Binance Records $5.8 Billion in Net Outflows as Withdrawals Resume After Record Hack
Key Takeaways
- •DefiLlama data showed $5.8 billion in net outflows from Binance in the 24 hours following the record $6.3 billion hack, the largest cryptocurrency theft on record.
- •Binance began restoring withdrawals at 6:00 UTC on Sunday and, by its 12:36 UTC update, had enabled withdrawals across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and the XRP Ledger, with more assets and networks to be restored in phases.
- •The exchange said withdrawal demand initially surged but has since slowed and stabilized, with the outflows representing only a small portion of its approximately $171 billion in held assets.
- •Early data shared by the exchange showed USDt accounted for the largest share of withdrawals, followed by USDC and Bitcoin.
- •On Saturday, Binance said it had replaced 90% of the assets lost in the hack using its corporate treasury, its Secure Asset Fund for Users (SAFU) and its futures insurance fund.
Binance recorded $5.8 billion in net outflows — the amount by which withdrawals exceed deposits over a given period — as customers moved funds off the exchange following its record $6.3 billion hack, according to data from DefiLlama.
The exchange said it began restoring withdrawals at 6:00 UTC on Sunday. By 3:30 UTC, it had processed $4.6 billion in withdrawals against $1 billion in deposits, resulting in net outflows of $3.6 billion. Separate figures from DefiLlama showed $5.8 billion in net outflows over the preceding 24 hours, as funds continued to leave the platform after the company's initial update.
According to Binance, withdrawals initially surged but have since slowed and are stabilizing. The exchange noted that the outflows represent only a small portion of the approximately $171 billion in assets it holds. Cointelegraph reached out to Binance for comment but did not receive an immediate response.
The flows offered an early test of customer confidence following the $6.3 billion hack, the largest cryptocurrency theft on record.
Related: Binance says phase one of withdrawals opens after $6.3B hack
In its latest update at 12:36 UTC, published on X, Binance said it enabled withdrawals for tokens across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and the XRP Ledger, adding that it will continue to restore additional assets and networks in phases. Subsequent phase announcements from the exchange and updated DefiLlama flow figures will be the key data points to watch as the platform continues to bring withdrawal services back online.
Early data shared by the exchange shows the largest share of withdrawals was in USDt (USDT), followed by USDC (USDC) and Bitcoin (BTC).
On Saturday, Binance said it had replaced 90% of the assets lost in the $6.3 billion hack using funds from its corporate treasury, its Secure Asset Fund for Users (SAFU) and its futures insurance fund.
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