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

Binance net outflows reach $4.72 billion after withdrawals resume Sunday

Key Facts

1Binance customer net withdrawals reached $4.72 billion through November 2, 2026, with most withdrawals in USDT.
2Outflows represented about 3% of the platform's assets since withdrawals resumed through November 2, 2026.
3Binance recorded deposit inflows of $2.7 billion since withdrawals resumed on November 1, 2026.
4Binance said it had covered about 95% of the affected amount, while the remaining assets account for 5%.

Binance customers withdrew a net $4.72 billion through Monday, November 2, since the suspension was lifted on Sunday morning, in a wave concentrated mostly in the USDT stablecoin, according to Reuters. The outflows followed an attack that the U.S. Federal Bureau of Investigation attributed to North Korea, and a withdrawal freeze lasting more than two days. Binance said net outflows amounted to about 3% of the assets on its platform. By contrast, the company said $2.7 billion flowed in since withdrawals resumed. It said withdrawal volumes began to stabilize after the initial surge, while access to withdrawals gradually returned for various assets.

Binance said outflows amounted to about 3% of the platform's assets since withdrawals resumed, and Reuters presented the figure in the context of analyses that viewed customer confidence as relatively resilient. The withdrawal wave followed a temporary disruption in users' ability to access their funds, as the exchange froze withdrawals for more than two days after the hack. It then began allowing withdrawals for some assets on Sunday morning, November 1. Most withdrawals were in USDT, according to the report carried by Reuters via Kitco. Deposits continued to be accepted as withdrawals resumed, with the company reporting inflows of $2.7 billion since they restarted.

In an update issued on November 2, Binance said it had covered about 95% of the amount affected by the hack. It added that the remaining 5% consists of tokens outside the top ten assets it had identified and that they are less liquid. The company said providing these assets in the required volume takes longer. Binance thereby linked the remaining portion of the recovery to the nature and liquidity of the available assets. Reuters reported separately that the company said it had raised about $6 billion from the corporate treasury, an insurance fund and reserves, while Binance said it would cover losses from the SAFU fund and company funds.

The U.S. Federal Bureau of Investigation said North Korea was responsible for stealing more than $6 billion in virtual assets from Binance around October 29, 2026, and linked the attack to the TraderTraitor group. The bureau added that the stolen assets were being converted mainly into ether. Binance had said in its initial update that it was working with blockchain industry partners to freeze the affected assets, and that about $3 billion had been frozen on-chain by then. Reuters described the incident in a report as potentially the largest financial theft ever, not as a definitive judgment. The withdrawal suspension began after the attack, and the exchange then reopened withdrawals for some assets on Sunday morning.

Historical comparisons put the current withdrawal wave below the previous outflow episode Binance experienced after the collapse of FTX in December 2022, when it recorded net outflows of about $6 billion over 72 hours. Reuters also reported that about $7 billion was withdrawn from the USDC stablecoin over a week after the collapse of Silicon Valley Bank in 2023. The comparisons cover two separate periods and different assets: the first concerns flows from Binance after FTX collapsed, and the second withdrawals from a stablecoin after a banking crisis. In the current case, Binance said net withdrawals since they resumed amounted to about 3% of the platform's assets. The company also pointed to withdrawal volumes stabilizing after their initial rise and inflows of $2.7 billion.

Binance announced that an additional phase of reopening withdrawals would begin at 04:00 UTC on November 3 for the assets and networks specified in its announcement. It said availability would be gradual, and that not all listed assets would become available at the same time, as they undergo security and readiness checks. It said deposits remained open, while U.S. dollar cash withdrawals resumed on Monday, November 2. The company said it would publish a detailed technical review after the investigation and verification of the facts were complete. As part of its user recovery effort, Binance launched a community appreciation campaign that it said would end on November 21.