Binance Net Outflows Hit $5.8B as Withdrawals Resume After Hack

Binance is seeing substantial customer withdrawals in the 24 hours after the exchange disclosed its record $6.3 billion hack, according to on-chain flow trackers cited in the report. Data from DefiLlama shows $5.8 billion in net outflows over the past day, highlighting an early test of user confidence while Binance works through a phased restoration of withdrawals.

Binance said it began restoring withdrawals at 6:00 UTC on Sunday. By 3:30 UTC, the exchange reported processing $4.6 billion in withdrawals against $1 billion in deposits, implying net outflows of $3.6 billion during that interval. Separate DefiLlama figures indicate the broader 24-hour outflow trend remained negative, suggesting funds continued leaving even after the initial withdrawal update.

Key takeaways

• DefiLlama data cited in the report shows $5.8 billion in net outflows over the last 24 hours from Binance.
• Binance’s own figures for the Sunday restoration window show withdrawals outpacing deposits ($4.6B processed vs. $1B deposited by 3:30 UTC).
• Binance says withdrawals are being re-enabled in phases across multiple networks, with the latest update expanding access.
• Initial withdrawals were heavily concentrated in stablecoins (USDT and USDC) before including major assets such as BTC.
• Binance characterizes the outflows as a small fraction of its reported total holdings (around $171 billion in assets).

Large outflows follow hack disclosure

The withdrawal data is emerging in the immediate aftermath of Binance’s announcement regarding a $6.3 billion hack—described in the report as the largest theft on record. In that context, the net outflow figures from DefiLlama represent more than movement of funds; they function as an early gauge of whether users feel comfortable keeping assets on the platform during restoration and remediation.

While the scale is significant in absolute terms, the figures should also be considered relative to the size of the exchange. The report states that Binance characterized the outflows as a small portion of its approximately $171 billion in assets. The tension for traders and investors, however, is that even if outflows are a minority relative to total reserves, they can still indicate heightened short-term risk sensitivity after a major security incident.

Binance resumes withdrawals in phases

Binance told users it started restoring withdrawals at 6:00 UTC on Sunday, and it continues to expand access network by network. The report notes that Binance’s latest update as of 12:36 UTC indicated withdrawals were enabled for tokens across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain, and XRP Ledger. Binance also said additional assets and networks would be restored in further phases.

At the same time, the exchange’s own flow reporting suggests the pace of outflows changed after the initial window. The report states Binance observed that withdrawal activity surged at first, then slowed and was stabilizing. That pattern—initial rush followed by a gradual cool-down—is common during high-stakes incidents, as users prioritize moving funds when withdrawal rails are first reopened.

Where withdrawals went: stablecoins lead, BTC follows

Early flow information shared by Binance, as reported, points to a clear concentration in stablecoin withdrawals. The largest share of withdrawals were in USDt (USDT), followed by USDC (USDC). Bitcoin withdrawals ranked next among the assets mentioned, underscoring that even in a confidence shock, many users first exit into liquid, pegged instruments before deciding what to do next.

This distribution matters for market participants watching liquidity and settlement conditions. Heavy stablecoin outflows can temporarily shift demand toward off-exchange custody and self-managed wallets, while subsequent conversions—if they occur—can influence spot and derivatives positioning. The key uncertainty remains how long the withdrawal dynamics persist across assets and networks as Binance completes additional restoration phases.

Binance says it replaced most stolen funds

Alongside restoration efforts, Binance has also provided information about its response to the hack itself. On Saturday, the exchange said it had replaced 90% of the assets lost in the $6.3 billion hack using a mix of sources, including its corporate treasury, its Secure Asset Fund for Users, and its futures insurance fund.

That claim is central to how investors and users interpret the withdrawal data. If balances are largely backstopped and restoration continues reliably, outflows may normalize. If, however, users perceive the remediation as incomplete or withdrawals remain constrained for certain tokens or networks, withdrawal pressure could remain elevated—even if reserves are substantially larger than outflows.

The report also notes that Cointelegraph reached out to Binance for comment but did not receive an immediate response beyond the exchange’s posted updates.

What to watch next as restorations continue

For now, the most important signals are whether Binance’s phased withdrawal restoration keeps expanding across networks without further interruption, and whether net outflows narrow as access stabilizes. Traders and long-term holders should also monitor asset-specific behavior—especially stablecoin versus BTC withdrawals—as it can offer early clues about whether this is primarily a short-term “repatriation” wave or a longer shift in how users manage exchange risk.