Binance recorded $5.8 billion in net outflows over a 24-hour period as customers withdrew funds following the exchange’s record $6.3 billion hack, according to data from DefiLlama. The surge occurred after Binance resumed withdrawals at 6:00 UTC on Sunday. By 3:30 UTC, the platform had processed $4.6 billion in withdrawals against $1 billion in deposits, resulting in initial net outflows of $3.6 billion.
The exchange stated that withdrawal volumes initially spiked but have since slowed and are stabilizing. Binance noted that these outflows represent a small fraction of the approximately $171 billion in assets currently held on the platform. As of 12:36 UTC, Binance enabled withdrawals for tokens across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain, and XRP Ledger, with plans to restore additional assets in phases. Early data indicated that USDt (USDT) accounted for the largest share of withdrawals, followed by USDC (USDC) and Bitcoin (BTC).
Prior to reopening withdrawals, Binance announced on Saturday that it had replaced 90% of the assets lost in the hack using funds from its corporate treasury, the Secure Asset Fund for Users, and its futures insurance fund. This event serves as an early test of customer confidence following the largest crypto theft on record.
The immediate resumption of withdrawals and the subsequent $5.8 billion net outflow highlight a critical tension between operational transparency and user trust. While Binance successfully restored access to funds across major networks like Bitcoin and Ethereum, the volume of capital leaving the platform suggests that users are prioritizing risk mitigation over convenience. The fact that stablecoins such as USDT and USDC led the withdrawals indicates that users are moving liquidity into more neutral or self-custodied positions rather than simply exiting the market entirely.
From an institutional adoption perspective, this incident tests the resilience of centralized exchanges' insurance mechanisms. Binance's claim that it covered 90% of losses through internal funds is significant, yet the continued outflows imply that users remain skeptical about the long-term security posture of the exchange. The stabilization of withdrawal rates mentioned by Binance offers a potential path to recovery, but sustained confidence will likely depend on further details regarding the hack's origin and the robustness of future security protocols.
