Binance restores withdrawals after $6.3 billion hack

Cryptocurrency exchange Binance resumed withdrawals after a $6.3 billion hack, allowing customers to move assets off the platform again. Binance says it has replaced roughly 95% of the stolen assets.^[1][2]

Binance said it processed $4.65 billion in withdrawals and $1.01 billion in deposits on November 1. The difference—$3.64 billion in net outflows—equaled 2.1% of its reported $171 billion in total assets.^[3]

Reopening lets customers retrieve assets and requires Binance to meet those transfer requests. With withdrawals exceeding deposits on the first reported day, the platform was left holding fewer assets; its reported total assets alone do not show how much is readily available to meet withdrawals.^[3]

A Binance spokesperson said on November 2 that withdrawal levels were already stabilizing toward normal; if sustained, that would ease the pressure from departing funds.^[4] If customers keep moving assets away and reduce their trading on Binance, its fee revenue could come under pressure, while other exchanges or custody providers could benefit if they receive those assets and trading activity.^[3]

Impact