Binance said it processed $4.649 billion in withdrawals against $1.01 billion in deposits from 06:00 UTC to 15:30 UTC on Nov. 1, putting net outflows at $3.64 billion.
Binance said the net outflow amounts to 2.1% of the $171 billion in assets it manages. The $171 billion base comes from Binance’s proof-of-reserves data as of Oct. 28, the day before the hot-wallet drain began.
“98% choose to stay!” Binance founder Changpeng Zhao said on X.
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A Phased Reopening
Withdrawals started coming back at 06:00 UTC, and by 12:36 UTC Binance said all 15 networks and assets in the first phase were live. Binance said in the same post that after an early spike, “withdrawal volumes have declined and are stabilising as expected,” while “deposit volumes have remained substantial.” In a separate post, it said withdrawals now go out from newly generated wallet addresses that it has added to its proof-of-reserves list. The remaining networks and assets are still being tested, and the exchange said it will share details of the next phase when it can.
Recovery and Reserves
The withdrawal halt followed what Binance estimated as a roughly $6.3 billion loss from its hot wallets. Binance said in its Nov. 1 recovery update that it had now covered “approximately 95% of the impacted amount,” up from 90%, the share co-CEO Richard Teng cited on Oct. 31. Binance said the remaining 5% sits in tokens other than the 10 it named as fully backed, which are less liquid and slower to buy in size. It said balances in BNB, BTC, ETH, RLUSD, SOL, USD1, USDC, USDT, XRP and ZEC are fully backed.
Binance said it captured fresh proof-of-reserves data at midnight UTC on Oct. 31, has begun the zero-knowledge proof computation for it, and expected to post the updated report on its proof-of-reserves site on Nov. 2. It has promised a post-incident report once its investigation is complete.
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