Binance reports $11 billion withdrawn in 46 hours as Zhao says few funds went to rivals
Binance reported about $11 billion in withdrawals between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after reopening services following its record $6 billion hack on Oct. 29. Deposits of about $6 billion offset just over half the withdrawals, leaving roughly $5 billion in net outflows over the same period, according to… Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Binance reported about $11 billion in withdrawals between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after reopening services following its record $6 billion hack on Oct. 29.
Deposits of about $6 billion offset just over half the withdrawals, leaving roughly $5 billion in net outflows over the same period, according to data released by Binance on Tuesday.
The net withdrawals represented about 3.1% of Binance's previously reported $171 billion in assets.
In the peak withdrawal hour, beginning at 08:00 UTC on Nov. 1, withdrawals exceeded deposits by $936 million.
The pace subsequently moderated, with incoming deposits increasingly offsetting withdrawals throughout Nov. 2.
By the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits against $183 million in withdrawals, producing a positive balance of $10 million.
Binance co-CEO Richard Teng highlighted the development as evidence of improving customer activity. He stated: