Following the record $6.3 billion hack, Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits during the nine and a half hours after reopening services on November 1. Net outflows reached $3.64 billion, representing 2.1% of the platform’s reported $171 billion in assets as of October 28. The exchange set aside more than $6.34 billion to cover the incident, while partners froze approximately $3 billion linked to the attack. Bitcoin defended the $75,000 level before recovering toward $79,000, contrasting with the 10% and 14.4% declines recorded during FTX’s crisis in November 2022. Despite the outflows, liquidations and initial decline in major cryptocurrencies, no cascading move comparable to FTX’s collapse materialized.
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