Binance customers withdrew $4.65 billion in cryptocurrency and other assets within hours of the exchange reopening withdrawals following a massive $6.3 billion security breach.
The cryptocurrency exchange recorded $3.64 billion in net outflows on Sunday, November 1, as customers rushed to move their funds following the attack.
The withdrawals came despite Binance announcing that it had replenished approximately 90% of the assets stolen during the breach.
According to the company, withdrawal activity has started to stabilize after an initial surge, while deposits remain substantial.
Binance Customers Withdraw Billions Within Hours
Binance began restoring withdrawal services at 6 a.m. UTC on November 1, after temporarily suspending them following the October 29 cyberattack.
Between 6 a.m. and 3:30 p.m. UTC, customers withdrew approximately $4.65 billion from the platform.
During the same period, Binance received $1.01 billion in deposits, resulting in net outflows of $3.64 billion.
Net outflows represent the difference between money leaving an exchange and money entering it.
According to Binance, the amount represented approximately 2.1% of its $171 billion in total assets, based on its October 28 proof-of-reserves figures.
The company said most withdrawals occurred during the first few hours after services resumed.
By 12:36 p.m. UTC, Binance had restored withdrawals across all 15 networks and assets included in the initial reopening phase.
Testing and restoration work continued for other supported networks and assets.
Binance Says 90% of Stolen Assets Have Been Replaced
The withdrawals followed a major cyberattack on October 29, when hackers stole approximately $6.3 billion in cryptocurrency from Binance’s online wallets.
The breach forced the exchange to temporarily suspend withdrawals while it investigated the incident and strengthened its security systems.
On October 31, Binance announced that it had replenished approximately 90% of the stolen assets using its own financial resources.
The company used funds from its corporate treasury, Secure Asset Fund for Users (SAFU), and futures insurance fund to cover the losses.
Binance said major cryptocurrencies, including Bitcoin, Ethereum, BNB, Solana, XRP, and several stablecoins, were fully backed by reserves.
The remaining assets were mostly less widely traded cryptocurrencies, which could take longer to replace.
Binance has promised to cover the entire financial loss rather than pass it on to customers.
Binance Founder Tries to Reassure Customers
Following the large withdrawals, Binance founder and former CEO Changpeng Zhao attempted to reassure users about the exchange’s financial position.
In a post on X, Zhao said that 98% of customers’ assets remained on the platform.
He also noted that most of the withdrawals occurred shortly after services resumed.
Binance separately stated that withdrawal volumes had declined from their initial peak and were becoming more stable.
The company said deposit activity remained strong despite the security concerns.
Hack Linked to North Korean Group
The US Federal Bureau of Investigation (FBI) has attributed the $6.3 billion cryptocurrency theft to TraderTraitor, a hacking group linked to North Korea.
The attack is among the largest cryptocurrency thefts ever reported.
Binance has said it is working with security investigators and other industry partners to recover stolen funds and prevent further losses.
The exchange is also preparing updated proof-of-reserves information to allow customers to check the assets backing their holdings.
Although Binance says it has enough funds to cover the theft, the billions withdrawn after the platform reopened show that the breach has affected customer confidence.
The company will now need to restore its services fully while convincing users that their funds remain secure.
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