$3.64 billion walked out of Binance in nine and a half hours — and I think that is actually the reassuring number, not the scary one.
When withdrawals reopened on Sunday, Binance's own figures (reported today by Neowin and CoinDesk) show $4.65 billion withdrawn against $1.01 billion deposited. That net $3.64 billion is just 2.1% of the $171 billion in assets Binance reported in its October 28 proof-of-reserves data. Deposits kept flowing in even during the rush, and $BTC held near $78,300 through it all instead of buckling.
Compare that to the FTX script everyone keeps reaching for: there, the exits never stopped and the hole kept growing. Here the surge came, Binance says it stabilized as expected, and the exchange says about 95% of the stolen funds are already replaced. The real test was never whether people would withdraw after a $6.3 billion hack — of course they would. It was whether the system could absorb it. On day one, it did.
One practical warning while everyone is emotional about this: Binance says there is no refund form to fill in — your balance is restored inside your account. Anyone messaging you about claiming a Binance refund right now is running a scam on top of a hack. Do not click it.
Did the $3.64 billion outflow make you more or less confident in keeping funds on a big exchange?
When withdrawals reopened on Sunday, Binance's own figures (reported today by Neowin and CoinDesk) show $4.65 billion withdrawn against $1.01 billion deposited. That net $3.64 billion is just 2.1% of the $171 billion in assets Binance reported in its October 28 proof-of-reserves data. Deposits kept flowing in even during the rush, and $BTC held near $78,300 through it all instead of buckling.
Compare that to the FTX script everyone keeps reaching for: there, the exits never stopped and the hole kept growing. Here the surge came, Binance says it stabilized as expected, and the exchange says about 95% of the stolen funds are already replaced. The real test was never whether people would withdraw after a $6.3 billion hack — of course they would. It was whether the system could absorb it. On day one, it did.
One practical warning while everyone is emotional about this: Binance says there is no refund form to fill in — your balance is restored inside your account. Anyone messaging you about claiming a Binance refund right now is running a scam on top of a hack. Do not click it.
Did the $3.64 billion outflow make you more or less confident in keeping funds on a big exchange?
