Binance Wallets Bleed $2.5B After Withdrawals Reopen Post-Hack
Tracked Binance wallets lost $2.51 billion in net outflows on Nov. 1, the day the exchange resumed withdrawals after a $6.3 billion security breach.
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Key takeaways
- Net outflows from tracked Binance wallets hit about $2.51 billion on Nov. 1, per DeFiLlama.
- USDT led at roughly $1.083 billion, followed by Bitcoin at $912 million.
- USDC outflows were about $385 million and wrapped Ether about $131 million.
- The exit followed a $6.3 billion security breach and the reopening of withdrawals.
Users yanked about $2.51 billion out of tracked Binance wallets on Nov. 1. That's the day the exchange reopened withdrawals after a $6.3 billion security breach, and the number comes from DeFiLlama data. Doors opened, and people ran for them.
Where the money went
Stablecoins led the exit. About $1.083 billion in USDT left, plus $385 million in USDC. Bitcoin outflows hit roughly $912 million, and wrapped Ethereum added around $131 million.
Add the two stablecoins together and they're well over half the total. That's cash-like money, the stuff people grab first when they want out. No mystery there.
What we don't know
Don't read more into these figures than they hold. They cover tracked wallets only, so they miss some Binance addresses. They're net numbers. And one day of data can't tell you whether the exodus keeps going or fizzles. The source material also doesn't say how the breach happened or how much users will get back. Those questions are open, so don't let anyone sell you answers.
Why it matters
When an exchange freezes withdrawals, the first day they come back is a stress test. Users are voting with their coins, and you can see the ballots. If you keep funds on any exchange, take the hint: custody is a risk you choose. Self-custody has its own headaches, sure, but it kills the freeze-and-hope scenario.
Traders, watch this too. Big stablecoin and BTC movements can ripple through liquidity and prices. Keep an eye on whether outflows slow in the coming days. If they don't, the real question is how much trust Binance can win back, and how fast.
Source: CryptoSlate
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