Binance (@binance) co-founder Changpeng Zhao (@cz_binance) said the exchange recorded a 2.1% net outflow after it resumed withdrawals, with most of the movement happening in the first few hou
Binance (@binance) co-founder Changpeng Zhao (@cz_binance) said the exchange recorded a 2.1% net outflow after it resumed withdrawals, with most of the movement happening in the first few hours. "98% choose to stay," he wrote on X.
Zhao added: "Trust isn't earned by what you say in good times. It's earned by what you do in hard times."
Binance said it processed $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 UTC on November 1, according to Qazinform. That left a net outflow of about $3.64 billion.
CNBC reported that the net outflow equalled 2.1% of Binance's $171 billion in total assets, based on its latest available proof-of-reserves data. Binance said withdrawal volumes had declined and were stabilising after an initial spike, while deposit volumes remained substantial.
Data from DefiLlama showed $4.05 billion in net outflows from Binance over 24 hours, while the next 10 largest exchanges it tracks recorded about $368 million in combined net inflows, Implicator reported. Other trackers can show different figures depending on the time window used.
The withdrawals resumed after a $6.3 billion theft last week. Binance began restoring services in phases at 06:00 UTC on November 1. By 12:36 UTC, withdrawals had resumed for all 15 networks and assets covered in the initial phase, Outlook Money reported.
The first phase included Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), BNB Smart Chain ($BNB), Tron ($TRX), XRP Ledger ($XRP), Dogecoin ($DOGE) and several other networks, according to TokenPost. The exchange has warned that heavy demand could cause delays.
Binance said it had replaced about 95% of the affected assets, up from 90% in its previous update, and that it would absorb the financial impact rather than pass losses to users, TokenPost reported.
Further networks and assets remain under security checks. Co-founder Yi He said wallets for other currencies are undergoing repeated security audits and perimeter checks, BusinessToday reported. Binance has not announced a definitive timeline for restoring withdrawals across all remaining cryptocurrencies.
Sources
CNBC: Binance sees $3.64 billion in net outflows as withdrawals resume after massive hackQazinform: Binance sees $3.6 billion in net withdrawals after hackBusinessToday: Binance resumes crypto withdrawals after $6.3 billion security breach
