Massive Withdrawal Wave Hits Binance After Hack-Related Suspension
Binance processed $5.8 billion in net outflows over a 24-hour window as customers moved their funds off the platform in the aftermath of the exchange's record $6.3 billion hack, according to on-chain data tracked by DefiLlama. The outflows mark one of the largest single-day withdrawal events in the exchange's history and serve as an early barometer of client confidence following what is now the biggest cryptocurrency theft ever recorded.
The exchange confirmed it began re-enabling withdrawals at 6:00 UTC on Sunday. Within roughly nine hours of that restoration, Binance reported processing $4.6 billion in withdrawal requests against just $1 billion in incoming deposits, producing net outflows of $3.6 billion by the 15:30 UTC mark. DefiLlama's broader 24-hour tracking captured the full $5.8 billion figure as additional funds continued to exit the platform after Binance's initial communication to users.
Cointelegraph reached out to Binance for further comment on the scale of the outflows but did not receive an immediate response at the time of publication.
Phased Restoration of Withdrawals Across 15 Networks
In its most recent status update, issued at 12:36 UTC, Binance detailed that it had reactivated withdrawal functionality for tokens spanning 15 different blockchain networks. The list includes Bitcoin, Ethereum, BNB Smart Chain, and XRP Ledger, among others. The exchange emphasized that the restoration is proceeding in stages and that further assets and networks will be brought back online incrementally.
Early breakdown data shared by the platform indicated that the bulk of the withdrawal volume was denominated in Tether (USDT), followed by USD Coin (USDC) and Bitcoin (BTC). This pattern suggests that a significant portion of流出 was driven by stablecoin holders seeking to park their funds on alternative venues, while a notable segment of Bitcoin holders also moved their positions.
Binance stated that the initial wave of withdrawal requests was sharp but has since moderated, with the pace of outflows stabilizing. The exchange stressed that even the $5.8 billion in net outflows constitutes only a modest fraction of the roughly $171 billion in customer assets under its custody, underscoring that the majority of deposited value remained on the platform.
Context: The $6.3 Billion Heist and Binance's Recovery Efforts
The withdrawal surge comes in the direct wake of a $6.3 billion hack against Binance, an attack that has set a new benchmark for the largest cryptocurrency theft in history. The incident prompted the exchange to suspend withdrawals across the board as it assessed the scope of the breach and worked to contain further losses.
On Saturday, Binance announced that it had already replaced 90 percent of the stolen assets using a combination of its corporate treasury reserves, the Secure Asset Fund for Users (SAFU), and its futures insurance fund. This multi-layered recovery approach was presented as a demonstration of the exchange's commitment to making affected customers whole without waiting for the full investigation to conclude.
The 24-hour outflow window thus represented the first real-world test of whether customers would trust Binance to honor their balances following such a large-scale security incident. While the initial surge was substantial, the exchange's claim that flows have since slowed and that the outflows remain a small share of total assets suggests that a wholesale loss of confidence has not materialized. Whether the phased restoration of withdrawals and the 90 percent asset-replacement pledge will be sufficient to steady client sentiment over the coming days remains to be seen.