remain substantial, withdrawal volumes have decreased and are stabilizing after an initial spike.
The exchange began restoring withdrawals in phases starting at 6 a.m. UTC on Sunday, and by 12:36 p.m. UTC had resumed service across all 15 networks and assets included in the initial phase. He said testing of the remaining networks and assets continues.
Binance founder and former CEO Changpeng Zhao tried to reassure users following the breach, writing on X, “98% chose to stay!” He said the majority of net outflows occurred within the first few hours after withdrawals resumed. “Trust is not earned by what you say in good times. It is earned by what you do in difficult times,” Zhao added.
The withdrawal came in the wake of a record $6.3 billion hack of Binance last week. The FBI attributed the attack to North Korean hackers and identified the operation as TraderTraitor.
The exchange announced that it would absorb the financial impact of stolen funds rather than passing the losses on to users.
Binance said it covered about 95% of the affected amount, up from 90% in the previous update. The exchange said the remaining 5% is made up of illiquid tokens that will take time to raise the required amount.
