Binance Tracked Wallets Show $2.5B Outflows as Withdrawals Resume After $6.3B Hack
Binance-tracked wallets recorded roughly $2.5 billion in net outflows on Nov. 1 as the exchange reopened withdrawals in phases after a $6.3 billion security breach. Sources disagree on the size of the outflows, and Binance's new withdrawal wallets make it difficult to read the figures as a clean measure of customer exits.
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The Reported Outflows
Binance's tracked cryptocurrency wallets recorded $2,510 million in net outflows on Nov. 1, according to DeFiLlama data cited by CryptoSlate. The largest components were USDT at about $1,083 million, Bitcoin at $912 million, USDC at $385 million and wrapped Ethereum at $131 million.
CoinDesk reported a larger figure, describing roughly $6 billion in outflows following the restart of withdrawals. The two outlets do not provide the same methodology, and neither figure has been reconciled against an official Binance disclosure, so readers should treat the gap between the $2.5 billion and $6 billion estimates as an unresolved discrepancy.
Why the Outflow Figures Are Hard to Interpret
The outflows coincided with Binance's phased reopening of withdrawals after the Oct. 29 attack, which the FBI attributed to North Korea's TraderTraitor hacking operation. CoinDesk framed the outflows as following a 45-hour withdrawal freeze, and noted that rival exchanges attracted deposits as customers regained access to funds.
CryptoSlate cautioned that the tracked outflows cannot be read as a clean measure of customers leaving the platform. Binance has been moving withdrawals to newly generated wallets, and the company updated its proof-of-reserves wallet address list to include them. Transfers between Binance's own wallets, or simply a backlog of withdrawal requests clearing, could appear as outflows on chain.
Phased Restoration of Withdrawals
In a Nov. 1 announcement, Binance said it was gradually restoring withdrawal access across 15 blockchain networks after completing additional security reviews. Bitcoin, Ethereum, BNB Smart Chain, XRP and Base were enabled first, followed by Dogecoin and Optimism. Other networks in the initial phase include Solana, Tron, Arbitrum, Avalanche, Polygon, Zcash and Sui, with individual assets becoming available as checks are completed.
Binance co-founder Yi He said withdrawal processing was proceeding without significant disruption, while cautioning that heavy request volume could cause temporary congestion. He urged customers to verify withdrawal addresses and secure their devices before transferring funds.
Recovery of Replaced Assets
Binance said it has replenished about 95% of the affected assets through corporate resources and market purchases, up from 90% in its previous update. The company said balances in Bitcoin, Ethereum, USDT, USDC, BNB, Solana, XRP, USD1, RLUSD and Zcash are fully backed, and that the remaining unreplenished assets are primarily less-liquid tokens.
Replacing stolen assets does not mean the original funds have been recovered. Binance said it continues working with law enforcement and industry partners to trace and potentially recover them. The exchange has pledged a detailed post-incident report, and its updated proof-of-reserves disclosures are expected to clarify which assets back customer balances.
What to Watch
The most useful next data points are Binance's post-incident investigation report and its updated proof-of-reserves disclosures. Until those are published, the scale of genuine customer withdrawals versus internal wallet migration will remain uncertain.
Why It Matters
For Traders
Withdrawal congestion and staggered network availability may delay transfers in the coming days, so timing of any movement of funds should account for possible backlogs.
For Investors
The gap between reported outflow figures and the unresolved recovery of stolen assets makes Binance's proof-of-reserves disclosures the key evidence for assessing counterparty risk over the coming months.
For Builders
Exchange-side wallet migrations can distort on-chain flow analytics, so dashboards tracking exchange balances should flag address rotations before reading them as user behavior.
This article is for information only and is not financial advice. Read the full disclaimer.
