Binance Sees $3.64 Billion in Net Outflows After Reopening Withdrawals

Binance recorded $3.64 billion in net outflows after reopening withdrawals on Sunday following a record $6.3 billion hack, CNBC reports. Between 6 a.m. and 3:30 p.m. UTC on Nov. 1, the exchange processed $4.65 billion in withdrawals against $1.01 billion in deposits, net outflows equal to 2.1% of its $171 billion in total assets based on proof-of-reserves data as of Oct. 28. Founder and former CEO Changpeng Zhao wrote on X that "98% choose to stay!" and said most outflows came in the first hours. The FBI has attributed the attack to North Korean hackers in an operation it calls TraderTraitor. Binance says it will absorb the losses rather than pass them on to users and has covered around 95% of the affected amount so far.