Binance processed about $11 billion in withdrawals between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after reopening services following its record $6 billion hack on Oct. 29, the exchange reported.
Deposits of about $6 billion offset just over half the withdrawals, leaving roughly $5 billion in net outflows over the same period, according to data released by Binance on Tuesday. The net withdrawals represented about 3.1% of Binance's previously reported $171 billion in assets.
Peak outflow and moderating pace
In the peak withdrawal hour, beginning at 08:00 UTC on Nov. 1, withdrawals exceeded deposits by $936 million. The pace subsequently moderated, with incoming deposits increasingly offsetting withdrawals throughout Nov. 2.
By the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits against $183 million in withdrawals, producing a positive balance of $10 million.
Binance co-CEO Richard Teng highlighted the development as evidence of improving customer activity, stating that the trend was starting to show more positive inflows with hourly deposits exceeding withdrawals.
The improvement also drew attention from Bitwise CEO Hunter Horsley, who suggested customers were responding positively to Binance's handling of the security breach, saying users were putting a lot of trust in Binance based on the way the exploit was handled.
Zhao says most withdrawals went to self-custody
Binance co-founder Changpeng Zhao said a small share of withdrawn funds had gone to competing exchanges. Citing unspecified public reports, Zhao said only 6% to 10% of withdrawals went to other centralized exchanges, while most funds were transferred to self-custody wallets that had not subsequently interacted with decentralized exchanges. His post did not identify the public reports or provide the underlying wallet analysis.
Zhao also emphasized that Binance had absorbed the financial impact of the hack without seeking external funding or selling assets, saying the exchange did not borrow money, did not sell assets and did not raise money, and adding that it covered the losses from its balance sheet.
Phased reopening continues
The exchange also announced a further phased reopening of withdrawals beginning at 04:00 UTC on Nov. 3, including assets on Ethereum, Solana and BNB Smart Chain. Binance said the reopening would continue in phases as security checks are completed, with further assets to be added as they become ready.
In its Nov. 1 update, Binance also said it would publish a detailed post-incident report once its investigation was complete.
