Binance customers pulled $3.64B in net outflows after the exchange reopened withdrawals on Nov. 1, following a record $6.3B hack.
The platform processed $4.65B in withdrawals and $1.01B in deposits between 6 a.m. and 3:30 p.m. UTC, according to a company post on X. The net figure equals 2.1% of the $171B in total assets shown in Binance's latest proof-of-reserves data as of Oct. 28.
Withdrawals Outpaced Deposits More Than Four to One in Binance's First Day Back
Binance flows after withdrawals reopened, USD billions, Nov. 1, 2026, 6:00 to 15:30 UTC
Bar chart. USD Billions. Withdrawals: USD Billions $4.7. Deposits: USD Billions $1. Net Outflows: USD Billions $3.6.
Source: CNBC, Euronews, TechCrunch
Binance said withdrawal volumes declined and were stabilizing after an initial spike, while deposits stayed substantial. Founder and former CEO Changpeng Zhao said most net outflows came in the first couple of hours after withdrawals resumed.
Users aren't eating the loss
Binance has committed to absorbing the full financial impact of the theft, saying the losses won't be passed on to users. The exchange said it has now covered around 95% of the stolen amount, up from 90% in its previous update, with the remainder sitting in less liquid tokens that take longer to source at scale. It set aside more than $6.34B in company funds to cover the hit.
Stablecoin issuer Circle said it coordinated with law enforcement to freeze more than $1.1B in USDC tied to the incident, up from the $800M its CEO Jeremy Allaire cited on Friday. The FBI blamed North Korean group TraderTraitor, the same operation tied to the $1.5B Bybit theft in February 2025.
What exchange risk means for investors
The fallout spread past Binance, with institutional investors rushing to withdraw digital assets from centralized exchanges to rebalance trading books, people familiar with the matter said.
Leaving a balance on a trading venue carries two exposures, since a security failure can put the assets at risk and cut off access to funds at the same time.
Confirmed blockchain transactions generally can't be reversed, which is why a crypto breach can cost more than a comparable bank theft, even though issuers can freeze some tokens. Tomer Sharoni of Addressable said that speed, finality and irreversibility make large crypto treasuries the most valuable targets in finance.
ZIG Finance co-founder Abdul Rafay Gadit argued the gap is visibility, saying crypto can't hide it, and it can't undo it, while bank breaches often surface late or never.
The attack didn't break Ethereum's cryptography. It exploited wallet permissions and operational controls, draining about $2.5B from one Binance wallet in under four minutes.
Security firm CertiK had already recorded $1.28B in crypto losses in the third quarter of 2026, up nearly 56% from the prior quarter, before this breach landed.
Binance is rebuilding its withdrawal infrastructure and reviewing signing procedures, employee devices, and key management, with a fuller incident report promised once its investigation closes.
