Binance reports $11 billion withdrawn in 46 hours as Zhao says few funds went to rivals

Binance reported about $11 billion in withdrawals between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after reopening services following its record $6 billion hack on Oct. 29.

Deposits of about $6 billion offset just over half the withdrawals, leaving roughly $5 billion in net outflows over the same period, according to data released by Binance on Tuesday.

The net withdrawals represented about 3.1% of Binance's previously reported $171 billion in assets.

In the peak withdrawal hour, beginning at 08:00 UTC on Nov. 1, withdrawals exceeded deposits by $936 million.

The pace subsequently moderated, with incoming deposits increasingly offsetting withdrawals throughout Nov. 2.

By the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits against $183 million in withdrawals, producing a positive balance of $10 million.

Binance co-CEO Richard Teng highlighted the development as evidence of improving customer activity. He stated:

“The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals.”

The improvement also drew attention from Bitwise CEO Hunter Horsley, who suggested that customers were responding positively to Binance's handling of the security breach.

“Users [are] putting a lot of trust in Binance,” Horsley said. “I imagine based on the way they handled the exploit.”

Zhao says most Binance withdrawals went to self-custody

Binance co-founder Changpeng Zhao said a small share of withdrawn funds had gone to competing exchanges.

Citing unspecified public reports, Zhao said only 6% to 10% of withdrawals went to other centralized exchanges, while most funds were transferred to self-custody wallets that had not subsequently interacted with decentralized exchanges.

His post did not identify the public reports or provide the underlying wallet analysis.

Zhao also emphasized that Binance had absorbed the financial impact of the hack without seeking external funding or selling assets.

“Binance did not borrow money. Binance did not sell assets. Binance did not raise money,” he said, adding that the exchange covered the losses from its balance sheet.

The exchange also announced a further phased reopening of withdrawals beginning at 04:00 UTC on Nov. 3, including assets on Ethereum, Solana and BNB Smart Chain.