Binance Reports $3.64 Billion Net Outflow After Reopening
Binance says withdrawals exceeded deposits by $3.64 billion after its phased reopening, with substantial withdrawals.
Binance said customers withdrew $4.649 billion and deposited $1.01 billion between 06:00 and 15:30 UTC on 1st November 2026, after the exchange began restoring withdrawals following its security incident. The figures in its official Chinese-language account's statement imply a net outflow of $3.639 billion, rounded to the $3.64 billion reported by the company.
The exchange said withdrawals had resumed for all 15 networks and assets in its first phase by 12:36 UTC that day. It was still testing the remaining networks and assets. Restoring that first group therefore did not mean every withdrawal route was available. Binance said volumes initially surged, then declined and began to stabilise, while deposits remained substantial.
Our withdrawal-route report lists the asset and network pairs in that reopening update.
Separate analysis published by Darkfost on CryptoQuant, dated 1st November, recorded 19,569 Bitcoin (BTC) and 154,147 Ethereum (ETH) withdrawn since services resumed. The analyst valued those movements at almost $1.5 billion and $360 million respectively, and reported another $1.96 billion in Tether (USDT) and $557 million in USDC withdrawals. Both are dollar-linked stablecoins, designed to track the US dollar, as their issuers Tether and Circle explain.
Our stablecoin explainer covers how dollar-linked tokens differ from dollars held in a bank account.
Binance described its net outflow as 2.1% of $171 billion in assets under management. Its statement dates that denominator to proof-of-reserves data, intended to show asset backing, from 28th October, before the attack. The comparison measures the reported outflow against an earlier asset total. Its 31st October update said a new snapshot, taken at 00:00 UTC that day, was already on its reserves website.
The underlying theft occurred on 29th October. In a company blog investigation, blockchain investigator TRM Labs valued transfers from Binance wallets to attacker-controlled addresses at approximately $6.36 billion, using prices when the assets were taken. Binance's 1st November recovery announcement said it had covered about 95% of the affected amount using company resources. It said the outstanding assets were less liquid tokens that took longer to acquire at the required scale.
