Cphoto | Future publications | Getty Images
Binance said it saw $3.64 billion in net outflows after reopening withdrawals on Sunday following a $6.3 billion hack, as customers rushed to withdraw funds from the platform.
The exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6:00 a.m. and 3:30 p.m. UTC on November 1, Binance said in a post on X.
The resulting net outflows represented 2.1% of Binance’s $171 billion in total assets, based on its latest available proof of reserves data as of October 28.
Binance said withdrawal volumes had declined and were stabilizing after an initial peak, while deposit volumes remained substantial.
The exchange began restoring withdrawals in phases at 6 a.m. UTC on Sunday, with services resuming across all 15 networks and assets included in the initial phase at 12:36 p.m. UTC. He said testing continued for the remaining networks and assets.
Binance founder and former CEO Changpeng Zhao sought to reassure users following the breach, writing on X that “98% choose to stay!” » He said most of the 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 withdrawals follow a record $6.3 billion hack of Binance last week. The FBI attributed the attack to North Korean hackers, identifying the operation as TraderTraitor.
The exchange said it would absorb the financial impact of stolen funds rather than passing losses on to users.
Binance said it had covered around 95% of the affected amount, up from 90% in its previous update. The exchange said the remaining 5% consisted of less liquid tokens that would take longer to procure the required quantities.
Gn bussni
