Binance Withdrawals Top FTX Levels in November, but Crypto Liquidity Defies Panic

Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits in the first nine and a half hours after reopening services on Nov. 1, producing $3.64 billion in net outflows following a $6.3 billion hack. According to its Oct. 28 proof-of-reserves data, the exchange held $171 billion in total assets, meaning the outflows equaled 2.1% of reported holdings. Binance said it had set aside more than $6.34 billion to cover the incident and that 95% of stolen assets had been replaced; partners froze about $3 billion linked to the attack. The withdrawals were compared with FTX’s November 2022 collapse, when that exchange saw $6 billion in net withdrawals over 72 hours before suspending customer withdrawals.