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Binance Reports $3.64 Billion in Outflows After Resuming Withdrawals
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In Short: Binance has resumed normal transactions after a $6.3 billion security breach, reporting $3.64 billion in net outflows.
Binance has announced that it has replenished approximately 90% of the assets affected by its $6.3 billion hot wallet security breach, which occurred on October 29. The incident involved unauthorized outflows from Binance hot wallets and has been described as the largest cryptocurrency security breach.
According to Binance, Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT), $BNB, Solana ($SOL), USD Coin ($USDC), $XRP, $USD1, $RLUSD, and Zcash ($ZEC) have all reached 100% reserve coverage.
Binance has published a new Proof of Reserves (PoR) snapshot dated October 31, 2026, at 00:00 UTC. The company said it is replenishing these holdings through market purchases, over-the-counter (OTC) transactions, and coordination with industry partners.
Binance outlined several funding sources used to replenish the affected assets and continues to target November 1 for the resumption of withdrawals.
Binance said withdrawals were stabilizing after an initial spike and deposit volumes had remained 'substantial'. However, the exchange saw $3.64 billion in net outflows as crypto exchange resumed withdrawals after the hack.
Crypto analytics platform DefiLlama reported outflows of $4.36 billion, but Binance disputed this figure, stating that it does not contain the flows deposited to their new hot wallet.
Binance leadership noted that the panic-driven rush has since begun to stabilize, with steady deposit volumes continuing alongside normal operations.
Binance customers pulled out their assets as the world's biggest cryptocurrency exchange went back online on Sunday after hackers, suspected to be linked to North Korea, stole billions from the platform last week.
Binance reported 335 million registered users and held about $162.8 billion in assets under custody, according to its 2025 annual report.
Binance paused withdrawals while it checked its systems and said it expects to restore them within 48 hours.
TRM Labs, a blockchain analytics firm, traced the outflows and said it has 'high confidence' that TraderTraitor carried out the attack.
Sean Foley, a crypto markets expert at Macquarie University in Sydney, explained the worry: 'Binance is one of the largest centralised exchanges, and so a blow to confidence in them risks shocking confidence to many retail investors, which could dampen prices of crypto assets.'
Background
The exchange has suspended all deposits and withdrawals and is working with law enforcement to trace and recover the stolen assets.
Cryptocurrency giant Binance said Thursday that $6.3 billion of digital assets were impacted by what it described as the largest hack in history.
What's confirmed
- Binance has announced that it has replenished approximately 90% of the assets affected by its $6.3 billion hot wallet security breach, which occurred on October 29. The incident involved unauthorized outflows from Binance hot wallets and has been described as the largest cryptocurrency security breach.
- According to Binance, Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT), $BNB, Solana ($SOL), USD Coin ($USDC), $XRP, $USD1, $RLUSD, and Zcash ($ZEC) have all reached 100% reserve coverage.
- Binance has published a new Proof of Reserves (PoR) snapshot dated October 31, 2026, at 00:00 UTC. The company said it is replenishing these holdings through market purchases, over-the-counter (OTC) transactions, and coordination with industry partners.
- Binance outlined several funding sources used to replenish the affected assets and continues to target November 1 for the resumption of withdrawals.
- Binance said withdrawals were stabilizing after an initial spike and deposit volumes had remained 'substantial'. However, the exchange saw $3.64 billion in net outflows as crypto exchange resumed withdrawals after the hack.
- Crypto analytics platform DefiLlama reported outflows of $4.36 billion, but Binance disputed this figure, stating that it does not contain the flows deposited to their new hot wallet.
- Binance leadership noted that the panic-driven rush has since begun to stabilize, with steady deposit volumes continuing alongside normal operations.
- Binance customers pulled out their assets as the world's biggest cryptocurrency exchange went back online on Sunday after hackers, suspected to be linked to North Korea, stole billions from the platform last week.
- Binance reported 335 million registered users and held about $162.8 billion in assets under custody, according to its 2025 annual report.
- Binance paused withdrawals while it checked its systems and said it expects to restore them within 48 hours.
- TRM Labs, a blockchain analytics firm, traced the outflows and said it has 'high confidence' that TraderTraitor carried out the attack.
What's still developing
- Assets began leaving Binance wallets on 10 blockchains at 20:05 UTC on October 29 and flowed to a single attacker.
- From there, the intruder submitted withdrawal transactions the exchange never authorised.
- According to Binance, the attacker used the engineer’s machine to reach a service container.
- Binance said it found no evidence that wallet private keys leaked.