Binance sees a net $3.64 billion leave in nine and a half hours after reopening withdrawals, about 2% of the $171 billion it holds
Binance reopened withdrawals on Sunday, November 1, and said users took out $4.65 billion and put in $1.01 billion between 1:00am and 10:30am Eastern time, a net outflow of about $3.64 billion, The Block reported. That is about 2.1% of the $171 billion in assets in its October 28 proof-of-reserves data. Binance said withdrawals were "stabilising as expected" after an initial spike and that deposits had remained substantial.
Tracker figures ran higher later in the day. Cointelegraph reported that DefiLlama showed about $5.8 billion of net outflows over 24 hours, and that USDT, USDC and bitcoin were the largest withdrawals in early data. DefiLlama measures flows in wallets Binance discloses, not confirmed customer withdrawals, and co-CEO Yi He said the bot likely counted some new hot wallet addresses as outflows, TheStreet reported.
All 15 networks and assets in the first phase were open by 7:36am Eastern, but Binance's status page still showed withdrawals suspended for 531 of 552 coins at 11:22am, according to The Block. Binance said an updated proof-of-reserves report, using an October 31 snapshot and zero-knowledge proofs, is due Monday.
This story is reporting and analysis. It is not financial, legal or tax advice.
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