Binance: $3.64 billion in net outflows in nine and a half hours, or 2.1% of holdings
Withdrawals reopened on 1 November at 07:00 Paris time, and their first phase (15 networks and assets) was completed at 13:36. From 07:00 to 16:30, Binance counts $4.649 billion withdrawn and $1.01 billion deposited, or $3.64 billion in net outflows, 2.1% of the $171 billion in customer assets as of 28 October. DefiLlama sees $5.8 billion over a rolling 24 hours.
Elliptic counts $2.85 billion stolen and frozen, 94% of it in stablecoins, and $3.25 billion that cannot be frozen, including 18,270 BTC sitting still on the 19 addresses listed by the FBI. On Tron, $242 million left in two days through Relay, THORChain, Chainflip and Symbiosis, after a detour through JustLend to get around Tether's freezes. On Solana, 970,522 SOL are being swapped into bitcoin via Relay, and nearly half of that has already gone through.
The ZK proof of reserves as of 31 October is expected on 2 November or 3. The 5% not replaced are thinly traded tokens. For tax purposes in France, a withdrawal to your own wallet is neither a disposal nor a taxable event. Your report reads the Binance balance as it is.
Binance reopened withdrawals and $3.6 billion left in a single day
This follows the Binance hack we covered yesterday. Three days after the $6.3 billion theft, the platform reopened withdrawals on Sunday, 1 November, and its customers did not need to be asked twice. In nine and a half hours, they withdrew $4.65 billion and deposited $1.01 billion. So $3.64 billion more went out than came in, or 2.1% of the $171 billion that Binance holds for its customers. The rush came in the first few hours before calming down, and part of the money went to other platforms such as OKX.
If you have crypto on Binance, withdrawals work again for the main ones (bitcoin, ether, USDT, USDC), but not yet for all of them. Nothing forces you to move them to your own wallet (an app where only you hold the keys, like Trust Wallet or Rabby), since Binance says it has replaced 95% of the stolen crypto with its own money. Prices have not moved, and bitcoin is worth about $78,000.
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Binance: $3.64 billion in net outflows as withdrawals reopen
Binance reopened withdrawals in phases on Sunday, 1 November, at 7:00 a.m. Paris time. Fifteen networks and assets went first, including bitcoin, ether, USDT, USDC, BNB and XRP, and the rest is following gradually. Between 7:00 a.m. and 4:30 p.m., $4.65 billion went out and $1.01 billion came in, which makes $3.64 billion in net outflows and 2.1% of the $171 billion in customer assets. DefiLlama counts $5.8 billion over 24 hours, a figure Binance disputes.
Part of the funds went to competitors, with OKX in the lead. Prices held up, with bitcoin still around $78,000 and ether near $2,290, about 5% below their level before the theft.
On the thieves' side, the laundering goes on. In two days, $242 million left the Tron network through Relay, THORChain, Chainflip and Symbiosis, and 970,000 SOL are being turned into bitcoin. About $2.85 billion remains frozen, almost entirely stablecoins. Binance promises an updated proof of reserves on Monday or Tuesday. A withdrawal only goes through if the token's network has reopened.
