Key Points
- Binance recorded approximately $5.8 billion in net outflows over 24 hours as customers withdrew funds following the $6.3 billion security breach.
- The exchange resumed withdrawals on Sunday and expanded availability to 15 blockchain networks, including Bitcoin, Ethereum, BNB Smart Chain and XRP Ledger.
- Binance said the withdrawals represented a relatively small share of the approximately $171 billion in customer assets held by the exchange.
Binance has experienced substantial customer withdrawals following the resumption of services after a record-breaking security breach involving approximately $6.3 billion in funds. Data from blockchain analytics platform DefiLlama showed that the exchange recorded $5.8 billion in net outflows over a 24-hour period, providing an early indication of how customers are responding to the incident.
The movement of funds comes as Binance works to restore withdrawal access across its supported blockchain networks. While the initial surge in withdrawals reflects heightened activity following the suspension, the exchange has indicated that outflows have since slowed and are beginning to stabilize.
Binance Processes Billions in Withdrawals
Binance began restoring withdrawal services at 6:00 UTC on Sunday. By 3:30 UTC, the exchange had processed approximately $4.6 billion in withdrawals against $1 billion in deposits, producing net outflows of $3.6 billion during that period.
Separate DefiLlama data subsequently showed that net outflows had reached approximately $5.8 billion over the preceding 24 hours.
The figures highlight the scale of customer activity following the reopening of withdrawal services. Users who had been unable to move funds during the suspension were able to resume transactions as the exchange gradually restored access.
Binance said withdrawal activity initially increased sharply but has since slowed. The company also emphasized that the reported outflows represented only a portion of its approximately $171 billion in customer assets.
Although the figures indicate substantial withdrawals, they do not independently establish a broader loss of customer confidence or a deterioration in the exchange’s financial position.
Withdrawal Access Expands Across 15 Networks
Binance has continued restoring services through a phased process designed to bring individual assets and blockchain networks back online.
In its latest update at 12:36 UTC, the exchange confirmed that withdrawals were available for tokens across 15 networks. These included Bitcoin, Ethereum, BNB Smart Chain and XRP Ledger.
The company said additional assets and networks would become available progressively as the restoration process continued.
Early withdrawal data shared by Binance showed that Tether’s USDt (USDT) accounted for the largest share of withdrawals, followed by USD Coin (USDC) and Bitcoin (BTC).
The concentration of activity in major stablecoins and Bitcoin provides an indication of which assets customers prioritized when withdrawal access returned. However, the reported distribution does not establish where those funds were subsequently transferred or whether customers intend to keep them outside centralized exchanges.
Binance Reports Replenishing 90% of Stolen Assets
The withdrawal activity follows Binance’s announcement that it had replaced approximately 90% of the assets lost in the $6.3 billion hack.
According to the exchange, the replenishment was funded through its corporate treasury, the Secure Asset Fund for Users and its futures insurance fund.
The reported recovery represents a significant component of Binance’s response to the breach. It also provides context for the exchange’s efforts to reassure customers while restoring normal withdrawal operations.
Nevertheless, replacing affected assets and restoring network functionality are separate aspects of the recovery process. The exchange must continue managing withdrawal demand while ensuring that individual blockchain networks and associated services remain operational.
Customer Confidence Faces an Early Test
The scale of withdrawals offers an early measure of customer behavior following one of the largest reported cryptocurrency thefts.
For a centralized exchange, the ability to process substantial withdrawal requests is an important operational consideration during a security crisis. At the same time, large outflows do not necessarily indicate insolvency or an inability to meet customer obligations, particularly when viewed against the exchange’s reported asset holdings.
Binance’s statement that withdrawal activity is stabilizing suggests that the initial wave of transactions may be easing. However, the broader implications for customer confidence will become clearer as additional networks reopen and withdrawal patterns develop.
Outlook
Binance’s recovery is entering a critical phase as the exchange balances the restoration of services with the need to maintain operational stability and customer confidence. The reported $5.8 billion in net outflows demonstrates the scale of activity following the withdrawal suspension, while the exchange’s stated $171 billion in customer assets provides important context for assessing the figures. Continued transparency around asset coverage, withdrawal processing and security measures will remain central to the market’s assessment of Binance’s resilience following the breach.
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