Binance outflows hit $5.3B after record hack as CZ cites rival support

Binance customers withdrew about $10.97 billion in the 46 hours after the record $6.4 billion hack on Oct. 29, leaving net outflows of $5.28 billion, per blockchain data CEO Richard Teng shared. At the peak, $936 million more left than entered in a single hour, while total hourly withdrawals reached $1.24 billion.

Outflows then slowed — deposits totaled $5.69 billion between Nov. 1 and early Nov. 3 — and hourly deposits briefly exceeded withdrawals, which Teng cited as a sign of stabilization. The FBI attributed the theft to North Korea's TraderTraitor group; Binance reopened withdrawals Nov. 1 after a 45-hour freeze, absorbed the losses and replenished roughly 95% of the stolen assets, while stablecoin issuers froze over $2.4 billion of the funds. Co-founder CZ said the expected run never materialized, with outflows near 2% of holdings versus the 10%-30% he had braced for — and credited rival exchanges, including some "that haven't always been friendly with Binance," for stepping in to help during the crisis.