Binance net outflows reach $5.3 billion after record hack. CEO says recovery underway

Binance customers withdrew $10.97 billion in cryptocurrency in the 46 hours after its $6.4 billion hack, with withdrawals exceeding deposits by $5.28 billion, according to blockchain data CEO Richard Teng shared Tuesday.

The figures offer an early view of how funds moved off Binance following the October 29 attack, which the FBI attributed to North Korea's TraderTraitor hacking group. The stolen $6.4 billion is separate from the subsequent withdrawals, which cannot all be attributed to customers reacting to the breach.

Withdrawal pressure was most intense on Nov. 1. At its peak, $936 million more left Binance than entered during a single hour, while total withdrawals reached $1.24 billion in one hour.

The outflows then slowed over the following two days. Between Nov. 1 and early Nov. 3, deposits totaled $5.69 billion.

By 03:00 UTC on Nov. 3, hourly deposits exceeded withdrawals by about $10 million, although cumulative net outflows still stood at $5.28 billion.

Teng pointed to that shift as evidence of stabilization.

“The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals,” he wrote.

*Read all of CoinDesk's coverage of the Binance hack here.*