🚨 $3.64 BILLION LEFT BINANCE IN HOURS. IS THIS A BANK RUN?
Following the $6.3 billion hack, Binance reopened withdrawals on November 1.
And the first numbers are massive.
According to Binance’s latest operational update, between 06:00 and 15:30 UTC:
🔴 Withdrawals: $4.649 BILLION
🟢 Deposits: $1.010 BILLION
📉 Net outflow: $3.638 BILLION
That’s approximately 2.1% of Binance’s reported $171 billion in assets under management, based on its October 28 Proof of Reserves data.
But here’s the interesting part.
Withdrawal activity peaked at $733 million during the 08:00–08:30 UTC window.
After that, withdrawal volumes declined significantly.
By 12:36 UTC, Binance reported that withdrawals had resumed across all 15 networks included in Phase 1.
So, is Binance facing a bank run?
The outflow is substantial, but these numbers alone don’t establish a liquidity crisis.
Three important developments:
• Withdrawal volumes are declining from their initial peak.
• Deposits have continued despite the security incident.
• Binance previously reported replenishing 95% of affected assets.
The next major test will be the updated Proof of Reserves report and whether withdrawals continue operating smoothly.
My take: $3.64 billion leaving an exchange in less than 10 hours is significant. But the trend after the initial surge matters more than the headline number alone.
The real question is whether confidence continues recovering or another withdrawal wave emerges.
Would you withdraw your funds now, or wait for the updated reserve report?
Follow Wendy for more latest updates
#Binance #CryptoSecurity $BTC $ETH $BNB
Following the $6.3 billion hack, Binance reopened withdrawals on November 1.
And the first numbers are massive.
According to Binance’s latest operational update, between 06:00 and 15:30 UTC:
🔴 Withdrawals: $4.649 BILLION
🟢 Deposits: $1.010 BILLION
📉 Net outflow: $3.638 BILLION
That’s approximately 2.1% of Binance’s reported $171 billion in assets under management, based on its October 28 Proof of Reserves data.
But here’s the interesting part.
Withdrawal activity peaked at $733 million during the 08:00–08:30 UTC window.
After that, withdrawal volumes declined significantly.
By 12:36 UTC, Binance reported that withdrawals had resumed across all 15 networks included in Phase 1.
So, is Binance facing a bank run?
The outflow is substantial, but these numbers alone don’t establish a liquidity crisis.
Three important developments:
• Withdrawal volumes are declining from their initial peak.
• Deposits have continued despite the security incident.
• Binance previously reported replenishing 95% of affected assets.
The next major test will be the updated Proof of Reserves report and whether withdrawals continue operating smoothly.
My take: $3.64 billion leaving an exchange in less than 10 hours is significant. But the trend after the initial surge matters more than the headline number alone.
The real question is whether confidence continues recovering or another withdrawal wave emerges.
Would you withdraw your funds now, or wait for the updated reserve report?
Follow Wendy for more latest updates
#Binance #CryptoSecurity $BTC $ETH $BNB
