The Whale Alert tracker flagged about $2 billion in Bitcoin (BTC), Ethereum (ETH), and dollar-pegged stablecoins leaving Binance approximately three hours after the exchange reopened withdrawals on Sunday. The company says it is now processing all withdrawals using newly created wallets.
The exchange suspended withdrawals after attackers made off with about $6.3 billion on October 29. For customers who have been unable to access their funds since then, and for Bitcoin investors hoping for a recovery, the question is whether the money is actually leaving the platform or merely being moved elsewhere.
Who moved $2 billion from Binance?
Whale Alert reports show outflows of 10,000 BTC, valued at around $779 million, nearly $1 billion in Tether (USDT), $200 million in USD Coin (USDC), and 30,000 ETH, equivalent to $68 million.
🚨 🚨 🚨 🚨 🚨 100,000,000 $USDC (100,037,106 USD) transferred from #Binance to unknown wallethttps://t.co/hepsLsxS4S
— Whale Alert (@whale_alert) November 1, 2026
The tracker classified each of these amounts as sent to an “unknown wallet.”
Binance said on Sunday that it had added newly generated addresses to its proof-of-reserves list, the public set of wallets that the company says holds customers’ assets. All future withdrawals on Binance will be paid from these wallets.
The exchange has not publicly confirmed which transactions correspond to the new wallets. However, it says it has already replaced about 95% of the stolen assets.
The Sunday rally that never happened
Late Friday, about 34 hours before withdrawals reopened, commentator Ted Pillows told his followers that the resumption would drive prices up.
“... Binance is targeting a resumption of withdrawal services in approximately 34 hours. This will cause a Sunday rally,” Pillows said in a post.
The major rally never came. Bitcoin rose just 1.05% over the past 24 hours and is trading at $78,122 at the time of publication, below the $79,000 level it fell beneath on the day of the attack, according to reports. A day after the attack, investors withdrew $643 million from Bitcoin ETFs.
There is a precedent. After Bybit lost about $1.5 billion in February 2025, Bitcoin immediately fell about 3% and Ethereum 7%, according to Kaiko data. Bybit cleared its withdrawal queue in about 12 hours, and Bitcoin later reached a record high of $126,080 in October 2025.
Whether Bitcoin will repeat that recovery remains a matter of debate. Analyst Charles Edwards has not held Bitcoin since the Binance incident, while Giovanni Santostasi and Benjamin Cowen disagreed with his assessment on BeInCrypto’s expert panel.
What remains blocked
So far, only the first phase, covering 15 networks, has been cleared for withdrawals on Binance. Co-founder Yi He said the remaining wallets are still undergoing security audits, with no official reopening date.
Meanwhile, Binance has set aside more than $6.34 billion in its own funds to cover the losses, according to AFP.
The article Three hours after withdrawals resumed, $2 billion was withdrawn from Binance first appeared on BeInCrypto Brasil.