Binance users withdrew more than $4 billion in assets on the first day after the exchange resumed withdrawals.
Darkfost, a verified author on on-chain data platform CryptoQuant, wrote in a post at 8:50 p.m. Taipei time on Nov. 1 that after Binance reopened withdrawals that afternoon, users had withdrawn 19,569 BTC, 154,147 ETH, $1.96 billion in USDT and $557 million in USDC.
Using the values attached to his figures, BTC accounted for about $1.5 billion and ETH for about $360 million, bringing the combined total for the four assets to roughly $4.4 billion.
Net wallet decline was about $3.75 billion
Binance was hacked in the early hours of Oct. 30 Taipei time, with the total impact estimated at about $6.3 billion. The exchange then suspended withdrawals for more than two days. It began reopening them in batches from 2:20 p.m. on Nov. 1, and by 8:30 p.m. the first batch covering 15 chains had been fully restored.
CryptoQuant’s figure reflects gross withdrawals and does not subtract assets that users deposited back onto the platform during the same period.
ChainCatcher-style tracking cited in the report, based on Binance wallets monitored by DefiLlama, calculated changes coin by coin from 8 a.m. Taipei time on Nov. 1, before withdrawals resumed, to 9:29 p.m. By multiplying token balance changes by the latest prices and excluding the effect of market price moves, the wallets showed a net decline of about $3.75 billion.
That included a drop of about $1.74 billion in USDT, 13,597 BTC worth about $1.06 billion, $600 million in USDC, and about 88,000 ETH worth about $200 million.
Different methodologies produced different totals
The report said the two sets of numbers were calculated differently. CryptoQuant measured total withdrawals, while DefiLlama measured net changes in wallet balances. The wallet coverage and timestamps used by the two services were also not exactly the same.
According to DefiLlama data, Binance wallets tracked by the platform held about $134.7 billion in assets at 8 a.m. Taipei time on Nov. 1 and about $131.4 billion at 9:29 p.m. Based on the $3.75 billion net decline after withdrawals resumed, the outflow was equal to about 2.8% of assets before reopening.
In his post, Darkfost said the withdrawal suspension gave Binance time to replenish reserves so users would not suffer losses. He also said that, at the current pace, withdrawals appeared to have returned to normal and that Binance’s pledge to protect users with its own funds seemed to have been carried out.
Yi He warns users about scams
Binance co-founder Yi He wrote on the evening of Nov. 1 that the exchange’s community rewards campaign still needed approval from regulators and would go live only after the relevant authority completed its review during working hours on Nov. 2. She said there was currently no cash voucher campaign and warned users to be careful of scams.
Binance had previously said a new proof-of-reserves report was expected on Nov. 3.
