Binance customers pull $3.6 billion as reserves snapshot goes live

Binance customers withdrew $4.65 billion and deposited $1.01 billion in the first nine and a half hours after the exchange reopened withdrawals on Sunday, Nov. 1, leaving a net outflow of about $3.64 billion, the exchange said. Binance put that at 2.1% of its $171 billion in assets under management, using its Oct. 28 proof-of-reserves data.

The figures cover 06:00 to 15:30 UTC. All 15 networks in the first phase were open by 12:36 UTC, and Binance said withdrawals had declined after an initial spike while deposits "have remained substantial," The Block reported. Most coins were still locked. At 11:22 a.m. ET, Binance's status page showed withdrawals suspended for 531 of 552 listed coins, per The Block.

Why outside trackers show a bigger number

DefiLlama, which follows wallets it attributes to Binance, showed $4.05 billion in net outflows over 24 hours as of 11:37 a.m. ET, The Block said. Later on Sunday its dashboard showed $5.81 billion, Reuters reported. A Binance spokesperson told Reuters the DefiLlama figure "does not contain the flows we have deposited to our own new hot wallet," and called the exchange's own X update the closest to accurate.

Some of the money went to rivals. The next 10 largest exchanges tracked by DefiLlama took in about $368 million net over the same 24 hours, led by OKX with $316.8 million. CoinGlass data cited by The Block showed Binance's bitcoin balance down about 19,289 BTC, while Coinbase added about 984 BTC and Kraken about 1,422 BTC.

What the Oct. 31 snapshot covers

Binance had promised a proof-of-reserves report by Nov. 2. It took a fresh snapshot at 00:00 UTC on Oct. 31 and says balances in ten assets (BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC) are fully backed, according to its Recovery Update #4. The same notice says company funds have now replaced about 95% of the assets stolen in the Oct. 29 breach. The last 5% are less liquid tokens outside that list.

A snapshot compares reserve wallets with customer balances at one moment. It says nothing about money that moved after midnight on Oct. 31, covers only the assets in the report, and does not show the exchange's other obligations. Recovery Update #4 does not name an outside auditor. Withdrawals now leave from newly generated wallets that Binance added to its published reserve address list.

The missing piece is the zero-knowledge proof, which lets each customer confirm their own balance is counted without exposing anyone else's. In its Sunday post Binance said the updated report should appear on its reserves page on Monday, Nov. 2. Its earlier Recovery Update #3 gave a later date for the full proof, "by Tuesday, 2026-11-03 (UTC)," citing 40 to 50 hours of computing time.