Binance Sees $3.64B Net Outflows in 9.5 Hours After Withdrawals Resume

Binance Restores 15 Networks

Binance restarted customer withdrawals on November 1 after the security incident that forced the exchange to suspend them, and the funds began moving within hours. Withdrawals resumed in phases from 06:00 UTC, and by 12:36 UTC the company confirmed on X that all 15 networks and assets in the initial restoration batch were processing outbound transfers again. Over the window from 06:00 to 15:30 UTC, roughly nine and a half hours, processed withdrawals reached $4.649 billion while deposits totaled $1.01 billion, leaving net outflows of about $3.64 billion. That equals roughly 2.1% of the $171 billion in assets under management shown in the exchange's proof-of-reserves data dated October 28. In the same update, Binance said withdrawal requests spiked immediately after the restart, then declined as expected and stabilized, adding that market conditions are stable. Deposit volumes have stayed at a substantial level throughout. The phased approach means there was no single switch-on moment: each network came back only after its checks cleared. Customers who had waited since the October 29 suspension were able to move funds again the same morning in UTC terms. The restored list covers a broad slice of the exchange's coverage, since Binance supports deposits and withdrawals across dozens of chains, from major Layer 1 networks to Layer 2 rollups. The company plans to publish further proof-of-reserves materials so customers can verify coverage independently. Networks and assets outside the first batch remain suspended while additional security testing is completed, and Binance said it recognizes how important safe and reliable access to customer funds is, committing to share next-step restoration details as quickly as possible.

From Hack to SAFU Backstop

The suspension traces back to October 29, when unauthorized access into Binance's infrastructure forced the halt of outbound transfers while the company assessed the damage. The exchange has estimated the incident's impact at roughly $6.3 billion and says it froze about $3 billion worth of the affected assets on-chain, an unusually large on-chain containment effort for a centralized venue. Reimbursement is planned in full through the SAFU user-protection fund together with the company's own capital, and on October 31 Binance disclosed that it had secured more than $6.34 billion of its own funds to cover the loss. The fund was created in 2018 to absorb losses from platform incidents without touching customer balances. The regional arm Binance Japan announced on October 30 that no impact on customer assets had been confirmed but paused crypto withdrawals as a precaution, while its order book, deposits and Japanese yen services continued to operate normally; withdrawals there began resuming on November 1. Transparency is the other half of the response. A proof-of-reserves report is the mechanism through which an exchange demonstrates, in externally verifiable form, that it holds reserves at least equal to customer liabilities. Binance's implementation relies on zero-knowledge proofs, cryptographic techniques that let verifiers match reserves against total liabilities without revealing any individual customer's balance. The company said a fresh snapshot was taken at 09:00 on October 31 and that the zero-knowledge computation is underway, with the updated report expected on the proof-of-reserves website on November 2 UTC. Remaining networks and assets are still being tested, and the exchange said it will announce the next restoration phase as soon as preparations are complete.

Two numbers frame how the market absorbed the restart. A net drawdown of 2.1% of assets under management in half a day is meaningful but far from a run, and the persistence of heavy deposits suggests much of the movement is repositioning rather than flight. Unlike a Flash Loan exploit that drains a DeFi protocol in a single transaction, this was a breach of centralized infrastructure, so the recovery runs through the exchange's own balance sheet, the SAFU fund and its disclosures rather than on-chain clawback. The November 2 proof-of-reserves update is the next hard verification point for users, and the pace at which the remaining networks clear testing will show how quickly Binance regains full operating capacity.