Binance withdrawals topped $3.75 billion in 10 hours after the exchange reopened its doors, according to reports of alleged customer transfers following the restoration of withdrawal services. The surge puts fresh pressure on the world’s largest crypto exchange as users test whether their funds are safe.
Why Binance Withdrawals Surged After the Hack
Hackers compromised Binance’s hot wallets on Thursday, October 29, and started unauthorised withdrawals worth roughly $6.3 billion. The FBI said North Korea was responsible for the attack. Traders reacted fast once Binance restored access. Users moved Bitcoin, Ethereum and stablecoins off the platform to protect their holdings, and that rush of crypto exchange outflows explains the record pace of Binance withdrawals.
Binance Reopens Withdrawals in Phases
Binance resumed withdrawals for major cryptocurrencies such as Bitcoin and Ethereum on Sunday. The exchange is restoring access in stages rather than all at once. Withdrawals run on only some networks so far, so the real stress test arrives when every asset can move again. Each phase gives the exchange a chance to confirm wallet security and manage liquidity while customers watch for signs of trouble.
What the Outflows Mean for BNB and the Crypto Market
Figures differ between reports. Binance said it saw about $4.7 billion in withdrawals on Sunday. Another analysis put the first day outflow at $2.5 billion. The $3.75 billion number comes from a single report of alleged transfers, so treat it as unconfirmed until Binance publishes audited data. Prices have already reacted. Bitcoin dropped nearly 5 percent after the hack news, Ethereum fell nearly 6 percent, and BNB tumbled nearly 10 percent. Investors should watch proof of reserves updates, further Binance withdrawals and the exchange’s recovery plan for stolen funds.