Binance Logs $6.33 Billion in Net Outflows After Hack and Says 95% of Losses Have Been Covered

Binance says it has set aside more than $6.34 billion to cover losses from the hack, while withdrawals resumed and net outflows reached $6.33 billion over 24 hours. For PSPs and high-risk merchants, the useful bit is not the headline number but the mechanics: liquidity stress, withdrawal backlog, and how a large exchange funds a repair job when customers hit the exit button at the same time.

1. Binance resumed withdrawals on November 1 at 06:00 UTC after suspending them overnight on October 30 following the cyberattack. Initially, users could withdraw USDC, USDT, and ETH on Ethereum, as well as USDC, USDT, and BNB on BNB Smart Chain (BSC). The exchange later expanded support to 15 networks, including Bitcoin and XRP Ledger, with other assets being restored as security checks are completed.
2. According to data from DefiLlama, Binance recorded $6.33 billion in net outflows over the past 24 hours as of November 2 at 04:45 UTC. In the first 9.5 hours after withdrawals resumed, the exchange processed $4.65 billion in withdrawal requests and received about $1.01 billion in deposits, leaving $3.64 billion in net outflows for that period alone.
3. Binance said its initial statistics showed USDT, USDC, and BTC accounted for the largest withdrawal volumes. The company also questioned DefiLlama’s estimate, saying the platform does not capture internal transfers to Binance’s new hot wallets. In its statement, Binance said withdrawal activity slowed after the initial surge, while deposits remained substantial.
4. The exchange said the $6.33 billion in daily net outflows is a relatively small share of total customer assets, which it estimates at about $171 billion. On that basis, the outflows represent roughly 4% of customer assets. That is still a large number, but on the balance-sheet side it is the kind of number a large venue can absorb without turning the lights off.
5. Binance said it allocated more than $6.34 billion of its own funds to cover losses from the hack. About $5 billion of that is already held in the same cryptocurrencies that were stolen, while the rest is being used to buy the needed tokens through open-market transactions and OTC deals. The company said it is drawing on its corporate treasury, the Secure Asset Fund for Users (SAFU), and its futures insurance fund, and that 95% of the lost assets have already been restored.

Binance also said it worked with partners to freeze about $3 billion in stolen assets. That amount is not included in the restoration figure, and the remaining 5% consists mainly of tokens with limited liquidity that take longer to source in the market.