Binance Reports $11 Billion Withdrawn Over 46 Hours Following Security Breach

Major cryptocurrency exchange Binance has reported approximately $11 billion in total withdrawals between November 1 and November 3, following the reopening of its services after a record $6 billion hack on October 29. According to data released by the platform, incoming deposits of about $6 billion offset just over half of those customer departures, leaving the platform with roughly $5 billion in net outflows during the 46-hour period.

The net withdrawals represented about 3.1% of the exchange's previously stated assets of $171 billion. Data showed that customer departures peaked during the hour beginning at 08:00 UTC on November 1, when withdrawals exceeded incoming deposits by $936 million. However, the pace of outflows moderated as incoming deposits increasingly offset withdrawals throughout the following day. By the hour beginning at 03:00 UTC on November 3, Binance registered $193 million in deposits against $183 million in withdrawals, resulting in a positive balance of $10 million for that hour.

Binance co-CEO Richard Teng pointed to the shifting figures as proof of improving customer activity, stating that the trend had begun to demonstrate positive inflows with hourly deposits outpacing withdrawals. Bitwise CEO Hunter Horsley also commented on the situation, suggesting that users were placing significant trust in Binance based on how the company managed the security exploit.

Binance absorbed billions in withdrawals while maintaining operations without external fundraising or asset sales.

Meanwhile, Binance co-founder Changpeng Zhao addressed speculation about where the departed funds went. Citing unspecified public reports, Zhao stated that only a small fraction, between 6% and 10%, moved to other centralized exchanges, while the majority transferred to self-custody wallets that did not subsequently interact with decentralized exchanges. Zhao also emphasized that the exchange absorbed the financial impact of the exploit entirely from its own balance sheet without borrowing money, selling assets, or raising fresh capital.

Phased Asset Rebound

The exchange announced the continuation of a phased reopening for withdrawals starting at 04:00 UTC on November 3, covering assets on Ethereum, Solana, and the BNB Smart Chain. Binance noted that the restoration of services will proceed incrementally as security checks are completed for additional assets.

Why it matters

The reported outflows and subsequent stabilization offer a transparent look at liquidity dynamics and customer confidence during a major crypto exchange crisis. Understanding how platforms handle large-scale security incidents and absorb massive financial shocks provides vital context for market participants tracking exchange stability and asset safety.