Binance Sees $3.64 Billion Net Outflow After Reopening Withdrawals Following Hack

Binance processed $4.65 billion in withdrawals during the first nine and a half hours after reopening withdrawal services on November 1, marking one of the most important tests of user confidence following its recent $6.3 billion security incident. Deposits reached approximately $1.01 billion over the same period, leaving the exchange with a net outflow of around $3.64 billion.

The figures were reported by Binance and cover activity between 06:00 and 15:30 UTC. The exchange said withdrawal volumes initially surged as customers regained access to their funds before declining and beginning to stabilise. Deposits also remained substantial, suggesting that some customers continued transferring assets onto the platform despite the security incident.

The net outflow represents approximately 2.1% of Binance’s $171 billion in total assets, according to the exchange’s October 28 Proof of Reserves data. This comparison provides important context because the gross withdrawal figure alone does not show how much capital actually left the platform after accounting for incoming deposits.

The numbers nevertheless show that a significant amount of capital moved during the first hours of resumed withdrawals. For an exchange recovering from a major security breach, the reaction matters beyond the immediate financial figures. Customers are effectively deciding whether to continue holding assets on the platform or move them elsewhere.

Binance Withdrawal Data Shows the First Post-Hack Reaction

Binance began restoring withdrawals in phases at 06:00 UTC on November 1. By 12:36 UTC, the first phase was complete, with withdrawals available across all 15 supported networks and assets. These included Bitcoin, Ethereum, USDT, USDC, BNB, Solana and XRP.

The exchange said it was continuing to test the remaining networks and assets before announcing the next reopening phase. The phased approach allowed Binance to restore access progressively rather than reactivate every withdrawal route simultaneously following the incident.

The distinction between withdrawals and net outflows is particularly important when assessing the response. The $4.65 billion figure represents assets withdrawn, while the $3.64 billion figure accounts for the $1.01 billion deposited during the same period. Treating the entire withdrawal amount as capital permanently leaving Binance would therefore misrepresent the reported activity.

Binance also said market conditions remained stable as withdrawal volumes began to settle. However, the exchange’s own description should be considered alongside the actual flow data and subsequent reserve disclosures. A decline in withdrawals during the first reporting window does not, by itself, establish that customer confidence has fully recovered.

Updated Binance Proof of Reserves Could Be the Next Test

The next important development is Binance’s updated Proof of Reserves report, expected on November 2. The exchange took a new snapshot at 00:00 UTC on October 31 and said it had begun computing the associated zero-knowledge proof. The updated report is expected to provide a fresh view of its reserves and the backing of customer balances.

The disclosure matters because the withdrawal figures show how customers reacted, while Proof of Reserves can provide information about assets held against reported user balances. Comparing the updated figures with the previous October 28 snapshot could help observers assess changes in the exchange’s reported holdings after the incident.

Proof of Reserves has limitations, however. A snapshot can show assets and certain liabilities at a particular point in time, but it does not independently establish that an exchange has no undisclosed obligations or that every aspect of its operations is financially sound. The report should therefore be assessed alongside other disclosures and Binance’s planned technical updates.

For now, the $3.64 billion net outflow represents a significant post-hack withdrawal event, but it amounts to approximately 2.1% of the reported $171 billion asset base. The more important question is whether withdrawals continue to stabilise, whether deposits remain strong and whether the updated reserves provide further reassurance. Those developments will offer a clearer picture of how Binance is handling the aftermath of its security breach.