UPDATE: Binance reports $11B in outflows over 46 hours after hack
CIE News ·
Update to UPDATE: Binance outflows reach $6B after withdrawal reopening
Based on reporting by CoinDesk; not yet independently confirmed.
Binance experienced nearly $11 billion in total outflows and $5.3 billion in net outflows across 46 hours after a record hack, while CEO Richard Teng said a recovery process is underway.
Binance experienced nearly $11 billion in total outflows over a 46-hour period following a record hack, according to CoinDesk. Net outflows reached $5.3 billion during the same timeframe after rival cryptocurrency exchanges attracted departing customer deposits.
As previously reported, initial outflows stood at $6 billion shortly after the platform restored withdrawal services. That earlier volume represented less than 4% of the exchange's total asset holdings before total outflows climbed to the updated figure.
Binance CEO Richard Teng stated that a recovery process is currently underway across the platform. Teng also noted that hourly customer deposits had begun to exceed withdrawal requests as the recovery progressed.
Key facts
- $11B total outflows
- $5.3B net outflows
- 46-hour period
- Recovery underway