Binance sees $3.64 billion in net outflows after reopening withdrawals following record hack
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Binance recorded about $3.64 billion in net outflows in the first nine and a half hours after it began restoring withdrawals on Sunday, following Thursday's $6.3 billion hack, the exchange said.
Key facts
- Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits between 1 a.m. and 10:30 a.m
- The next 10 largest exchanges by assets that DefiLlama tracks saw about $368 million in combined net inflows over the same period, led by OKX at $316.8 million
- It put the net outflow at 2.1% of its $171 billion in assets under management, based on its latest proof-of-reserves data from Oct. 28
- Binance saw $4.05 billion in net outflows over 24 hours as of 11:37 a.m
Summary
Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits between 1 a.m. and 10:30 a.m. Withdrawal volumes have declined and are "stabilising as expected" after an initial spike, while deposit volumes "have remained substantial," according to Binance. Binance is still testing the remaining networks and assets, which include Cardano, Chainlink, Hyperliquid, Litecoin and NEAR, according to its status page. Binance saw $4.05 billion in net outflows over 24 hours as of 11:37 a.m.