Binance Exit Rush Slows: Net Outflows Reach $4.72 Billion as Exchange Restores Dollar Withdrawals

From a spike to a slowdown

The first weekend after the largest crypto exchange hack on record produced a very large, but orderly, exit — and by Monday, November 2, that exit was slowing. Binance customers have withdrawn a net $4.72 billion since the exchange lifted its withdrawal suspension on Sunday morning, a spokesperson told Reuters, after a hack in which $6.3 billion of crypto was stolen from the platform. That net figure amounts to about 2.8% of assets on the platform, a relatively modest share that analysts said suggested customer confidence had largely held up. The context matters: Binance said it processed net outflows of about $6 billion over 72 hours following the collapse of FTX in December 2022, so this weekend's outflow, while huge in dollars, was smaller in proportion and, crucially, did not accelerate into a second day. "After an initial spike, withdrawal volumes have declined and are stabilising," Binance said on X, noting $2.7 billion in inflows against the outflows. Bitcoin, which hit a six-week low on Friday, recovered through the weekend to trade around $78,000 on Monday, while ether rebounded from a two-month low — a market stabilising alongside the exchange, not running from it.

How the weekend unfolded

The timeline shows why the Monday number differs from the Sunday headlines. In the first nine and a half hours after reopening, Binance recorded about $3.64 billion in net outflows — $4.65 billion withdrawn against $1.01 billion deposited — which the exchange put at 2.1% of its assets. By Monday, the cumulative net outflow had grown to $4.72 billion, meaning the pace after that first rush eased considerably rather than compounding. The exchange froze withdrawals for about 48 hours after the hack, which the FBI said was carried out by North Korea, and then restored them in stages, prioritising user demand. The first phase covered 15 tokens including bitcoin, ether and some dollar stablecoins, and by Monday Binance said withdrawals had resumed for bitcoin on the bitcoin network and for ether and some dollar stablecoins on the Ethereum network, though its website still showed withdrawals remained partially suspended for most cryptocurrencies. It restored US dollar cash as a withdrawal option on Monday — a small operational detail that matters disproportionately, because cash exit routes are what turn a crypto outflow into a completed departure from the platform.

What Binance says it has covered

Binance said it was covering the losses with company funds and had already raised $6 billion from its corporate treasury, an insurance fund and reserves set aside for security breaches, and that it had covered 95% of the stolen assets. The exchange, which says it has more than 335 million users worldwide and average daily trading volumes of $95 billion across digital assets and derivatives, also sought to reassure customers that deposit volumes had remained substantial. The next hard test is verification, not reassurance: Binance's full proof of reserves is expected by Tuesday, November 3 UTC, because the zero-knowledge computation takes about 40 to 50 hours, according to reporting on the company's latest update. That proof will be read against the exchange's October 28 snapshot of $171 billion in total assets under management. Until then, traders have two competing trackers to weigh: Binance's own net-outflow figure and DefiLlama's dashboard, which showed higher gross outflows — a difference Binance attributed to its own new hot-wallet deposits being counted as outflows by the tracker. The lesson for readers is to compare like with like: net versus gross, and company-reported versus third-party-tracked, are different measurements of the same weekend.

The wider market read

Trading volumes increased across the crypto market as investors grappled with what could be the biggest theft from a financial institution ever, and the attack marks a step up in North Korea's crypto thefts — blockchain analytics firm TRM Labs said North Korea-linked hackers have stolen $7.4 billion so far in 2026. Stablecoin market capitalisations, often viewed as a gauge of money moving into and out of crypto markets, have fallen since Friday, suggesting some investors have shifted funds into cash or traditional assets. US spot bitcoin ETFs, closed at weekends, still showed Friday's damage: $643.2 million left bitcoin funds and $155.7 million left ether funds on October 30, a combined $798.9 million, with Friday's bitcoin outflow wiping out the previous four sessions' $440.8 million of inflows. None of that contradicts the Monday exchange story; it completes it. ETF investors sold on Friday, exchange users withdrew on Sunday, and by Monday both flows were easing. The question now is whether the proof of reserves on Tuesday, Tuesday's US midterm elections and Friday's jobs report keep that calm intact — or give the market a new reason to move.

FAQ

How much has left Binance since reopening? A net $4.72 billion, about 2.8% of platform assets, per Binance via Reuters on November 2.

Was the first rush bigger? The first 9.5 hours alone saw $3.64 billion net outflows ($4.65 billion withdrawn, $1.01 billion deposited); the pace then slowed.

Has Binance covered the hack losses? It says it raised $6 billion from treasury, insurance and security reserves and has covered 95% of the $6.3 billion stolen.

When is proof of reserves due? Full proof is expected by Tuesday, November 3 UTC, with the zero-knowledge computation taking 40-50 hours.

Are all withdrawals restored? No — bitcoin, ether and some stablecoins are restored, but most cryptocurrencies remained partially suspended, while US dollar cash withdrawals were restored Monday.

Read more on Zimbuck: https://zimbuck.com/pages/zimbucknews and join the discussion at https://zimbuck.com/groups/zimbuckmarketnews. Related reading on the site: the Binance $3.64B outflows blog in the Exchanges & Trading category.

This article is market news and general information only, not financial advice.