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Binance logs $3.64 billion net outflow as withdrawals reopen after $6.3 billion hack

Milena Thomas
Published Nov 2, 2026
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Summary:
  • Binance said net outflows hit $3.64 billion after it brought withdrawals back online following a $6.3 billion breach.
  • From 6 a.m. to 3:30 p.m. UTC on Nov. 1, users withdrew $4.65 billion while depositing $1.01 billion, a swing equal to 2.1% of the exchange's $171 billion asset base as of Oct. 28.
  • Circle said it froze more than $1.1 billion in USDC tied to the incident, up from an earlier "more than $800 million."

What changed once withdrawals resumed

Starting at 6 a.m. UTC on Sunday, Binance reactivated withdrawals in staged batches, noting an early spike in outflows as customers shifted funds. Over the window ending 3:30 p.m. UTC on Nov. 1, withdrawals totaled $4.65 billion while deposits reached $1.01 billion, leaving a $3.64 billion net outflow.

By 12:36 p.m. UTC that day, the company said the initial batch of 15 networks and assets in the reopening plan was live, with testing still underway for the rest. Binance added that withdrawal activity eased and was stabilizing after the initial spike, and that incoming deposits stayed strong.

The hack and who U.S. authorities say did it

The withdrawal rush followed a record $6.3 billion theft from Binance last week. The FBI said North Korean hackers carried out the attack and identified the campaign as TraderTraitor.

Binance has said it will shoulder the loss rather than pass it to customers. It reported covering about 95% of the affected amount, up from 90% previously, and said the remaining 5% consists of less liquid tokens that will take longer to source in the needed size.

Smart investors look for practical tools that can sharpen decision making every day. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

The stablecoin freeze and ongoing investigation

"Circle activated its incident response procedures and coordinated with law enforcement to freeze more than $1.1 billion in USDC associated with the incident," CNBC received that statement via email from a spokesperson for the stablecoin issuer. The company said its probe continues. Earlier, on Friday, Circle CEO Jeremy Allaire said the freeze covered more than $800 million in USDC connected to the incident.

Why this matters for your portfolio

The net outflows came to 2.1% of Binance's $171 billion asset base, and the company says volumes are normalizing while deposits remain sizable. Founder and former CEO Changpeng Zhao tried to steady nerves, posting "98% choose to stay!" and "Trust isn't earned by what you say in good times. It's earned by what you do in hard times."

Learning how emerging tech can enhance your investing process pays long term dividends. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.

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