UPDATE: Binance processed $4.6B in withdrawals following $6.3B breach
CIE News ·
Update to UPDATE: Binance records $3.64B in net outflows after reopening withdrawals
Based on reporting by BeInCrypto; not yet independently confirmed.
Binance handled $4.6 billion in gross withdrawals after an estimated $6.3 billion security breach, using its SAFU and corporate reserves to cover roughly 95% of customer balances.
Binance processed $4.6 billion in gross withdrawal volume between November 1 and November 2 following an estimated $6.3 billion security breach. As previously reported, the exchange recorded $3.64 billion in net outflows after reopening withdrawals, which accounted for 2.1% of its $171 billion in total assets.
The exchange confirmed that it covered approximately 95% of affected user balances by utilizing corporate reserves and its Secure Asset Fund for Users (SAFU). Binance also stated that withdrawal volumes began decreasing following an initial surge immediately after services were restored.
Broader market metrics stabilized as trading services normalized, with institutional flows shifting back toward net buy-side volume on November 2. In addition, the Coinbase Premium Index rebounded to -0.13, while Bitcoin (BTC) traded at $78,676 after gaining 1.03%, according to tradingkey.com.
Key facts
- $4.6B gross withdrawals
- $6.3B breach estimate
- 95% of balances covered
- SAFU reserves utilized
Read the original at BeInCrypto