Binance sees $3.6 billion in net withdrawals after hack

According to an official statement released on November 1, Binance began restoring withdrawal services at 06:00 UTC. By 12:36 UTC, withdrawals had resumed across all 15 networks and assets included in the initial phase.

Between 06:00 and 15:30 UTC, the exchange processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in net outflows of approximately $3.64 billion.

The company said the figure represented 2.1% of its reported $171 billion in total assets under management, based on its latest available Proof of Reserves data as of October 28.

Despite the substantial withdrawals, Binance said activity had begun to stabilize following an initial surge, while deposit volumes remained significant.

Binance co-founder and former CEO Changpeng Zhao, widely known as CZ, also commented on the situation, saying most net outflows occurred within the first few hours after withdrawals resumed.

“98% choose to stay!” Zhao wrote on X, referring to the fact that net outflows represented approximately 2.1% of the exchange's reported assets.

“Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times,” he added.

Meanwhile, Binance said a new Proof of Reserves snapshot had been taken at 00:00 UTC on October 31, with zero-knowledge proof calculations underway. The updated report was expected to be published on November 2.

The exchange said it was continuing security tests on the remaining networks and assets before announcing the next phase of withdrawal restoration.

Binance also maintained that market conditions remained stable.

Earlier, Qazinform reported that Binance had pledged to cover losses following the $6.3 billion security breach, while investigators linked the attack to a North Korean state-backed hacking group.