Binance says withdrawal rush is easing after $6.3bn theft

Binance users can withdraw some assets again, but should check whether their specific coin and network are available before trying to move funds. The exchange says withdrawals are stabilising after an initial rush following a $6.3 billion theft.

For customers, access is returning in stages, so a resumed service does not yet mean every asset can be withdrawn.

In a Reuters report published Monday, Binance said it recorded $4.649 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours after withdrawals began resuming on Sunday. That left a net outflow of about $3.64 billion, or 2.1% of the exchange’s $171 billion in assets, based on its latest proof-of-reserves data. Binance said withdrawals had declined after an initial spike and deposits remained substantial.

Which Binance withdrawals are available now?

Binance is restoring withdrawals in phases, with each asset and network subject to security and readiness checks. The exchange’s recovery update listed bitcoin on the Bitcoin network, ether and USDT and USDC on Ethereum, and assets on several other networks for the first phase. It said additional networks and assets would be added once ready, and warned that heavy traffic could mean delays.

Check Binance’s withdrawal page or network status page for the specific asset and network you plan to use; availability on one network does not establish that the same token is available on another. By Monday, Reuters reported that Bitcoin withdrawals had resumed on Bitcoin, while ether and some dollar stablecoins were available on Ethereum; most cryptocurrencies still showed partial suspensions. Binance also restored US dollar cash withdrawals on Monday.

What does the $3.64 billion outflow measure?

It is the difference between customer withdrawals and deposits during that initial nine-and-a-half-hour window, not the amount stolen in the attack. The exchange says the outflow equalled 2.1% of its assets; the figure gives customers a snapshot of activity after withdrawals reopened, while Binance’s claim that flows are stabilising is its own assessment.

Binance said in its recovery update that it had covered about 95% of the impacted amount and would bear the financial impact of the stolen funds. It said the remaining 5% involved tokens outside the top ten that are less liquid and take longer to source at scale. The exchange has not yet published its post-incident report, which it says will provide further details once the investigation is complete.

Source material

• Reuters report — investing.com
• recovery update — binance.com