Binance reports $11 billion withdrawn in 46 hours as Zhao says few funds went to rivals

The withdrawals occurred between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3. The net withdrawals represented about 3.1% of Binance's previously reported $171 billion in assets. In the peak withdrawal hour beginning at 08:00 UTC on Nov. 1, withdrawals exceeded deposits by $936 million.

The pace moderated over time, with deposits increasingly offsetting withdrawals throughout Nov. 2. By the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits against $183 million in withdrawals, producing a positive balance of $10 million.

Zhao says most funds went to self-custody

Binance co-founder Changpeng Zhao revealed that only 6% to 10% of withdrawn funds had gone to competing exchanges, citing unspecified public reports. Most funds were transferred to self-custody wallets that had not subsequently interacted with decentralized exchanges.

Zhao emphasized that Binance had absorbed the financial impact of the hack without seeking external funding or selling assets. The exchange covered the losses from its balance sheet, stating: 'Binance did not borrow money. Binance did not sell assets. Binance did not raise money.'

Phased reopening continues

The exchange announced a further phased reopening of withdrawals beginning at 04:00 UTC on Nov. 3, including assets on Ethereum, Solana and BNB Smart Chain. Binance said the reopening would continue in phases as security checks are completed, with further assets to be added as they become ready.

In its Nov. 1 update, Binance also said it would publish a detailed post-incident report once its investigation was complete. The exchange continues working to restore full functionality while maintaining security measures following the unprecedented breach.