Binance withdrawals hit $4.7B after giant crypto hack - report

What happened

A media report said Binance users had withdrawn $4.7B by Monday morning London time, up from $3.6B reported Sunday. Binance said withdrawals were less than 3% of its $166BN in assets and within expectations; deposits were steadily increasing. The exchange had reopened withdrawals Sunday after freezing them following a $6.4B theft.

Confirmed

Global impact / market context

Withdrawals reduce the funds Binance can use to meet customer requests, while rising deposits could offset some of that pressure. Binance said outflows were within expectations and affected users would be made whole, but sustained withdrawals could test confidence and require the exchange to manage cash and assets carefully.

Analyst inference

The report links the withdrawals to a hack that led Binance to halt withdrawals before reopening them. It says crypto prices recovered from Thursday and Friday’s significant drop, while Bitcoin and Solana edged down and Ethereum rose over the latest 24 hours reported.

Confirmed

What to watch

1. Whether Binance continues to report rising deposits or whether withdrawals persist; those flows indicate whether customers are returning funds or continuing to take assets off the exchange. Analyst inference
2. How Binance follows through on its pledge to make whole users affected by the theft, including whether it explains the repayment process and reports that users have been compensated. Analyst inference
3. Whether Binance keeps withdrawals available and provides updates on the attack and its response, since service interruptions or new information could shape customer confidence and fund flows. Analyst inference

Affected assets

• ETH — Ethereum
• BTC — Bitcoin
• SOL — Solana

Evidence

• seekingalpha.com