EL7.AI
CryptoMediumUpdated×3•Originally published 3 November 2026•Updated 3 November 2026•
4 min read

Binance net outflows reach $4.72 billion after withdrawals resume Sunday

Key Facts

1Net withdrawals from Binance reached $4.72 billion through November 2, equivalent to about 3% of the exchange’s assets.
2Binance estimated the hack losses at about $6.3 billion after its hot wallets were hacked on October 29 at 20:05 UTC.
3Binance said it had covered about 95% of the affected value in its November 2 update.
4The Federal Bureau of Investigation said the value of the stolen virtual assets exceeded $6 billion.

Net withdrawals from Binance reached about $4.72 billion from the time the exchange reopened through Monday, November 2, equivalent to about 3% of its assets, according to the company as reported by Reuters. The outflows followed the exchange’s suspension of withdrawals for more than two days after its hot wallets were hacked on October 29. Binance began allowing customers to withdraw again on Sunday morning, resuming operations in stages. A Binance spokesperson said withdrawal levels were stabilizing at what the company considers "normal and expected on-chain activity." Co-CEO Richard Teng offered a similar assessment on November 3, saying hourly inflows and outflows had returned "almost to normal."

Net outflows coincided with the resumption of deposits and withdrawals, while Binance said 95% of affected tokens had been compensated as of November 3. In an update on November 2, the company said it had covered about 95% of the affected value and pledged to absorb the financial impact of the stolen funds. On October 30, it had announced that it was allocating more than $6.34 billion of its own funds to cover the losses, including $5 billion in the affected tokens themselves, and said this covered about 80% of the affected amount. It then raised the share to 90% in an October 31 update, saying the ten tokens it had identified were fully covered and that the remainder outside that group was less liquid. In its November 2 update, about 5% of the affected value remained uncovered according to the share announced by the company.

Binance said its hot wallets were hacked at about 20:05 UTC on October 29, resulting in the loss of an estimated $6.3 billion in tokenized assets. The US Federal Bureau of Investigation attributed the theft to North Korea, estimating the value of the stolen virtual assets at more than $6 billion and naming the identified cyber activity "TraderTraitor." The bureau said it had observed the stolen assets being converted primarily into Ether. CBS News reported Kim Yo Jong as denying North Korea’s responsibility and describing the bureau’s announcement as a "vulgar provocation" and "absurd rhetoric." Binance said about $3 billion in stolen assets had been frozen on-chain as of its October 30 update, in cooperation with law enforcement, analytics firms and industry partners.

Other estimates have assessed how much of the funds remained in the attackers’ possession after the freezes. Reuters said about half of the stolen funds were in stablecoins frozen by their issuers, while Elliptic estimated that the attackers still controlled about $3.28 billion, mostly in Bitcoin and Ether, in a report published on November 2. These figures differ from the coverage rate announced by Binance: Elliptic’s estimate concerns funds that remained under the attackers’ control, while the company’s rate describes the affected value it said it had compensated. Reuters reported that most of the exchange’s net withdrawals were in USDT. It also reported that Binance had more than 335 million users worldwide and average daily trading volumes of $95 billion across digital assets and derivatives.

Withdrawals resumed gradually, with Binance beginning to allow customers to move their assets out on Sunday morning, November 1, after the freeze had lasted more than two days. The company then announced that it would reopen withdrawals for additional assets at 04:00 UTC on November 3, following the first phase. The expanded availability comes as the company says it is nearing completion of its coverage of the affected value, with a share still outside its announced coverage. Teng said on November 3 that the company would publish a post-incident review. Binance had said about 95% of affected tokens had been compensated, while the remaining less liquid assets are still part of the follow-up on token recovery.

In markets, Bitcoin recovered over the weekend to trade above $77,000 on Monday, November 2, after hitting a six-week low on Friday; Ether also rebounded from a low not seen in two months, according to Reuters. Spot Bitcoin exchange-traded funds recorded outflows of $643 million on Friday, October 30, their largest daily withdrawals in October. On the same day, liquidations of leveraged positions exceeded $1.3 billion. These moves place the price decline and fund outflows in the days after the hack alongside Binance’s resumption of withdrawals. These figures alone did not explain price or flow movements, as the exchange was reopening withdrawals for additional assets on November 3.