Reopening the doors was always going to be the test. In the first 9.5 hours after Binance restored withdrawals on Sunday, Binance net outflows reached $3.64 billion — users pulling funds out roughly four times faster than they put them back in.
The Block reported the exchange’s own figure on November 1: $4.65 billion withdrawn against $1.01 billion in deposits between 1:00 and 10:30 a.m. ET, equal to about 2.1% of the $171 billion in assets Binance reported in its October 28 proof-of-reserves snapshot. Independent tracker DefiLlama put 24-hour net outflows even higher, at $4.05 billion.
Phased restart, partial reopening
Binance began a phased resumption of withdrawals at 1:00 a.m. ET Sunday, restoring all 15 networks in the first phase by 7:36 a.m. ET. But as of 11:22 a.m. ET, withdrawals were still suspended for 531 of 552 listed coins, with 14 assets — including bitcoin and ether — only partially restored. Cardano, Chainlink, Hyperliquid, Litecoin and NEAR remained pending network tests.
Binance said withdrawal volumes were "stabilising as expected" after the initial spike, while deposit volumes "have remained substantial."
Where the Binance net outflows are landing
The money didn’t vanish — it redistributed. Over the same window, DefiLlama showed the next ten largest exchanges combining for just $368 million in net inflows, led by OKX at +$316.8 million. Bitfinex saw -$106.3 million and Gate -$34.5 million out. CoinGlass data cited by The Block showed Binance shedding 19,289 BTC over 24 hours, while Coinbase added 984 BTC and Kraken 1,422 BTC.
Context: the $6.3B hack and what comes next
The outflow wave follows the largest crypto exchange hack on record — roughly $6.3 billion drained from Binance hot wallets on Thursday, October 29, which the FBI attributed to North Korea’s TraderTraitor group on Saturday, October 31. Co-CEO Richard Teng said Friday that 90% of stolen balances had been replenished and Binance would cover the remainder; the exchange had already readied $6.34 billion to absorb the hit.
Next up: an updated proof-of-reserves report based on an October 31 snapshot, computed with zero-knowledge proofs, projected for release Monday. Binance says customer balances are fully backed — the market’s verdict arrives with every withdrawal request.
The scoreboard after one Sunday: confidence in solvency, meet confidence in sleep. One of the two is winning this weekend.
