Binance processed about $11 billion in withdrawals over 46 hours, through 4:00 UTC on Nov. 3, after reopening services following the $6 billion hack on Oct. 29. Deposits of about $6 billion offset just over half of the withdrawals, resulting in net outflows of roughly $5 billion, equivalent to 3.1% of Binance’s previously reported assets. During the peak hour, withdrawals exceeded deposits by $936 million, before the pace gradually slowed. Co-founder Changpeng Zhao said 6% to 10% of withdrawn funds went to other centralized exchanges, without identifying the sources of those estimates, while most were transferred to self-custody wallets. Binance covered the losses from its own balance sheet without raising external funds or selling assets, and began reopening withdrawals in phases for Ethereum, Solana and BNB Smart Chain assets.
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