Binance Sees $5.8 Billion in Net Outflows as Customers Pull Funds After Record Hack
Binance has recorded approximately $5.8 billion in net outflows over a 24-hour period as customers moved funds off the exchange following its record-breaking $6.3 billion security breach, according to data from DefiLlama.
The exchange began restoring withdrawal services at 6:00 UTC on Sunday after temporarily restricting access to certain assets and networks. By 3:30 UTC, Binance had processed around $4.6 billion in withdrawals, compared with $1 billion in deposits, resulting in net outflows of approximately $3.6 billion.
However, the movement of funds continued beyond those initial figures. DefiLlama data later showed that net outflows had reached $5.8 billion over the preceding 24 hours.
Binance said withdrawal activity initially increased sharply after services resumed but has since slowed and started to stabilize. The company also stressed that the funds leaving the platform represent only a small share of its approximately $171 billion in customer assets.
The withdrawal activity represents an important test of customer confidence as Binance deals with the fallout from what has been described as the largest cryptocurrency theft on record.
In its latest service update at 12:36 UTC, Binance confirmed that withdrawals had been restored for tokens across 15 blockchain networks. These included Bitcoin, Ethereum, BNB Smart Chain and XRP Ledger. The exchange said additional assets and networks would become available gradually as it continues its recovery process.
Early withdrawal figures shared by Binance showed that Tether's USDt (USDT) accounted for the largest portion of outgoing funds. USDC followed, with Bitcoin also representing a significant share of withdrawals.
The exchange has also taken steps to address the financial impact of the breach. On Saturday, Binance said it had replaced 90% of the assets lost in the $6.3 billion incident.
The recovery effort involved funds from Binance's corporate treasury, its Secure Asset Fund for Users (SAFU) and its futures insurance fund.
Although the exchange says withdrawal activity is returning to normal, the scale of the outflows highlights the immediate pressure on Binance to restore confidence and demonstrate that customer funds remain secure.