Binance recorded $3.64 billion in net outflows on November 1, 2026, after reopening withdrawals following a record $6.3 billion hack attributed to North Korean hackers in an operation identified as TraderTraitor [1]. The exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC, with the net outflows representing 2.1% of Binance's $171 billion in total assets based on its latest proof-of-reserves data as of October 28 [1]. Binance began restoring withdrawals in phases at 6 a.m. UTC on Sunday, with services resuming across all 15 networks and assets included in the initial phase by 12:36 p.m. UTC, while testing continued for remaining networks and assets [1].
Despite the significant outflows, Binance founder and former CEO Changpeng Zhao sought to reassure users, stating that "98% choose to stay!" and noting that most of the net outflows occurred within the first couple of hours after withdrawals resumed [1]. Zhao emphasized that "Trust isn't earned by what you say in good times. It's earned by what you do in hard times" [1]. The exchange stated it would absorb the financial impact of the stolen funds rather than pass losses on to users, and reported it had covered around 95% of the impacted amount, up from 90% in its previous update, with the remaining 5% consisting of less liquid tokens that would take longer to source in the required quantities [1]. Withdrawal volumes had declined and were stabilizing following an initial spike, while deposit volumes remained substantial [1].
CONCLUSION
Binance's $3.64 billion in net outflows following the $6.3 billion hack represents a relatively contained customer exodus, with the exchange retaining 98% of users and covering 95% of losses through its own reserves [1]. The phased restoration of withdrawal services and management's reassurance appear to have stabilized the situation, though the incident underscores significant cybersecurity risks in the cryptocurrency exchange sector [1].