Binance Outflows Top $6.1B as Reserve Scrutiny Grows

Binance faced heavy outflows after resuming withdrawals following an approximately 45-hour suspension linked to the October 29 exploit. The exchange reported $4.649 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours of reopening on November 1, for net outflows of $3.64 billion. Estimated wallet outflows reached about $6.1 billion in the following 24 hours, equal to roughly 3.6% of Binance’s previously reported $171 billion in assets. Separately, DefiLlama-tracked exchange assets fell about $16.6 billion, from $144.9 billion on October 29 to $128.3 billion on November 2; that decline also reflected falling crypto prices and assets removed from hot wallets, not withdrawals alone. Binance said withdrawal demand was stabilising and that it had replenished about 95% of the assets affected by the estimated $6.3 billion exploit, with less-liquid tokens accounting for most of the remainder. Withdrawals had reopened for 15 assets, including BTC, ETH, USDT, USDC, BNB, SOL, XRP and DOGE, although some users reported continued restrictions. Flow data showed net inflows of about $450 million to OKX and $134 million to Bybit, but did not establish that the funds came from Binance customers. Binance’s full zero-knowledge proof of reserves was due by November 3 UTC, a day later than previously indicated; the exchange said producing it takes 40 to 50 hours. Its latest public reserve snapshot, dated October 31, predates the withdrawal surge. Traders are likely to watch Binance outflows, withdrawal access and the updated reserve proof for signs of stabilising confidence and potential pressure on BNB.