Customers pulled a net $3.64 billion from the exchange in the first 9.5 hours after Binance withdrawals resumed on Sunday, following the record $6.3 billion hack on the world’s largest crypto exchange last week.
According to figures shared by Binance, users withdrew $4.65 billion and deposited $1.01 billion between 1 am and 10:30 am US Eastern time on November 1. The exchange said the net outflow was about 2.1 per cent of its $171 billion in assets under management, based on its proof-of-reserves data, and that withdrawal volumes were declining and “stabilising as expected”.
How Binance Withdrawals Were Restored
Binance began a phased restoration of withdrawals early on Sunday. All 15 networks and assets in the first phase, including bitcoin and ether, were reopened within hours, while other networks such as Cardano, Chainlink, Litecoin and NEAR were still being tested. For a large part of the day, withdrawals remained suspended for most of the more than 550 coins listed on the exchange.
| First 9.5 hours | Amount |
|---|---|
| Withdrawals | $4.65 billion |
| Deposits | $1.01 billion |
| Net outflow | $3.64 billion |
| Share of assets | About 2.1% |
Blockchain data trackers showed bitcoin balances on Binance falling by more than 19,000 BTC over 24 hours, while rival exchanges such as Coinbase, Kraken and OKX recorded inflows as some users moved funds elsewhere.
The $6.3 Billion Hack
About $6.3 billion was drained from Binance’s hot wallets last week, making it the largest crypto hack on record. The US Federal Bureau of Investigation (FBI) has attributed the theft to TraderTraitor, a hacking group linked to North Korea.
Binance had said it set aside $6.34 billion to cover the losses. Co-CEO Richard Teng said on Saturday that the exchange had already replenished 90 per cent of the stolen assets and would cover the rest. An updated proof-of-reserves report, based on an October 31 snapshot, is expected to be released soon.
Where the Money Went
Data from DefiLlama showed Binance with a net outflow of about $4.05 billion over 24 hours, across $131.1 billion in tracked assets. The next ten largest exchanges it tracks together saw a net inflow of around $368 million, led by OKX with $316.8 million, while Bitfinex and Gate recorded smaller outflows of $106.3 million and $34.5 million.
Binance said its next proof-of-reserves report will use zero-knowledge proofs, a method that lets users check that their balances are included without revealing other customers’ data.
Biggest Crypto Hacks on Record
The Binance theft is now the largest crypto hack ever recorded, far above the $1.5 billion stolen from the Bybit exchange in February 2025, which the FBI also linked to North Korea. Earlier, in 2022, hackers linked to North Korea stole around $625 million from the Ronin network behind the game Axie Infinity. Security experts say such groups increasingly target exchange hot wallets and the staff who manage them.
Market Reaction
Bitcoin briefly dropped towards $76,300 after the hack before recovering to trade around $78,000 over the weekend. Ether was trading near $2,270. The wider market mood remains cautious, with spot bitcoin exchange-traded funds recording $643 million in net outflows on October 30.
What Binance Withdrawals Mean for Pakistani Users
- Check your coin’s network: if your coin is not yet restored, wait for the official announcement instead of using unofficial links or agents.
- Beware of scams: fraudsters often send fake “recovery” or “verification” messages after big hacks. Never share passwords, 2FA codes or seed phrases.
- P2P traders: rupee buyers and sellers should expect slower trades and wider price gaps while withdrawals are partly limited.
- Keep records: save screenshots of balances and transactions in case you need to raise a support ticket.
What Happens Next
Binance says it will restore the remaining networks in phases after testing. The next proof-of-reserves report will show whether customer assets are fully backed after the hack. How quickly Binance withdrawals return to normal, and whether outflows slow further, will be watched closely by traders around the world, including in Pakistan.
For official updates, visit the Binance announcements website.
Read More: Binance Hack: Are Pakistani Users Safe After $6.3bn Theft?
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