Binance reported a net outflow of $3.64 billion after resuming withdrawals on Sunday following a $6.3 billion hack,
as clients rushed to pull their funds from the platform, CNBC reports.
According to Binance, between 06:00 and 15:30 UTC on November 1, the exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits. This net outflow represents 2.1% of Binance’s $171 billion in assets, based on the latest Proof of Reserves data from October 28. The company noted that withdrawal volumes have subsided and are stabilizing following an initial surge, while deposit volumes remain significant. Withdrawals were rolled out in phases starting at 06:00 UTC; by 12:36 UTC, the service was operational across all 15 networks and assets included in the first phase, with testing for the remaining assets still underway.
Binance founder and former CEO Changpeng Zhao wrote on X that "98% remains," noting that the bulk of the outflows occurred within the first few hours after withdrawals were resumed.
Binance stated that it has covered approximately 95% of the affected amount—an increase from the 90% reported in a previous update. The remaining 5% consists of less liquid tokens, which will take more time to acquire in the necessary volumes. The exchange has pledged to absorb the financial impact itself rather than passing the losses on to its users.
Circle, the issuer of the USDC stablecoin, informed CNBC that, in coordination with law enforcement, it has frozen over $1.1 billion in USDC linked to the incident, with the investigation currently ongoing. On Friday, Circle CEO Jeremy Allaire spoke about the freezing of over $800 million. The FBI has attributed the attack to North Korean hackers from the group known as TraderTraitor.
On Monday, Bitcoin is trading near $78,130, within a daily range of $77,647–$78,922. The price has remained within a narrow corridor following a 4.18% drop on Thursday, October 29, to $77,972; it closed at $77,355 on October 30, $77,597 on October 31, and $78,402 on November 1. Over the past week, Bitcoin has lost 2.5%; it is down 7.6% for the month, but up 22.9% over the last three months. Year-to-date, it is down 10.9%, and it has lost more than 29% over the past year. Its market capitalization stands at approximately $1.57 trillion.