Binance wallets log $2.5 billion net outflows as withdrawals reopen after hack
In brief
- Tracked Binance wallets logged $2.51 billion in net outflows on Nov. 1, per DeFiLlama data.
- USDT led outflows at about $1,083 million, followed by Bitcoin at $912 million.
- Binance is restoring withdrawals across 15 networks after the Oct. 29 attack.
- Binance says it has replenished about 95% of affected assets, up from 90%.
- Some outflows may reflect Binance moving withdrawals to newly generated wallets.
What left the exchange
Stablecoins made up the biggest share. DeFiLlama data shows about $1,083 million in USDT, $912 million in Bitcoin, $385 million in USDC and $131 million in wrapped Ethereum leaving tracked wallets.
That isn't necessarily a customer exodus. Binance has updated its proof-of-reserves wallet address list to include newly generated wallets, which it said would process all subsequent withdrawals (and that makes the on-chain picture harder to read). It's unclear how much of the flow reflects customers moving assets elsewhere.
A phased reopening
In a Nov. 1 announcement, Binance said it was gradually restoring withdrawal access across 15 blockchain networks after completing additional security reviews. Bitcoin, Ethereum, BNB Smart Chain, XRP and Base came back first. Dogecoin and Optimism followed, and other first-phase networks included Solana, Tron, Arbitrum, Avalanche, Polygon, Zcash and Sui, with individual assets switching on as security checks were completed.
Co-founder Yi He said processing was proceeding without significant disruption, though heavier demand could temporarily affect transaction processing. Yi He wrote on X:
"Things are currently running fairly smoothly. If there are many withdrawal requests, congestion cannot be ruled out, after which it will smooth out again."
Yi He also urged customers to verify withdrawal addresses and make sure their devices and operating environments were secure before transferring funds.
Replenished, not recovered
The breach forced Binance to temporarily suspend withdrawals while investigators examined its compromised hot-wallet systems. The exchange said it has replenished about 95% of the affected assets through corporate resources and market purchases (up from 90% in its previous update), and it's maintained that customer funds remain protected and that it'll absorb the losses.
Balances in BTC, ETH, USDT, USDC, BNB, SOL, XRP, USD1, RLUSD and ZEC are fully backed, according to Binance. What's still missing is mainly less-liquid tokens.
Replacing stolen assets isn't the same as getting them back.
Binance said it's working with law enforcement and industry partners to trace and potentially recover the stolen funds, and it has pledged to publish a detailed post-incident investigation report.
Frequently asked questions
Do the $2.5 billion Binance outflows mean customers are leaving the exchange?
Not necessarily. Binance updated its proof-of-reserves list to include newly generated wallets that it said would process all subsequent withdrawals. Because of that, it's unclear how much of the on-chain outflow reflects customers moving assets elsewhere.
Has Binance recovered the funds stolen in the Oct. 29 hack?
No. Binance said it replenished about 95% of the affected assets through corporate resources and market purchases, but replacing stolen assets doesn't mean the original funds were recovered from the attackers. The exchange said it's working with law enforcement and industry partners to trace them.
Which networks did Binance reopen withdrawals on first?
Binance first reopened withdrawals for Bitcoin, Ethereum, BNB Smart Chain, XRP and Base, then confirmed Dogecoin and Optimism. Other first-phase networks included Solana, Tron, Arbitrum, Avalanche, Polygon, Zcash and Sui, out of 15 networks being restored.
