Binance sees $11bn withdrawn in 46 hours after record $6bn hack
Binance customers withdrew about $11 billion in the 46 hours between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after the exchange reopened services following its record $6 billion hack on Oct. 29, according to figures released by Binance on Tuesday. Deposits of about $6 billion offset just over half the withdrawals, leaving roughly $5 billion in net outflows — about 3.1% of Binance's previously reported $171 billion in assets.
The pressure peaked in the hour beginning at 08:00 UTC on Nov. 1, when withdrawals exceeded deposits by $936 million. The pace then moderated as incoming deposits increasingly offset outflows through Nov. 2. By the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits against $183 million in withdrawals, a positive balance of $10 million.
Binance co-CEO Richard Teng pointed to the shift as evidence of improving customer activity. "The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals," he said. Bitwise CEO Hunter Horsley said customers were responding positively to Binance's handling of the security breach. "Users [are] putting a lot of trust in Binance," Horsley said. "I imagine based on the way they handled the exploit."
Binance co-founder Changpeng Zhao said only a small share of withdrawn funds had gone to competing exchanges. Citing unspecified public reports, he said 6% to 10% of withdrawals went to other centralized exchanges, while most funds moved to self-custody wallets that had not subsequently interacted with decentralized exchanges. His post did not identify the reports or provide the underlying wallet analysis. Zhao also said Binance absorbed the financial impact of the hack without external funding or asset sales. "Binance did not borrow money. Binance did not sell assets. Binance did not raise money," he said, adding that the exchange covered the losses from its balance sheet.
Binance announced a further phased reopening of withdrawals beginning at 04:00 UTC on Nov. 3, covering assets on Ethereum, Solana and BNB Smart Chain. The exchange said the reopening would continue in phases as security checks are completed, with more assets added as they become ready. In its Nov. 1 update, Binance said it would publish a detailed post-incident report once its investigation was complete.
What it means for Pakistan: For Pakistani users of Binance, the withdrawal surge highlights the counterparty risk of holding funds on a centralized exchange. Pakistan's Virtual Assets Regulatory Authority (PVARA) is still building the country's licensing framework for virtual asset service providers, and the State Bank has maintained a restrictive stance on crypto trading. The episode may strengthen the case for self-custody among Pakistani holders and for clearer rules on how licensed exchanges must segregate and safeguard customer assets.
