Binance customers pulled $3.64 billion in a day — and it was only 2.1% of its assets
Withdrawals reopened Sunday after the $6.3 billion hack, and the first-day rush was big in dollars but small next to Binance's size. The full proof of reserves, promised for Monday, has slipped to Tuesday.
Key facts
- Net outflows hit $3.64 billion between 06:00 and 15:30 UTC on Sunday, November 1 — $4.649 billion out against $1.01 billion in
- The outflow equals 2.1% of the $171 billion in Binance's October 28 proof-of-reserves data
- Binance says it has replaced about 95% of the stolen crypto from company funds, up from 90%
- The full proof of reserves slipped from Monday to Tuesday, November 3 (UTC)
- DefiLlama tracked assets fell from about $144.9 billion on October 29 to roughly $128.3 billion early on November 2
Binance's first day back open was a stress test, and the exchange passed it — so far. After reopening withdrawals on Sunday, November 1, Binance processed $4.649 billion in withdrawals against $1.01 billion in deposits between 06:00 and 15:30 UTC, a net outflow of $3.64 billion. The exchange itself put that figure in perspective: $3.64 billion is 2.1% of the $171 billion in assets shown in its proof-of-reserves data from October 28, the day before attackers drained about $6.3 billion from its hot wallets.
The rush also faded fast. Binance said that after an early spike, withdrawal volumes declined and were stabilising, while deposit volumes stayed substantial. All 15 networks and assets in phase one were live by 12:36 UTC on Sunday, and withdrawals now go out from newly generated wallet addresses that Binance has added to its proof-of-reserves list. The remaining networks and assets are still being tested, and Binance has not given a date for the next phase — a sore point for some users, who report that hundreds of smaller tokens still cannot be withdrawn.
The wider picture is less tidy than the outflow percentage suggests. Data from analytics platform DefiLlama, cited by Bitcoin.com, shows Binance's tracked exchange assets falling from about $144.9 billion on October 29 to roughly $128.3 billion early on November 2 — a drop of more than $16.5 billion, or nearly 12%. That tracked-assets figure is not the same as Binance's own $171 billion total, and it reflects falling token prices as well as withdrawals, but the direction is clear: the exchange is smaller than it was before the hack.
Binance says it has now replaced about 95% of the stolen crypto from company funds, up from 90% in its October 31 update, with the remaining 5% sitting in less liquid tokens that take longer to buy back. Balances in ten major assets — bitcoin, ether, USDT, USDC, BNB, Solana, XRP, USD1, RLUSD and Zcash — are, it says, fully backed. But the independent check on that claim has slipped. Co-CEO Richard Teng had promised a full proof of reserves by Monday; Binance's third recovery update pushed it to Tuesday, November 3 (UTC), saying the full zero-knowledge proof takes 40 to 50 hours of computing. Until it lands, the backing claim is Binance's word, not a cryptographic verification.
The hack's aftershocks are still spreading. Thorchain, a cross-chain swap protocol, fell 6.4% on Monday, the biggest drop in the CoinDesk 100, after the FBI, the Secret Service and IRS Criminal Investigation urged node operators to block addresses linked to the hackers. Bitcoin itself held up, trading near $78,000 on Monday morning, with ether near $2,275 — a calm surface over a market still working out what the biggest theft in crypto history means for the biggest exchange.
What to watch: the full proof of reserves due Tuesday, November 3; the timing and size of the next withdrawal phase; and whether the frozen share of the stolen funds grows past roughly $3 billion.