Binance sees $3.64B net outflows as withdrawals reopen after record hack

Author: Crypffalo Research · 01:54 02/11/2026

In the first 9.5 hours after reopening withdrawals on 15 networks, Binance processed $4.65 billion in withdrawals against $1.01 billion in deposits, a net outflow of about 2.1% of user assets.

Binance sees $3.64B net outflows as withdrawals reopen after record hack

Binance recorded net outflows of about $3.64 billion in the first 9.5 hours after reopening withdrawals on Nov 1. It was the first real test of user confidence since the roughly $6.3 billion hack on Oct 29.

According to figures published by Binance, the exchange processed $4.65 billion in withdrawals and took in $1.01 billion in deposits between 06:00 and 15:30 UTC. The net outflow equals roughly 2.1% of user assets.

Key takeaways

Net outflow: about $3.64 billion over 9.5 hours (06:00–15:30 UTC, Nov 1).
Scale: roughly 2.1% of the $171 billion in user assets shown in its Oct 28 proof-of-reserves.
Progress: all 15 networks in phase one were live by 12:36 UTC.
Replenishment: Binance says about 95% of stolen assets have been replaced, with the rest sourced via market and OTC purchases.
Next: an updated proof-of-reserves report is expected on Nov 2.

How the reopening unfolded

Binance began restoring withdrawals at 06:00 UTC (1 a.m. ET), starting with bitcoin before adding other networks. By 12:36 UTC, every network and asset in phase one was back online.

Phase one covers the major networks:

Bitcoin, Ethereum, BNB Smart Chain, Solana, XRP Ledger, Tron.
Base, Optimism, Arbitrum, Polygon, Avalanche C-Chain.
Dogecoin, Zcash, TON, Sui.

The Block reported that Binance is still testing Cardano, Chainlink, Hyperliquid, Litecoin and NEAR. Its status page around 11:20 a.m. ET still showed withdrawals suspended for most listed coins.

The flow numbers

Withdrawals spiked in the first few hours, peaking at about $733 million in a single 30-minute window. Binance said volumes then stabilized "as expected" while deposits remained substantial.

Third-party data paints a similar picture. DefiLlama showed about $4.05 billion in 24-hour net outflows from Binance, per The Block. CoinGlass data showed Binance's bitcoin balance falling by roughly 19,289 BTC in a day.

Some of that money moved to rival venues. The next 10 largest exchanges saw a combined net inflow of about $368 million on DefiLlama, led by OKX at roughly $316.8 million.

What it means for crypto markets

Bitcoin held near $77,900, up less than 1% on the day, while ether traded around $2,265. Markets have so far shrugged off the rapid pace of funds leaving Binance.

Bull case: net outflows of about 2% of assets that slow over time suggest ample liquidity. A clean proof-of-reserves on Nov 2 could help rebuild trust.
Risk case: if later phases trigger a larger wave of withdrawals, Binance may need to rebalance holdings. That could weigh on BNB and broader market liquidity.

A heavy initial wave of withdrawals is a typical reaction after a major security incident. The key signal is whether the pace keeps easing over the coming days.

What to watch next

Updated proof-of-reserves (snapshot at 00:00 UTC on Oct 31), expected Nov 2.
Timing of the next withdrawal phases for Cardano, Litecoin, NEAR and other networks.
Binance's promised post-incident report once the investigation concludes.
Price swings and forced selling: see real-time liquidations and the economic calendar.

Frequently Asked Questions

Does a $3.64 billion net outflow mean Binance has a liquidity problem?

There is no sign of that so far. The figure is about 2.1% of user assets, and withdrawals are being processed normally.

Can users withdraw every coin now?

Not yet. Phase one opened 15 major networks, and others will follow after security checks.

How will we know Binance has fully covered the losses?

The proof-of-reserves report expected on Nov 2 will be the first verifiable checkpoint.

*This content is for information only and is not financial advice.*

Tags: Binance, Hack, Exchange Flows, Bitcoin

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