Binance Experiences $11 Billion Withdrawn Amid Security Recovery Efforts

Binance has reported approximately $11 billion in withdrawals from its platform between 06:00 UTC on November 1 and 04:00 UTC on November 3. This surge in withdrawals occurred after the exchange reopened services following a major hack that resulted in $6 billion being stolen on October 29.

Despite the significant outflow, Binance noted that deposits of about $6 billion helped offset just over half of the withdrawals, leading to a net outflow of roughly $5 billion during this period.

On November 3, Binance issued a security-recovery notice indicating a gradual reopening of withdrawal routes for additional tokens and networks, starting at 04:00 UTC. This announcement highlights a phased approach to restoring services rather than a blanket resumption of all operations. Users are advised to verify the correct network for their transactions, as a token may exist on multiple chains.

The reopening of withdrawal routes is seen as a critical operational test following the security incident. While customers can begin to access their assets, the process is designed to ensure that the infrastructure is validated and transactions are monitored closely before wider access is granted.

Binance's announcement serves as a reminder that security measures are still in place, and not all systems are guaranteed to be fully secure. Users should remain cautious and rely solely on official channels for their transactions.