Binance net outflows hit $5.28B after hack withdrawals resumed

Binance users saw $5.28 billion more in crypto leave the exchange than enter over 46 hours after withdrawals resumed, even as deposits began to top withdrawals by the morning of Nov. 3. The figures show the scale of customer and other account movements after the breach, but they do not establish that every withdrawal was a reaction to it.

According to CoinDesk’s report on data shared by Binance CEO Richard Teng, customers withdrew $10.97 billion in cryptocurrency during the period, while deposits totaled about $5.69 billion. Binance said the Oct. 29 security incident caused losses of approximately $6.3 billion in token assets, and pledged to absorb that loss rather than pass it to users in its security incident update.

How quickly did money leave Binance?

The heaviest outflow came on Nov. 1, when withdrawals peaked at $1.24 billion in one hour, according to the data Teng shared. During that hour, withdrawals exceeded deposits by $936 million. These are gross and net figures respectively: the first counts withdrawals alone, while the second subtracts deposits over the same hour.

The totals cover movements into and out of Binance; they do not identify why each customer moved funds or where those funds went next. CoinDesk reported that the $6.3 billion lost in the breach is separate from the subsequent withdrawals, which cannot all be attributed to customers reacting to the attack. So the net outflow is a measure of exchange flows, not a count of customers who lost confidence or a measure of hack losses.

Have deposits caught up with withdrawals?

Not over the full reporting period: cumulative net outflows remained at $5.28 billion by 03:00 UTC on Nov. 3. But in the latest hourly reading, deposits exceeded withdrawals by about $10 million, the data showed. Teng described the shift as a sign of more positive inflows and stabilising activity.

That hourly change gives customers a fresh indicator to watch, but it does not erase the earlier net outflow or show that flows will stay positive. The figures also do not give an individual customer’s withdrawal fee or confirm whether a particular token and network are available. Anyone planning a transfer should check Binance’s withdrawal screen for the current fee and network options before submitting it.

Source material

• CoinDesk’s report on data shared by Binance CEO Richard Teng — coindesk.com
• security incident update — binance.com