Binance processed $3.64 billion in net outflows on Sunday, November 1, after reopening withdrawals following a $6.3 billion hack. The exchange handled $4.65 billion in withdrawals and $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC. The net outflows represented 2.1% of Binance's $171 billion in total assets.
Binance began restoring withdrawals in phases at 6 a.m. UTC Sunday across all 15 networks and assets in the initial phase by 12:36 p.m. UTC. The exchange said withdrawal volumes declined and stabilized after an initial spike, while deposit volumes remained substantial. Founder Changpeng Zhao wrote on X that "98% choose to stay" and that most outflows occurred within the first couple of hours after withdrawals resumed.
Circle, the issuer of USDC stablecoin, froze more than $1.1 billion in USDC associated with the incident. This updated figure rose from Circle CEO Jeremy Allaire's Friday announcement that more than $800 million in USDC had been frozen. Circle said the investigation remains ongoing.
Binance said it would absorb the financial impact of the stolen funds rather than pass losses to users. The exchange covered approximately 95% of the impacted amount, up from 90% previously. Binance said the remaining 5% consisted of less liquid tokens that would take longer to source in required quantities.
The FBI attributed the initial hack to North Korean hackers, identifying the operation as TraderTraitor.