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CryptoMediumUpdated×2•Originally published 2 November 2026•Updated 2 November 2026•
4 min read

Binance withdrawals reach $4.7 billion after hack, less than 3% of assets

Key Facts

1Net withdrawals from Binance reached about $4.7 billion by the morning of November 2 in London, less than 3% of assets worth $166 billion.
2Binance said it had covered about 95% of the affected amount, compared with 90% in its previous update, with 5% remaining.
3Binance estimated the total impact of the hack at about $6.3 billion.
4Binance allocated more than $6.34 billion in company funds, including $5 billion in the same assets affected.

Net withdrawals from Binance reached about $4.7 billion by Monday morning, November 2, in London, according to a Bloomberg Law report, while the company said the amount was less than 3% of its $166 billion in assets. The figure came after the exchange resumed withdrawals in stages, following their suspension after the hack, whose total impact Binance estimated at about $6.3 billion. The figures put fund flows at the center of a test of customer confidence in the exchange, which says it has more than 335 million users worldwide. Reuters quoted a Binance spokesperson as saying inflows totaled $2.7 billion. The company said withdrawals initially rose, then declined and stabilized.

Binance announced on November 1 that it had resumed the first phase of withdrawals between 06:00 and 09:00 UTC, as part of a phased rollout. It said its coverage of the affected amount had reached about 95%, compared with 90% in its previous update, and that the remaining 5% related to tokens outside the ten largest assets listed by the company. Binance allocated more than $6.34 billion in company funds to cover losses, according to its announcement, including $5 billion held in the same assets affected by the hack. The company said partners on blockchain networks helped freeze about $3 billion of the affected assets on-chain. Reuters also reported that Circle froze more than $1.1 billion of USDC linked to the hack.

Binance estimated the total impact of the hack at about $6.3 billion in its October 30 announcement. Its preliminary investigation indicated that a DevOps engineer's laptop may have been compromised, allowing the attacker to access a service container and submit unauthorized withdrawal transactions. The company said it found no evidence that wallet keys had been leaked. In a separate announcement, the U.S. Federal Bureau of Investigation attributed the attack to the North Korean group TraderTraitor and said the theft of more than $6 billion in virtual assets occurred on or around October 29. The bureau added that the attackers were converting the stolen assets primarily into Ethereum, and U.S. agencies urged virtual asset service providers to block transactions linked to their addresses.

The incident's effects extended to broader market indicators. Reuters said spot Bitcoin funds recorded $643 million in outflows on Friday, October 30, their largest daily withdrawals in October, while liquidations of leveraged positions exceeded $1.3 billion. The Associated Press reported that Bitcoin fell 3.2% to below $79,000 on Thursday evening, October 29, as the impact of the hack began to emerge. Tim Sun of HashKey Group said the incident had "not led to widespread panic or large concentrated withdrawals up to that point." He said, however, that security concerns could affect the funds market makers and institutions allocate to cryptocurrencies.

A Reuters report placed the withdrawals in the context of previous crises: about $7 billion was withdrawn from USDC over a week after Silicon Valley Bank collapsed in 2023, while Binance itself recorded net withdrawals of about $6 billion over 72 hours after FTX collapsed in December 2022. These comparisons recall episodes of pressure on confidence and liquidity in the cryptocurrency market, while Binance's current figures remain below 3% of its reported assets, according to the company. Binance said the phased withdrawal rollout could cause temporary delays or longer processing times because of the volume of activity, and that it would continue monitoring the performance of the networks and the platform. The company allows users of the ten cryptocurrencies included in its October 31 proof-of-reserves snapshot to verify that their balances are backed at a ratio of at least 1:1. It said it plans to take a new snapshot covering more tokens on November 4, after which it expects the updated proof to take about 40 to 50 hours to produce.

Binance said it would publish a detailed technical report after the investigation and verification of the facts are complete, while the Federal Bureau of Investigation continues to track the movement of assets linked to the attack. Completing the withdrawal resumption, along with updating the proof of reserves and publishing the subsequent report, are the milestones the company announced after the hack. Binance still describes its coverage ratio as about 95%, with 5% of the affected amount remaining outside the coverage disclosed in its November 1 update. The exchange says the new proof-of-reserves verification will include additional tokens after the November 4 snapshot. The company expects the revised proof to take 40 to 50 hours to produce from the date of the snapshot.