Binance net outflows surge to $5.8B as withdrawals resume after record hack
The exchange says withdrawals surged after some services resumed but have since slowed, with the outflows representing a fraction of its roughly $171 billion in customer assets.
The exchange says withdrawals surged after some services resumed but have since slowed, with the outflows representing a fraction of its roughly $171 billion in customer assets.
Binance has recorded $5.8 billion in net outflows over the past 24 hours as customers withdraw funds following the exchange’s record $6.3 billion hack, according to data from DefiLlama.
Binance said it began restoring withdrawals at 6:00 UTC on Sunday. By 3:30 UTC, it had processed $4.6 billion in withdrawals against $1 billion in deposits, resulting in net outflows of $3.6 billion.
Binance said withdrawals initially surged but have since slowed and are stabilizing. The exchange noted that the outflows represented a small portion of the approximately $171 billion in assets it holds. Cointelegraph reached out to Binance for comment but did not receive an immediate response.