On November 1, Binance reported that it processed $4.649 billion in customer withdrawals and $1.01 billion in deposits over a nine‑and‑a‑half‑hour period. The activity left the exchange with net outflows of approximately $3.64 billion, which represents about 2.1% of its stated $171 billion in assets under management.
Withdrawal activity after service restoration
Withdrawals resumed at 06:00 UTC in phases across 15 blockchain networks, including Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, XRP Ledger and Arbitrum. By 12:36 UTC, withdrawals were available for all supported networks. Transaction data showed the highest withdrawal volumes in the early intervals of the reopening, with amounts decreasing in subsequent 30‑minute periods while deposits remained lower than withdrawals.
Comparison with independent data
Independent figures from DefiLlama indicated net outflows of more than $3.5 billion on the same day, closely matching Binance’s disclosed net outflow amount.
Background to the withdrawals
The withdrawal surge followed a hot‑wallet breach reported on October 29. Binance said a compromised engineer’s laptop may have allowed unauthorized transactions. The FBI attributed the attack to North Korea’s TraderTraitor operation.
Binance announced that it had frozen roughly $3 billion of the stolen assets in cooperation with partners and that it had replenished about 95% of affected token balances. A proof‑of‑reserves snapshot taken on October 31 showed ten major assets fully backed, but the snapshot preceded the large outflows and the final zero‑knowledge proof was expected to be published on November 3.
Current status
While some services continued to be restored, Binance described the situation as stabilising. Withdrawals remained higher than deposits, and the exchange pledged to cover any remaining losses.
