Binance net outflows surge to $5.8B as withdrawals resume after record hack
Binance net outflows surge to $5.8B as withdrawals resume after record hack
The exchange says withdrawals surged after some services resumed but have since slowed, with the outflows representing a fraction of its roughly $171 billion in customer assets.
Binance has recorded $5.8 billion in net outflows over the past 24 hours as customers withdraw funds following the exchange’s record $6.3 billion hack, according to data from DefiLlama.
Binance said it began restoring withdrawals at 6:00 UTC on Sunday. By 3:30 UTC, it had processed $4.6 billion in withdrawals against $1 billion in deposits, resulting in net outflows of $3.6 billion.
Separate data from DefiLlama showed $5.8 billion in net outflows over the preceding 24 hours, as funds continued leaving the exchange after its initial update.
Binance said withdrawals initially surged but have since slowed and are stabilizing. The exchange noted that the outflows represented a small portion of the approximately $171 billion in assets it holds. Cointelegraph reached out to Binance for comment but did not receive an immediate response.
The flows offered an early test of customer confidence following the $6.3 billion hack against Binance, the largest crypto theft on record.
Related: Binance says phase one of withdrawals opens after $6.3B hack
Binance’s latest update at 12:36 UTC shows it enabled withdrawals for tokens across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and XRP Ledger, adding that it will continue to restore additional assets and networks in phases.
Early data shared by Binance shows that the largest share of withdrawals were in USDt (USDT), followed by USDC (USDC) and Bitcoin (BTC).
On Saturday, Binance said it had replaced 90% of the assets lost in the $6.3 billion hack using funds from its corporate treasury, its Secure Asset Fund for Users and its futures insurance fund.
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