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Binance Users Pull Billions Off Crypto Exchange After Withdrawals Resume

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Binance Users Pull Billions Off Crypto Exchange After Withdrawals Resume

Binance began restoring withdrawals in phases on Sunday, days after hackers stole $6.3 billion from the exchange in a matter of minutes. The first batch of major crypto asset withdrawals was back online by morning, covering bitcoin, ether, USDT, USDC, BNB, SOL, XRP, and several others. The company has said it is covering the losses with its own funds and the Secure Asset Fund for Users (SAFU).

According to CoinDesk, more than $6 billion worth of tokens flowed out of wallets associated with Binance once withdrawals were turned back on, based on DefiLlama wallet-flow data. That figure equals roughly 3.6% of the $171 billion in assets Binance reported holding before the attack. Even after all of these outflows, the DefiLlama tracker still showed about $129 billion remaining in Binance-linked wallets.

Binance’s own accounting claimed the exchange processed $4.649 billion in withdrawals against $1.01 billion in deposits during the first nine-and-a-half hours after withdrawals were turned back on, for a net outflow of about $3.64 billion, or 2.1% of assets under management. Binance co-founder and former CEO Changpeng “CZ” Zhao posted on X that most of the net outflow occurred in the first couple of hours and that “98% choose to stay.”

3 billion in stolen assets as of Sunday, up from about 90% the day before, with major holdings including bitcoin, ether, USDT, BNB, SOL, USDC, and XRP fully backed at 100%. The remaining uncovered balance consists of less liquid tokens that the company is still buying through open-market and over-the-counter channels.


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