Binance sees $3.64 billion in net outflows as withdrawals resume after massive hack

Binance said it recorded $3.64 billion in net outflows after reopening withdrawals on Sunday following a $6.3 billion hack, as customers rushed to move funds off the platform. The exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC on Nov. 1, Binance said in a post on X. The resulting net outflows represented 2.1% of Binance's $171 billion in total assets, based on its latest available proof-of-reserves data as of Oct. 28. Binance said withdrawal volumes had declined and were stabilizing following an initial spike, while deposit volumes remained substantial. The exchange began restoring withdrawals in phases at 6 a.m.