Binance Reports $3.64 Billion in Net Outflows as Withdrawals Resume Following $6.3 Billion Hack
Key Takeaways
- •Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits after reopening withdrawals on November 1, 2026, resulting in net outflows of approximately $3.64 billion.
- •The outflows represented about 2.1% of Binance's $171 billion in assets under management, leaving roughly 98% of reported assets in place.
- •The October 29, 2026 breach led to the theft of approximately $6.3 billion in cryptocurrency, described as the largest crypto exploit in history.
- •Binance has set aside approximately $6.34 billion to cover affected assets, an amount roughly matching the estimated loss, and is preparing an updated Proof of Reserves report.
- •U.S. agencies including the FBI, Secret Service, and IRS helped track and freeze the stolen funds, and the FBI has urged the decentralized finance sector to block addresses linked to the hack.
Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits after reopening customer withdrawals on November 1, 2026, resulting in net outflows of approximately $3.64 billion, the exchange said.
The outflows represented roughly 2.1% of Binance's $171 billion in assets under management, meaning approximately 98% of the assets the exchange reported remained in place throughout the episode. Withdrawal volumes surged immediately after withdrawals resumed — three days after the breach — before stabilizing, according to the company.
The reopening followed an October 29, 2026 security breach in which approximately $6.3 billion in cryptocurrency was stolen. Related coverage: MILESTONE | Binance Gets Hacked in the Largest Crypto Exploit in History
Binance founder Changpeng Zhao credited U.S. law enforcement agencies, including the FBI, the Secret Service, and the IRS, for helping track and freeze the stolen funds. The U.S. Federal Bureau of Investigation has also asked the decentralized finance sector to block addresses tied to the incident: REGULATION | FBI Urges DeFi Industry to Block Addresses Linked to the Binance Hack
The exchange said it had set aside approximately $6.34 billion to cover affected assets — an amount roughly matching the estimated loss — and was preparing an updated Proof of Reserves report.
Proof of Reserves disclosures became a standard transparency practice across major cryptocurrency exchanges after the collapse of FTX in November 2022, with Binance among the first large platforms to publish such reports. Founded by Zhao in 2017, Binance ranks among the world's largest cryptocurrency exchanges by trading volume. Zhao stepped down as chief executive in November 2023 as part of a resolution with U.S. authorities but remains the company's founder.
The incident has renewed scrutiny of exchange security and of the risks posed by compromised internal systems across the cryptocurrency industry. In a similar internal-security failure reported earlier in 2026, BitcoinKE covered how Humanity Protocol lost more than $30 million to a compromised laptop: DeFi | Humanity Protocol Looses Over $30 Million Due to a Compromised Laptop
The updated Proof of Reserves report, once published, and the status of the stolen funds frozen by U.S. authorities are the key items to watch following the outflows.
Source: BitcoinKE
