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AI summary of a third-party reportBearishNewsDesk

Binance sees $5.8bn net outflows as withdrawals resume after $6.3bn hack

Customers pulled funds from Binance after the exchange reopened withdrawals following a record $6.3bn theft, though the outflows are a fraction of its roughly $171bn in customer assets.

Why it matters: The outflows test customer confidence in Binance after the largest crypto theft on record, and the exchange's ability to meet redemptions is being watched across the market.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: Binance sees $5.8bn net outflows as withdrawals resume after $6.3bn hack
Image: Cointelegraph
Original reporting: Felix Ng, Cointelegraph

Key points

  • DefiLlama data showed $5.8bn in net outflows from Binance over the preceding 24 hours.
  • Binance said it processed $4.6bn in withdrawals against $1bn in deposits by 3:30 UTC on Sunday.

Binance recorded $5.8bn in net outflows over 24 hours as customers withdrew funds after the exchange's record $6.3bn hack, according to DefiLlama data reported by Cointelegraph. The exchange said it began restoring withdrawals at 6:00 UTC on 1 November and that the surge in demand has since slowed and is stabilising.

Binance's own figures showed $4.6bn in withdrawals against $1bn in deposits by 3:30 UTC, a net outflow of $3.6bn at that point. DefiLlama's separate tally of $5.8bn net outflows covered the 24 hours before its reading, as funds kept leaving after the exchange's first update. Binance said the outflows were a small share of the roughly $171bn in assets it holds.

An update at 12:36 UTC said withdrawals were live for tokens on 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and XRP Ledger, with more assets and networks to follow in phases. Binance's early data put USDt as the largest share of withdrawals, ahead of USDC and Bitcoin.

What to watch: Binance says it will continue restoring additional assets and networks in phases.

Read the full story on Cointelegraph

Live updates on NewsFeeds:ETFsBitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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