To the New World’s New Humans ~ “Two Point One Percent”
Binance began restoring withdrawals in phases starting with Update #4: the company said the gates would open at 06:00 UTC on November 1. By around 12:36 UTC, withdrawals for the first 15 networks and assets had been restored, and withdrawal volumes stabilized after an initial peak.
The channels are open. Trust is being measured.
CZ said that about 12 hours after withdrawals resumed, net outflows were around 2.1%, transaction volume exceeded $1 billion, and “about 98% chose to stay” (unverified). He Yi clarified at the same time that some on-chain “outflows” mistakenly counted Binance’s new hot wallets; the relevant addresses have been included in the Proof of Reserves. Miscounted flows and genuine outflows must be read separately.
On compensation, Binance said it had covered about $6 billion in stolen funds (the exact amount and accounting basis are unverified); the FBI publicly attributed the attack to North Korea’s TraderTraitor and said the amount stolen was “over $6 billion” (unverified). The U.S. Secret Service said it identified and froze some of the stolen funds within minutes of the incident, working with industry partners, and that the investigation is ongoing (the amount frozen is unverified).
Restoration progress, frozen-fund recovery, and net withdrawal outflows are three separate ledgers, not one headline.
Two point one percent could signal customer retention after a stress test, or simply be a momentary reading during the withdrawal window. What really matters is whether subsequent disclosures, PoR updates, and frozen-fund recovery can all hold up in step—not mistaking operational recovery for a liquidity crisis, or vice versa.
The above is shared for informational and opinion purposes only and does not constitute investment advice.
At the gates, retention is measured,
Miscounted flows and real outflows must be separated.
Coverage and freezes each have their own ledger,
Recovery is not a crisis card.
—— Mingdao
Binance began restoring withdrawals in phases starting with Update #4: the company said the gates would open at 06:00 UTC on November 1. By around 12:36 UTC, withdrawals for the first 15 networks and assets had been restored, and withdrawal volumes stabilized after an initial peak.
The channels are open. Trust is being measured.
CZ said that about 12 hours after withdrawals resumed, net outflows were around 2.1%, transaction volume exceeded $1 billion, and “about 98% chose to stay” (unverified). He Yi clarified at the same time that some on-chain “outflows” mistakenly counted Binance’s new hot wallets; the relevant addresses have been included in the Proof of Reserves. Miscounted flows and genuine outflows must be read separately.
On compensation, Binance said it had covered about $6 billion in stolen funds (the exact amount and accounting basis are unverified); the FBI publicly attributed the attack to North Korea’s TraderTraitor and said the amount stolen was “over $6 billion” (unverified). The U.S. Secret Service said it identified and froze some of the stolen funds within minutes of the incident, working with industry partners, and that the investigation is ongoing (the amount frozen is unverified).
Restoration progress, frozen-fund recovery, and net withdrawal outflows are three separate ledgers, not one headline.
Two point one percent could signal customer retention after a stress test, or simply be a momentary reading during the withdrawal window. What really matters is whether subsequent disclosures, PoR updates, and frozen-fund recovery can all hold up in step—not mistaking operational recovery for a liquidity crisis, or vice versa.
The above is shared for informational and opinion purposes only and does not constitute investment advice.
At the gates, retention is measured,
Miscounted flows and real outflows must be separated.
Coverage and freezes each have their own ledger,
Recovery is not a crisis card.
—— Mingdao