$BNB Withdrawals were open for a day, with a net outflow of $3.6 billion 👀
Figures released by Binance after withdrawals reopened on 11/1:
• 14:00–23:30 (UTC+8) / 06:00–15:30 UTC: $4.65 billion withdrawn and $1.01 billion deposited, for a net outflow of $3.64 billion—about 2.1% of its $171 billion in total assets
• The first batch opened just 15 networks, and many coins still couldn’t be withdrawn. No date was given for the next batch
• Binance said it had recovered about 95% of the stolen funds; the remaining 5% consists of smaller coins that are harder to buy
CZ says “98% of people chose to stay.”
But Binance’s assets tracked by DefiLlama fell from $144.9 billion on 10/29 to $128.3 billion on 11/2. This also includes falling coin prices and the $6.3 billion that was stolen, so it can’t all be attributed to withdrawals.
My take: whether people ultimately stay or leave hinges on the full proof of reserves. Binance says it will be released by 11/3 (UTC), which is no later than around 8 a.m. on 11/4 Taiwan time (UTC+8). The only information currently available is a snapshot from 10/31, taken before the wave of withdrawals.
If the proof is delayed again, or shows any coins below 100%, sentiment could take another hit. BNB is currently around $705, down 1.5% over 24 hours.
Do you believe the figure that “98% stayed”?
Sources: Binance’s official X account, CNBC, Bitcoin.com (citing DefiLlama)
Not investment advice
Figures released by Binance after withdrawals reopened on 11/1:
• 14:00–23:30 (UTC+8) / 06:00–15:30 UTC: $4.65 billion withdrawn and $1.01 billion deposited, for a net outflow of $3.64 billion—about 2.1% of its $171 billion in total assets
• The first batch opened just 15 networks, and many coins still couldn’t be withdrawn. No date was given for the next batch
• Binance said it had recovered about 95% of the stolen funds; the remaining 5% consists of smaller coins that are harder to buy
CZ says “98% of people chose to stay.”
But Binance’s assets tracked by DefiLlama fell from $144.9 billion on 10/29 to $128.3 billion on 11/2. This also includes falling coin prices and the $6.3 billion that was stolen, so it can’t all be attributed to withdrawals.
My take: whether people ultimately stay or leave hinges on the full proof of reserves. Binance says it will be released by 11/3 (UTC), which is no later than around 8 a.m. on 11/4 Taiwan time (UTC+8). The only information currently available is a snapshot from 10/31, taken before the wave of withdrawals.
If the proof is delayed again, or shows any coins below 100%, sentiment could take another hit. BNB is currently around $705, down 1.5% over 24 hours.
Do you believe the figure that “98% stayed”?
Sources: Binance’s official X account, CNBC, Bitcoin.com (citing DefiLlama)
Not investment advice