A $6.3 billion theft, but no bank run—just a 2.1% net outflow.
Binance resumed withdrawals on Sunday, starting with BTC and expanding to 15 networks. From 06:00 to 15:30 UTC, about $4.65 billion was withdrawn and about $1.01 billion deposited, for a net outflow of $3.64 billion. The company used its own funds to cover 95% of the affected amount; the remaining 5% was in obscure tokens outside the top ten assets.
Another theft in February 2025 totaled $1.5 billion.
This time, it was 4.2 times that amount. The market’s reaction showed up first in stocks: Coinbase, Robinhood, Strategy, and Strive all fell. Part of the money used to cover the shortfall came from the futures insurance fund. Binance says the fund’s remaining balance is required by regulators; the funds backing spot withdrawals are tied to the derivatives market. The next thing to watch is whether the net outflow stops around the 2.1% mark.
#Binance October 31 proof-of-reserves snapshot zero-knowledge proof generated
Binance resumed withdrawals on Sunday, starting with BTC and expanding to 15 networks. From 06:00 to 15:30 UTC, about $4.65 billion was withdrawn and about $1.01 billion deposited, for a net outflow of $3.64 billion. The company used its own funds to cover 95% of the affected amount; the remaining 5% was in obscure tokens outside the top ten assets.
Another theft in February 2025 totaled $1.5 billion.
This time, it was 4.2 times that amount. The market’s reaction showed up first in stocks: Coinbase, Robinhood, Strategy, and Strive all fell. Part of the money used to cover the shortfall came from the futures insurance fund. Binance says the fund’s remaining balance is required by regulators; the funds backing spot withdrawals are tied to the derivatives market. The next thing to watch is whether the net outflow stops around the 2.1% mark.
#Binance October 31 proof-of-reserves snapshot zero-knowledge proof generated
