Binance net outflow hits $3.64B after withdrawals reopen, 2.1% of assets
In 9.5 hours after withdrawals reopened, $3.64 billion more left Binance than came in. The exchange says the flow is already slowing.
Event: November 1, 2026
Primary source: November 1, 2026
Published here: November 2, 2026 at 12:57 AM UTC
Read: 2 min
What happened
Binance reopened withdrawals on November 1 at 06:00 UTC. From 06:00 to 15:30 UTC, users withdrew $4.649 billion and deposited $1.01 billion. The net outflow was about $3.64 billion, or 2.1% of $171 billion in customer assets. DefiLlama data shows $5.8 billion of net outflows over 24 hours.
Why it matters to you
This is the first test of trust after the $6.3 billion hack, the largest crypto theft on record. A mass exit could strain the exchange. So far the outflow is small next to its reserves, and money keeps coming in.
What to check and watch
Binance promises a new Proof of Reserves report on November 2. Watch for phase two: other networks are still closed. This is an overview, not advice.
Where it’s happening
LIVEDrag to spin. Green dots: the exchange is trading right now (regular hours, holidays not counted). Shadow: where it is night now. Borders: Natural Earth, quakes: USGS. Layer idea: God’s Eye View (MIT).
What the exchange said. Binance began restoring withdrawals in phases on November 1 at 06:00 UTC. By 12:36 UTC, all 15 networks in the first phase were working. The exchange says withdrawals dropped after an early spike and are stabilising, while deposits remain large.
The numbers. Between 06:00 and 15:30 UTC, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits. The net outflow was about $3.64 billion. Binance compares it with its $171 billion in customer assets from the latest Proof of Reserves data, dated October 28. That gives 2.1%.
A second count. Cointelegraph cites DefiLlama: Binance saw $5.8 billion of net outflows over 24 hours. That does not contradict the exchange. The windows differ: 9.5 hours for Binance, a full day for DefiLlama, which also tracks the exchange's known wallets.
What left. Early Binance data cited by Cointelegraph shows the largest share of withdrawals was USDT, followed by USDC and bitcoin.
What comes next. Binance took a new reserves snapshot on October 31 at 00:00 UTC and began computing a zero-knowledge proof. The report is expected on its Proof of Reserves site on November 2. The exchange is still testing the remaining networks and coins and says it will share the next phase later.
Confirmed facts
- Binance began restoring withdrawals in phases on November 1, 2026, at 06:00 UTC. By 12:36 UTC, all 15 first-phase networks had resumed.[1][2]
- Between 06:00 and 15:30 UTC on November 1, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits, a net outflow of about $3.64 billion.[1]
- Binance puts the outflow at 2.1% of $171 billion in customer assets, based on Proof of Reserves data as of October 28.[1][2]
- Binance says withdrawals fell after an early spike and are stabilising, while deposits remain substantial.[1]
- DefiLlama data cited by Cointelegraph shows $5.8 billion of net outflows from Binance over 24 hours.[2]
- The largest share of withdrawals was USDT, followed by USDC and bitcoin.[2]
- A new reserves snapshot was taken on October 31 at 00:00 UTC, with the report expected on November 2.[1]
- The $6.3 billion Binance hack is the largest crypto theft on record.[2]
Implications
- ConfirmedSo far the outflow is small next to customer assets, according to the exchange itself.
- Our readingThe Binance and DefiLlama figures differ because their windows and methods differ. This is our reading.
- Our readingThe bigger test is still ahead: the new reserves report and the reopening of other networks. This is our reading.
Still unknown
- What the new Proof of Reserves report will show
- When the remaining networks and coins reopen
- Whether outflows continue in the coming days
Who it affects
World. People with coins on Binance and anyone following the fallout from the hack
Sources
- Binance (X): Binance began restoring withdrawals in phases at 06:00 UTC on November 1, 2026 November 1, 2026 · official
- Cointelegraph: Binance net outflows surge to $5.8B as withdrawals resume after record hack November 1, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
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