Binance Restores Withdrawals as USD3.64B Exits in 9.5 Hours
(MENAFN) Binance said Monday it is gradually bringing user withdrawals back online after a recent security incident, with the exchange absorbing a net outflow of roughly $3.64 billion in the first hours of the reopening.
In a statement posted on X, the cryptocurrency exchange said it started the phased restart at 0600 GMT on Sunday and brought 15 networks and assets back within six and a half hours.
From 0600 GMT to 1530 GMT Sunday, Binance processed $4.65 billion in withdrawals against $1.01 billion in deposits. The gap equals 2.1% of the roughly $171 billion in total assets under management, according to reserve data dated Oct. 28.
“After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial,” the exchange stated.
Binance said market conditions remain stable. Its technical teams are now testing the remaining networks and assets ahead of the next restoration phase.
The exchange also plans to release an updated proof-of-reserves report on Tuesday, based on a snapshot taken Oct. 31, once cryptographic calculations are complete.
In a statement posted on X, the cryptocurrency exchange said it started the phased restart at 0600 GMT on Sunday and brought 15 networks and assets back within six and a half hours.
From 0600 GMT to 1530 GMT Sunday, Binance processed $4.65 billion in withdrawals against $1.01 billion in deposits. The gap equals 2.1% of the roughly $171 billion in total assets under management, according to reserve data dated Oct. 28.
“After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial,” the exchange stated.
Binance said market conditions remain stable. Its technical teams are now testing the remaining networks and assets ahead of the next restoration phase.
The exchange also plans to release an updated proof-of-reserves report on Tuesday, based on a snapshot taken Oct. 31, once cryptographic calculations are complete.
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