Withdrawals resume on 15 Binance networks! With $3.64 billion in net outflows, is the real test of trust only just beginning?
After a major security incident, Binance has finally made a key step toward recovery.
On November 1, Binance officially began restoring withdrawals in phases. As of 20:36 Beijing time, withdrawals for designated assets had resumed on all 15 blockchain networks included in the first phase, covering major crypto assets such as BTC, ETH, BNB, SOL, XRP, USDT, and USDC.
But what deserves even more attention than the resumption of withdrawals is the staggering movement of funds behind it!
📊 In 9.5 hours, net outflows reached $3.64 billion!
According to data released by Binance, from 14:00 to 23:30 Beijing time on November 1:
* 💸 Total withdrawals: $4.649 billion
* 💰 Total deposits: $1.010 billion
* 📉 Net outflow: approximately $3.64 billion
* 📊 As a share of the platform’s reported assets: approximately 2.1%
At first, withdrawal demand was quickly met. Afterward, the volume of withdrawals gradually declined and stabilized.
What does this tell us?
At least based on the data from this period, some users are withdrawing their funds, but this alone is not enough to conclude that a sustained run is underway.
🔍 How did Binance respond to the $6.3 billion security incident?
Earlier, Binance lost approximately $6.3 billion worth of crypto assets after its hot wallet was attacked.
Binance said the platform would cover the losses and would not pass them on to users. It has now made up approximately 95% of the affected assets using its own funds, while the remainder is still being addressed.
Note: Making up 95% of the affected assets does not mean that 95% of the stolen funds have been recovered.
Restoring withdrawals is only the first hurdle; restoring trust is the real test!
There are three signals worth watching in this incident:
① The resumption of withdrawals is a positive sign.
At the very least, it shows that Binance is gradually restoring its core services, but it does not mean that all networks and assets are fully back to normal.
② Net outflows do not necessarily signal a crisis, but sustained outflows are a cause for concern.
What really needs to be watched is the flow of funds over the coming days. If withdrawals gradually stabilize or net inflows return, market confidence may begin to recover further.
③ Reserve transparency matters more than verbal assurances.
Binance’s upcoming proof of reserves, investigation report on the security incident, and updates on the recovery of other networks will be important factors in assessing the platform’s risk.
⚠️ One final thought
For a centralized exchange, trading volume determines its scale, security sets its baseline, and user trust determines its future.
A short-term net outflow of $3.64 billion does not, on its own, prove that Binance has a solvency problem, but it is enough to show that the incident shook market confidence.
Binance has taken the first step toward restoring withdrawals, but getting users to feel comfortable depositing their funds again may be more difficult than restoring withdrawals itself.
Do you think this incident will weaken Binance’s long-term position, or will it ultimately prove to be only a short-lived crisis of confidence?