Data from analytics platform Defillama indicates that Binance’s tracked exchange assets declined from roughly $144.9 billion on Oct. 29 to about $128.3 billion on Nov. 2, a drop of more than $16 billion, or close to 12%.
The decrease reflects a combination of falling cryptocurrency prices, the estimated $6.3 billion taken by attackers from Binance’s hot wallets, and a surge in user withdrawals after the exchange reopened withdrawals for 15 assets on Nov. 1. Binance reported $4.649 billion in withdrawals and $1.01 billion in deposits during a nine‑hour window on Nov. 1, resulting in a net outflow of about 2.1% of its reported $171 billion in assets.
Where the withdrawn funds went
On‑chain tracking suggests that the majority of the $4.5 billion withdrawn over 24 hours did not flow to rival exchanges. The ten largest competing exchanges together absorbed roughly $368 million, with OKX receiving the largest share. Coinbase and Kraken each added several hundred bitcoins to their balances.
Withdrawal limits and upcoming proof of reserves
Binance’s phase‑one update restored withdrawals for 15 networks and assets, including BTC, ETH, USDT, USDC, BNB, SOL, XRP and DOGE. Critics note that only a fraction of the exchange’s listed assets are currently available for withdrawal, and no timeline has been provided for subsequent phases.
The exchange’s full zero‑knowledge proof of reserves, originally slated for Nov. 2, has been pushed to Nov. 3 (UTC) due to the 40‑ to 50‑hour computational effort required. The proof will demonstrate that Binance’s holdings cover user balances without exposing individual account details.
Recent public reserve snapshot
A snapshot taken on Oct. 31 showed that Bitcoin, Ethereum, XRP and seven other assets were fully backed after the hack, though it predates the recent wave of withdrawals.
