Binance records major wallet outflows after reopening withdrawals following security breach

Binance recorded billions of dollars in net outflows on Nov. 1 as the exchange reopened withdrawals following a security breach. CryptoSlate and The Defiant both report that tracked wallets registered large capital exits after services resumed, though the two outlets cited different net outflow totals. [1][2]

CryptoSlate reported that tracked wallets saw $2,510 million in net outflows based on DeFiLlama data following the $6.3 billion security breach. That total included approximately $1,083 million in USDT, $912 million in Bitcoin, $385 million in USDC, and $131 million in other assets. CryptoSlate noted that Binance is restoring withdrawals through new wallets, meaning tracked outflows cannot be read as a clean measure of customer exits. [1]

The Defiant reported that Binance posted $4.54 billion in net outflows across tracked wallets, while ten large competitor exchanges gained $564 million. OKX led gains among those rival platforms, though exchange-wide net flows do not reveal how much funds Binance customers moved directly into self-custody. [2]

Binance Holdings Ltd. is the largest cryptocurrency exchange by daily trading volume. The company was founded in 2017 by Changpeng Zhao and currently has no official company headquarters. [3]