Binance sees $3.64 billion net outflow as withdrawals come back online

Binance users made a net withdrawal of about $3.64 billion after the exchange reopened withdrawals on Nov. 1, following an Oct. 29 hack. Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits from 06:00 to 15:30 UTC while restoring all 15 networks and assets in the first phase by 12:36 UTC. The net outflow was 2.1% of roughly $171 billion in assets, based on Proof of Reserves data as of Oct. 28, the exchange said. Founder Changpeng Zhao said most of the net outflow occurred in the first couple of hours. Binance’s preliminary investigation pointed to a compromised DevOps engineer’s laptop, and the FBI blamed North Korea’s TraderTraitor operation.