Binance Suffers $3.64B in Net Outflows Following Withdrawal Resumption
Key Summary
Binance recorded $3.64B in net outflows after reopening withdrawals following a major security breach. Tether led the outflows with 1.96 billion tokens leaving the exchange, while 19,569 Bitcoins worth approximately $1.53B also departed. Binance claims to have recovered over 90% of the impacted assets using company funds and SAFU reserves, though unrecoverable balances remain locked in untracked wallets.
Key Bullets
- Binance registered $3.64B in net outflows by 15:30 UTC on Sunday after platform withdrawals resumed.
- Tether outflows reached 1.96 billion tokens, alongside 19,569 Bitcoins leaving exchange wallets.
- Binance stated that internal reserves and SAFU accounts covered over 90% of the hacked funds.
- Circle and Tether froze roughly $2.70B to $3.00B in stablecoins to block the hackers.
Withdrawals Surge After Binance Reopens
Binance registered $3.64B in net outflows Sunday afternoon after reopening platform withdrawals following a security breach, according to on-chain transaction records monitored by analysts. Withdrawals hit $733M within the first two hours alone. Total withdrawals climbed to $4.65B by 15:30 UTC while incoming deposits registered $1.01B over the same period. This net withdrawal sum represents 2.1% of Binance's stated $171B in total reported assets.
The initial rush eventually slowed during the afternoon trading session. Incoming deposits persisted alongside declining withdrawal velocity. Trading desks watched order books closely. Liquidity remains intact for now.
Stablecoins and Major Cryptos Lead Exodus
Tether led all token outflows with 1.96 billion units pulled from exchange wallets, according to public blockchain ledgers. USD Coin followed with 557.65M tokens leaving the platform. Users simultaneously pulled 19,569 Bitcoins valued near $1.53B. Ethereum outflows reached 154,147 ETH, translating to roughly $360M in transferred capital.
Traders distributed withdrawals across both stablecoins and primary crypto assets to preserve liquidity. Asset transfers spanned multiple chains. Exchange reserves dropped noticeably.
Issuers Freeze Billions in Stolen Funds
Tether and Circle placed operational freezes on approximately $2.70B to $3.00B in stablecoin addresses linked to the exploit, limiting attackers from moving those specific funds. Binance announced that corporate treasury funds and SAFU reserve accounts covered over 90% of the impacted balances. Outstanding exposure primarily consists of Bitcoin and Ethereum holdings controlled by the attackers.
Independent verification of the reported recovery figures remains pending. Blockchain auditors continue tracking destination addresses. Market participants demand cryptographic proof of reserves.
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