Binance Withdrawals Top FTX Levels in November, but Crypto Liquidity Defies Panic
Binance withdrawals surged into the billions after a record-breaking $6.3 billion hack, bringing back memories of FTX’s November 2022 collapse. Yet the world’s largest crypto exchange is showing a resilience that could barricade the industry from its darkest chapter.
Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours after reopening services on November 1, resulting in $3.64 billion in net outflows. According to its October 28 Proof of Reserves data, the exchange held $171 billion in total assets, so the withdrawal wave accounted for just 2.1% of its reported holdings.
Binance withdrawals are BACK!
BTC, ETH, BNB, XRP, DOGE, USDT, USDC and more are being re-enabled across supported networks.
Binance also says 95% of the stolen assets have already been replaced.
This puts the outflows in perspective: despite the initial rush following the $6.3 billion hack, Binance retained assets worth 47 times the net amount withdrawn. The exchange said withdrawals had begun stabilizing, while deposits remained substantial.
The figures initially look alarming, especially against the backdrop of FTX. The failed exchange suffered $6 billion in net withdrawals over 72 hours before suspending customer withdrawals in November 2022.
#BinanceReopensWithdrawalsForMoreAssets #BinanceHourlyDepositsExceedWithdrawals
Binance withdrawals surged into the billions after a record-breaking $6.3 billion hack, bringing back memories of FTX’s November 2022 collapse. Yet the world’s largest crypto exchange is showing a resilience that could barricade the industry from its darkest chapter.
Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours after reopening services on November 1, resulting in $3.64 billion in net outflows. According to its October 28 Proof of Reserves data, the exchange held $171 billion in total assets, so the withdrawal wave accounted for just 2.1% of its reported holdings.
Binance withdrawals are BACK!
BTC, ETH, BNB, XRP, DOGE, USDT, USDC and more are being re-enabled across supported networks.
Binance also says 95% of the stolen assets have already been replaced.
This puts the outflows in perspective: despite the initial rush following the $6.3 billion hack, Binance retained assets worth 47 times the net amount withdrawn. The exchange said withdrawals had begun stabilizing, while deposits remained substantial.
The figures initially look alarming, especially against the backdrop of FTX. The failed exchange suffered $6 billion in net withdrawals over 72 hours before suspending customer withdrawals in November 2022.
#BinanceReopensWithdrawalsForMoreAssets #BinanceHourlyDepositsExceedWithdrawals
