Binance has passed its first big test since the hack. It processed $4.65 billion in withdrawals and $1.01 billion in deposits on Nov. 1, between 6 a.m. and 3:30 p.m. UTC. (CNBC)
The numbers
Net outflows came to $3.64 billion, about 2.1% of Binance's $171 billion in total assets. That figure is based on its Oct. 28 proof-of-reserves data. (CNBC)
Withdrawals resumed in phases at 06:00 UTC, with all 15 networks and assets in the first phase restored by 12:36 UTC. (ethnews)
Activity peaked at $733 million in 30 minutes. (ethnews)
DefiLlama showed $4.05 billion in net outflows over 24 hours, far more than the roughly $368 million that went into the next 10 largest exchanges it tracks. (theblock)
Panic or backlog?
Binance said withdrawal volumes declined and stabilized after an initial spike, while deposits stayed substantial. One analysis says the pattern looks more like customers clearing delayed withdrawal requests than an accelerating run on the platform. Founder Changpeng Zhao said 98% of users chose to stay. (Binance sees $3.64 billion in net outflows as withdrawals resume after massive hack +2)
Recovery update
Binance says it has covered about 95% of the affected assets, up from 90%, and the rest is mostly less-liquid tokens that will take longer to obtain. It has also set aside more than $6.34 billion in company funds and says it will fully cover the stolen funds. (tokenpost) (yahoo)
Takeaway
Outflows after a major incident are normal, and the second-day numbers matter more than the first. Watch the proof-of-reserves update and whether withdrawals keep falling.
This is general information, not financial advice.
#Binance #Bitcoin #CryptoNews #ProofOfReserves #CryptoSecurity #BinanceProcesses
The numbers
Net outflows came to $3.64 billion, about 2.1% of Binance's $171 billion in total assets. That figure is based on its Oct. 28 proof-of-reserves data. (CNBC)
Withdrawals resumed in phases at 06:00 UTC, with all 15 networks and assets in the first phase restored by 12:36 UTC. (ethnews)
Activity peaked at $733 million in 30 minutes. (ethnews)
DefiLlama showed $4.05 billion in net outflows over 24 hours, far more than the roughly $368 million that went into the next 10 largest exchanges it tracks. (theblock)
Panic or backlog?
Binance said withdrawal volumes declined and stabilized after an initial spike, while deposits stayed substantial. One analysis says the pattern looks more like customers clearing delayed withdrawal requests than an accelerating run on the platform. Founder Changpeng Zhao said 98% of users chose to stay. (Binance sees $3.64 billion in net outflows as withdrawals resume after massive hack +2)
Recovery update
Binance says it has covered about 95% of the affected assets, up from 90%, and the rest is mostly less-liquid tokens that will take longer to obtain. It has also set aside more than $6.34 billion in company funds and says it will fully cover the stolen funds. (tokenpost) (yahoo)
Takeaway
Outflows after a major incident are normal, and the second-day numbers matter more than the first. Watch the proof-of-reserves update and whether withdrawals keep falling.
This is general information, not financial advice.
#Binance #Bitcoin #CryptoNews #ProofOfReserves #CryptoSecurity #BinanceProcesses