Binance users pull $3.64B from exchange after biggest crypto heist

What happened

Binance said it recorded $3.64B in net outflows on Sunday as it restored withdrawals in phases after a $6.3B hack. The exchange reported that withdrawal volumes declined after an initial spike, while deposits remained substantial.

Confirmed

Global impact / market context

The outflows mean customers withdrew more funds than they deposited while access was being restored, potentially reducing assets held on the exchange. Binance said it reserved more than $6.34B of company funds to cover the hack losses, a step intended to address the shortfall directly.

Analyst inference

Binance said withdrawal volumes declined after an initial spike, deposits remained substantial, and market conditions were stable. The reported net outflow equaled 2.1% of its $171B in assets under management, based on Proof of Reserves data dated October 28.

Confirmed

What to watch

1. Watch whether Binance completes testing of the remaining networks and assets and restores withdrawals across them, since continued limits could prolong customer withdrawals or delay deposits. Confirmed
2. The exchange’s stated reserve of more than $6.34B in company funds is meant to cover the hack losses; watch for any further details on its use. Confirmed
3. If withdrawals continue to exceed deposits, Binance could hold fewer customer assets and face pressure to reassure users, while stabilizing flows would ease that immediate concern. Analyst inference

Evidence

• seekingalpha.com