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- Binance resumed withdrawals in phases on Sunday after a major theft.
- The exchange reported $3.64 billion in net outflows during early operations.
- Binance has replenished about 95% of the affected customer assets.
Binance resumed withdrawals in phases on Sunday, Nov. 1, and reported $3.64 billion in net outflows during the first 9½ hours after the restart.
The exchange says it has replenished about 95% of the assets affected by last week’s $6.3 billion theft. Access is returning gradually, with further withdrawals dependent on security checks.
First Phase Restores Selected Assets Across 15 Networks
Withdrawals began reopening at 06:00 UTC. By 12:36 UTC, Binance said all 15 networks and the selected assets in its first phase were available again.
The initial group included Bitcoin, Ether, BNB, Solana and XRP, alongside USDT and USDC transfers on selected networks. Customers finally had a route to move those coins out after the exchange suspended withdrawals following the theft.
Other assets and networks were still undergoing testing in Sunday’s update. Binance said it was prioritizing recent customer demand and would add further withdrawals after security and stability checks.
Customers can check their chosen token and network on the withdrawal screen or network status page. Binance warned that heavy traffic could cause delays during the initial rollout. Deposits remained operational.
Withdrawals Exceed Deposits During the First 9½ Hours
Between 06:00 and 15:30 UTC on Nov. 1, Binance processed $4.649 billion in withdrawals and received $1.01 billion in deposits. The difference was approximately $3.64 billion leaving the exchange.
Binance put that net outflow at 2.1% of its reported $171 billion in assets under management, using its Oct. 28 reserve figures.
The exchange said withdrawal volumes had eased after an initial rush, while deposits remained substantial.
Binance also challenged an earlier DefiLlama outflow estimate, saying it excluded deposits into its new hot wallet. Its own $3.64 billion figure covers customer deposits and withdrawals within the stated Sunday window.
Binance Buys Replacement Coins to Cover Customer Balances
Binance is buying replacement cryptocurrencies in the market and through private trading deals. The money has come from its treasury, its emergency reserve for users and part of its futures insurance fund.
Buying replacement coins rebuilds the assets backing customer balances. Recovering the cryptocurrency stolen by the attacker remains a separate effort. In its Nov. 1 recovery statement, Binance said:
“[…] Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users.”
The company listed 10 assets as fully backed, including Bitcoin, Ether, USDT, and USDC. It’s reported 95% replenishment was up from 90% in the previous update.
Binance took a fresh reserve snapshot at 00:00 UTC on Oct. 31 to update its proof-of-reserves information after the theft.
The remaining 5% consists of tokens outside that named group. Binance said they trade in less liquid markets, making the required quantities harder to buy. It is continuing those purchases while testing additional withdrawal routes.
