Binance records $3.64 billion in net outflows after hack-related withdrawal pause

Binance has seen $3.64 billion in net outflows from user wallets following the reopening of withdrawals after a major security incident, according to the exchange.

The outflows represent approximately 2.1% of the platform’s total assets, which the company stated were valued at $171 billion. The exchange reported that withdrawal volumes spiked initially after normal operations resumed but have since declined.

The outflows follow a period where Binance temporarily paused withdrawals on its native BNB Smart Chain network. This pause was implemented after a hack resulted in the theft of an estimated $570 million worth of BNB tokens from a cross-chain bridge.

The incident and subsequent withdrawal freeze prompted significant market concern, leading to the observed capital flight. The exchange has not provided a timeline for when it expects net flows to stabilize or turn positive.