Binance processed $4.65 billion in withdrawals against $1.01 billion in deposits between 6:00 UTC and 15:30 UTC on Sunday, November 1, leaving net outflows of $3.64 billion in the first nine and a half hours after it reopened withdrawals, per the exchange's X update, reported by CNBC and Reuters. The outflow equals 2.1% of the $171 billion Binance reported holding for customers in proof-of-reserves data dated October 28.
Withdrawals restarted at 6:00 UTC (11:00 PKT) in phases, and by 12:36 UTC (17:36 PKT) the first phase had reopened tokens across 15 networks, covering bitcoin, ether, BNB Smart Chain, XRP Ledger, USDT, USDC and dogecoin.
The rush faded fast. Binance said withdrawal volumes declined after an initial spike and were stabilizing, while deposit volumes stayed substantial. Founder Changpeng Zhao said most of the net outflow landed in the first couple of hours and that 98% of users chose to stay, per CNBC.
The reopening ended a three-day freeze that began after the October 29 theft of about $6.3 billion, the biggest theft in crypto history. Binance had said on Saturday it replaced 90% of the stolen assets, drawing on three pools: the corporate treasury, the SAFU user-protection fund and the futures insurance fund. By Sunday coverage rose to about 95%, per CNBC and Reuters, with the remaining 5% in less liquid tokens that take longer to source. The exchange set aside around $6.34 billion of company funds to cover losses, and about $3 billion of affected assets had been located as of Friday, per Reuters. Co-CEO Yi He said Binance would use 50% of its $1 billion SAFU bitcoin reserve and committed to replenishing it to about $1 billion.
Why it matters
The first outflow print after a reopening is the market's confidence vote. A $3.64 billion exit reads as a large number on its own, but set against $171 billion it holds for customers and 335 million registered users it amounts to about one dollar in fifty leaving, with deposits offsetting more than a fifth of the withdrawals. The FBI named North Korea's TraderTraitor operation as the attacker on Saturday, and Binance had pledged to absorb the loss rather than pass it to users when it froze deposits and withdrawals on October 30. The exchange then replaced 90% of the stolen assets on Saturday ahead of the Sunday restart. That sequence matters because users deciding whether to leave weigh the replacement funding more than the theft itself: the money was already back before the doors reopened.
A second reading ran higher. DefiLlama put 24-hour net outflows at $5.81 billion. A Binance spokesperson told Reuters that figure excluded deposits into the exchange's own new hot wallet and was not accurate, and that the exchange's own X update was closest to accurate. The $2.17 billion gap shows how much the answer depends on what counts as an outflow while an exchange rebuilds its wallets after a theft. Treat the $3.64 billion as the exchange's timed count and the $5.81 billion as a disputed outside reading.
The outflow ledger
| Measure | Figure | Basis |
|---|---|---|
| Withdrawals, first 9.5 hours | $4.65 billion | Binance, November 1 |
| Deposits, same window | $1.01 billion | Same window |
| Net outflows, Binance count | $3.64 billion | 2.1% of $171 billion in assets |
| Net outflows, DefiLlama 24 hours | $5.81 billion | Disputed by Binance |
| Hack size | $6.3 billion | October 29 theft |
| Stolen assets replaced | About 95% | Up from 90% |
| Customer assets | $171 billion | October 28 reserves |
| Registered users | 335 million | Global |
What to watch
- The remaining 5% of stolen assets: how fast Binance sources the less liquid tokens, and whether coverage reaches 100%.
- The next daily flow readings: whether the outflow pace keeps slowing and deposits keep offsetting withdrawals.
- Further wallet restorations: which networks and assets leave testing after the first phase of 15.
- Law-enforcement tracking: the FBI said stolen funds are being converted into ether, so any freezes or recoveries.
Key points
- Binance recorded $3.64 billion in net outflows in the first nine and a half hours after withdrawals resumed: $4.65 billion out against $1.01 billion in.
- DefiLlama's 24-hour reading ran higher at $5.81 billion; Binance disputes it, saying it misses deposits to its own new hot wallet.
- Outflows equal 2.1% of the $171 billion Binance holds for customers, and Binance said withdrawals are stabilizing after an initial spike.
- Coverage of the stolen assets rose to about 95% from 90%, funded from treasury, SAFU and the futures insurance fund.
MarketRadar take
The 2.1% figure is the anchor for this story. A $3.64 billion exit in one morning would strain a small venue, but against $171 billion in assets, with 98% of users staying per the founder and flows already slowing, it reads as contained pressure rather than a run. The test is not over: the remaining 5% of replacement assets and the next few days of flow data decide whether confidence fully returns, while the disputed $5.81 billion reading will keep circulating until Binance reconciles it. Bitcoin traded at $78,135, up 0.71% on the day, in MarketRadar's snapshot at 01:05 UTC on November 2.
