After a major security incident, Binance resumed withdrawals on Sunday, but outflows quickly widened. The exchange said net outflows reached $3.64 billion in the first window after withdrawals reopened, reflecting a rush by some users to move assets off the platform following the $6.3 billion theft.
According to Binance data, between 06:00 and 15:30 UTC on Nov. 1, the platform processed $4.65 billion in withdrawals and received $1.01 billion in deposits. The net outflow represented about 2.1% of the $171 billion in total assets shown in its latest proof of reserves. Binance said withdrawal demand spiked at the start of the reopening, then gradually eased and stabilized, while deposits remained at a meaningful level, indicating some funds were still flowing back.
The service was restored in phases. Binance said withdrawal functions began reopening gradually at 06:00 UTC on Sunday, and by 12:36 UTC the first 15 networks and assets had been fully restored. The remaining networks and assets were still undergoing testing. The platform added that the overall recovery was proceeding on schedule, with services coming online in an orderly fashion.
Binance founder and former CEO Changpeng Zhao also took to social media to reassure users, saying most had not left and citing the statistic that 98% chose to stay. He said net outflows were concentrated mainly in the first hours after withdrawals resumed, and stressed that trust cannot be built on verbal promises alone but must be demonstrated through concrete action in adversity.
The outflows followed a record-breaking cyberattack last week. The FBI has attributed the breach to a North Korean hacking group and named the operation TraderTraitor. Amid concerns over asset safety, Binance has previously said it would absorb losses from the stolen funds and would not pass them on to users.
In its latest disclosure, Binance said about 95% of the affected amount had been covered, up from 90% in an earlier update. The remaining uncovered portion mainly involves less liquid tokens, and the platform said it needs more time to source the targeted amounts of those assets.
