Binance Customers Pull $3.64 Billion After Withdrawals Resume After Record Hack
Direct answer
Binance customers pulled a net $3.64 billion from the exchange in the first nine and a half hours after withdrawals resumed on November 1, 2026. That is about 2.1 percent of the $171 billion in assets Binance reported. The money left even though Binance said it had already covered 95 percent of the $6.3 billion stolen in its record hack.
What happened
Binance began restoring withdrawals in phases at 06:00 UTC on November 1. By 12:36 UTC, withdrawals had resumed for all 15 networks and assets in the first phase, including Bitcoin, Ether, USDT, USDC, BNB, Solana and XRP.
Between 06:00 and 15:30 UTC, customers withdrew $4.649 billion and deposited $1.01 billion, Binance said. Subtracting deposits from withdrawals gives the net outflow of about $3.64 billion. Binance said withdrawal volumes spiked at first, then fell and began to stabilise, while deposits stayed substantial.
Reuters reported the same figures on November 1, and Binance published them in its own recovery update. Binance also said it had frozen about $3 billion of the stolen funds with partners. The exchange is still testing the remaining networks and assets, and it said an updated proof of reserves report is expected on November 2.
This follows the October 29 hack, when about $6.3 billion was taken from Binance hot wallets, and the November 1 restart covered in our earlier post on Binance resuming withdrawals after covering 95 percent of the loss.
Why it matters for beginners
A net outflow does not mean an exchange is failing, and it does not mean every customer left. It means that, in this short window, more money left than came back in. For beginners, the lesson is simple: trust is slow to rebuild after a security breach, even when balances are replaced.
The size also puts the move in context. At 2.1 percent of reported assets, the outflow was large in dollars but small compared with the total assets Binance reported on October 28. That is why Binance could describe volumes as stabilising while customers were still moving billions.
For anyone holding crypto on an exchange, this is a reminder to understand the difference between money held on an exchange and assets held in your own wallet, and to check an exchange’s own updates and reserve reports rather than relying on social media claims alone.
What to watch next
Watch whether outflows keep slowing in the days after the restart, and whether the updated proof of reserves report expected on November 2 gives a clear picture of customer balances. Also watch for the next phase of withdrawal restorations, and for any update on the remaining 5 percent of the stolen assets that Binance has not yet said it covered.
FAQ
Did Binance customers lose money in this outflow?
No, an outflow is money customers chose to withdraw. It is different from the hack itself, in which about $6.3 billion was stolen. Binance has said customers will not absorb losses from the breach, and it said it had covered 95 percent of the stolen assets.
Why did customers withdraw if Binance covered 95 percent of the loss?
Covering balances does not automatically restore confidence. After a record hack, some customers prefer to move funds elsewhere or to their own wallets until they feel the platform is fully stable again.
Is $3.64 billion a lot?
In dollars, yes. As a share of Binance’s reported $171 billion in assets, it was about 2.1 percent in the first nine and a half hours. The key question is whether the pace keeps falling, as Binance said it was doing.
