Binance records $3.64 billion in net outflows after reopening withdrawals
💸 In the first 9.5 hours on November 1, Binance processed roughly $4.65 billion in withdrawals and received $1.01 billion in deposits, resulting in net outflows of $3.64 billion following the hack.
📊 The exchange said this represented 2.1% of its $171 billion in assets reported in its October 28 reserves disclosure. However, that figure predates the incident and offers limited insight into its capacity to meet further withdrawals.
🔄 Binance said withdrawal volumes declined after the initial spike. This suggests early pressure has eased, although services are being restored in phases, leaving subsequent flows worth monitoring.
🔍 An updated proof-of-reserves report is expected on November 2. Its October 31 snapshot will not reflect withdrawals made on November 1.
⚖️ Continued withdrawal processing as more networks reopen, alongside full replenishment of affected assets, will provide a clearer basis for assessing the exchange’s stability.
#CryptoInsights $BNB
💸 In the first 9.5 hours on November 1, Binance processed roughly $4.65 billion in withdrawals and received $1.01 billion in deposits, resulting in net outflows of $3.64 billion following the hack.
📊 The exchange said this represented 2.1% of its $171 billion in assets reported in its October 28 reserves disclosure. However, that figure predates the incident and offers limited insight into its capacity to meet further withdrawals.
🔄 Binance said withdrawal volumes declined after the initial spike. This suggests early pressure has eased, although services are being restored in phases, leaving subsequent flows worth monitoring.
🔍 An updated proof-of-reserves report is expected on November 2. Its October 31 snapshot will not reflect withdrawals made on November 1.
⚖️ Continued withdrawal processing as more networks reopen, alongside full replenishment of affected assets, will provide a clearer basis for assessing the exchange’s stability.
#CryptoInsights $BNB
