EL7.AI
CryptoMedium•2 November 2026•
3 min read

Outflows Exceed $6 Billion From Binance Wallets as Withdrawals Resume

Key Facts

1Binance reported net outflows of $3.64 billion, equivalent to 2.1% of its $171 billion in assets.
2Binance said it had restored about 95% of the assets affected by the breach by Nov. 1.
3OKX recorded inflows of about $450 million, and Bybit received about $134 million as Binance reopened withdrawals.
4Binance expected to make its full proof of reserves available by Nov. 3, 2026, UTC.

The figures differ in how they are measured: the first is the gross movement of tokens tracked by wallet data, while the second is the net outflow reported by the platform. Binance began resuming withdrawals at 06:00 UTC on Nov. 1, after an attack on Oct. 29. The platform estimated the impact of the breach at about $6.3 billion and said it had frozen about $3 billion of the affected assets.

By 12:36 UTC on Nov. 1, the 15 networks and assets listed in the first phase were available for withdrawal. In its statement on flows, the platform compared net outflows with its $171 billion in assets, based on its latest available proof-of-reserves data as of Oct. 28. DefiLlama tracking, meanwhile, showed about $129 billion in cryptocurrencies in wallets linked to Binance after the outflows. CoinDesk reported that DefiLlama’s coverage and method of counting assets differ from the reserve data published by Binance.

An observed outflow from wallets linked to the platform does not mean that all the tokens were withdrawn by customers or transferred to self-custody wallets; the movement may include transfers between wallets controlled by Binance. By contrast, OKX recorded net inflows of about $450 million, and Bybit received about $134 million as Binance reopened withdrawals. These figures show flows to two competing platforms over the same period, but do not identify the source of each transfer or prove that the funds came from Binance customers. Binance said withdrawal volumes had fallen and stabilized after the initial surge, while deposits remained large. Reuters quoted traders as saying they were not rushing to withdraw their funds.

Binance said on Nov. 1 that it had restored about 95% of the assets affected by the breach, with the remainder consisting largely of less liquid tokens that are difficult to buy quickly. In an earlier update dated Oct. 31, it said it had covered 90% of the affected assets, and that BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC were fully covered at 100%. The comparison shows an increase in the reported coverage rate between the two updates, with 95% the latest figure reported for asset recovery. The company also said it had internally allocated about $6.34 billion of its own funds to cover losses. This includes a $1 billion bitcoin reserve fund that the company said is intended to protect customer assets in the event of security breaches.

Across the market, bitcoin prices recovered over the weekend after falling on Friday to a six-week low, trading above $78,000 on Monday, Nov. 2. Ether also rose from a two-month low. Reuters reported that Binance’s status page continued to show withdrawals partially suspended for most cryptocurrencies, while the platform restored the option to withdraw U.S. dollars on Monday. Binance said its initial 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 estimated that producing a full proof of reserves takes about 40 to 50 hours, and expected to make it available by Tuesday, Nov. 3, UTC.