Binance Sees Billions in Outflows After Reopening Withdrawals Following $6.3B Hack

Binance has recorded billions of dollars in outflows since reopening withdrawals following its $6.3 billion security breach, as users move funds from the exchange and rival platforms attract fresh deposits.

The exchange resumed withdrawals in phases on November 1, after temporarily suspending the service while investigating the attack and securing its systems. The reopening triggered a sharp increase in withdrawal activity, making the incident an early test of customer confidence in the world's largest cryptocurrency exchange.

According to Reuters, Binance customers withdrew a net $4.72 billion after withdrawals resumed. The figure represents approximately 2.8% of the exchange's assets, while Binance said withdrawal activity had started stabilizing and that around $2.7 billion had flowed back into the platform.

DefiLlama's exchange dashboard showed a larger figure, recording more than $7 billion in 24-hour net outflows from Binance-linked wallets. The difference reflects the way the two sources measure activity: customer withdrawals reported by Binance are not necessarily identical to movements across publicly tracked exchange wallets.

Binance Outflows Rise As Withdrawals Resume

The withdrawal suspension lasted approximately 45 hours following the October 29 attack. Binance began restoring access on November 1, initially supporting withdrawals across major networks, including Bitcoin, Ethereum, Solana, BNB Chain, Tron, and XRP Ledger.

Once the service reopened, users began moving assets out of the exchange. DefiLlama recorded approximately $7.03 billion in 24-hour net outflows from Binance-linked wallets, while its seven-day figure showed outflows of around $13.52 billion.

However, on-chain wallet movements do not always represent customers withdrawing funds. Exchanges regularly move assets between their own wallets, and tracking platforms may count those transfers depending on their wallet labels and methodology.

The customer withdrawal figure reported by Reuters offers a separate measure of the response. Binance said the initial spike had eased and that withdrawals were stabilizing, suggesting the outflow had not continued at the same pace.

Despite the withdrawals, Binance remained the largest exchange by tracked wallet assets. DefiLlama listed approximately $127.9 billion in Binance-linked assets, compared with around $29 billion at OKX.

Rival Exchanges Receive Fresh Inflows

As Binance experienced outflows, other centralized exchanges recorded positive net inflows.

DefiLlama data showed OKX leading with approximately $445.6 million in 24-hour net inflows. Bybit followed with around $111.5 million, while Gate and Bitget also recorded positive flows.

The figures suggest that some capital was moving toward competing trading platforms as Binance restored access. However, they do not establish that all the funds entering OKX or other exchanges came directly from Binance customers.

The difference in exchange reserves also remains substantial. Binance's tracked wallet assets were more than four times those of OKX, meaning the recent withdrawals have not changed its position as the largest exchange by this measure.

The movement is worth watching because exchange inflows and outflows can indicate where traders prefer to hold assets during periods of uncertainty. But a single day's data cannot establish a lasting shift in market share or customer trust.

Binance Says It Has Replaced 95% Of The Affected Assets

The outflows came as Binance continued its recovery effort following the $6.3 billion breach.

In its November 1 update, the exchange said it had replenished approximately 95% of the affected assets, up from 90% in its previous update. The remaining 5% consisted of less liquid tokens that required additional purchases through market and over-the-counter channels.

Binance said it was using its corporate treasury, its Secure Asset Fund for Users (SAFU), and a portion of its futures insurance fund to cover the losses. It also reiterated that customers would not bear the financial impact of the theft.

The exchange separately said industry partners had frozen approximately $3 billion in stolen assets. Those frozen funds are part of the recovery and investigation effort, not the same as the assets Binance purchased to replace affected customer balances.

Related: Binance Covers 95% of $6.3B Hack Losses as Withdrawals Resume

The Hack Continues To Raise Questions About Exchange Security

The October 29 incident involved approximately $6.3 billion in unauthorized transfers from Binance-linked wallets across multiple blockchain networks. The FBI has attributed the attack to North Korea's TraderTraitor group.

Blockchain intelligence firms have tracked the stolen assets across several networks, while exchanges, stablecoin issuers, and other industry participants have worked to freeze funds and restrict suspicious transactions.

Altcoin Buzz previously examined how the attackers drained the assets across multiple networks, including the role of compromised infrastructure and Ethereum's EIP-7702 functionality.

The incident also highlights the importance of proof of reserves and transparent reporting during an exchange crisis. Binance said it would publish an updated proof-of-reserves report using a new snapshot, allowing users to review the assets backing customer balances.

For now, the scale of withdrawals is significant, but it does not yet point to a complete loss of confidence in Binance. The exchange still holds more than $127 billion in tracked wallet assets, and its reported customer outflows represent a relatively small share of its overall platform assets.

The next few days will show whether withdrawals continue to stabilize, whether deposits recover, and whether Binance can restore confidence through transparent reserves reporting and a detailed explanation of the security breach.