Data from DefiLlama showed Binance’s net wallet outflows exceeding $7 billion during an earlier Monday reporting window, while competing exchanges including Bybit, Gate and Bitget attracted fresh deposits. The divergence provides an early indication of changing exchange balances following the largest cryptocurrency theft on record.
However, the figures do not establish that funds withdrawn from Binance were transferred directly to its competitors. They also measure movements across publicly identified exchange wallets, which can differ from customer withdrawal figures reported by the platforms themselves.
How Much Capital Is Moving Between Exchanges?
OKX led DefiLlama’s 24-hour exchange inflow rankings with approximately $445 million, followed by Bybit at $112 million, Gate at $91 million and Bitget at $54 million. Together, the four exchanges attracted roughly $702 million in net inflows during the reporting period.
Binance, meanwhile, registered more than $7 billion in net outflows in the same rolling data snapshot, up from approximately $5.8 billion earlier Monday. The readings are time-sensitive and can change substantially as the 24-hour measurement window advances.
Binance began restoring withdrawals at 06:00 UTC on November 1, following a suspension imposed after attackers compromised its hot wallets on October 29.
As previously reported by FinanceFeeds, Binance processed $4.649 billion in customer withdrawals and $1.01 billion in deposits during the first nine and a half hours after reopening, producing approximately $3.64 billion in net outflows.
By Monday, Binance reported that cumulative net customer withdrawals had reached $4.72 billion, equivalent to approximately 2.8% of its reported pre-incident assets.
The difference between Binance’s figures and DefiLlama’s estimates reflects different reporting periods and measurement methods. Exchange wallet trackers may also capture internal transfers or movements to newly created addresses rather than exclusively customer withdrawals.
Do $7B in Outflows Signal a Liquidity Crisis?
Despite the substantial movement of assets, Binance retained approximately $127.9 billion in wallets tracked by DefiLlama at the time of the earlier Monday snapshot. OKX held approximately $29 billion, making Binance more than four times larger by that measure.
Binance separately reported approximately $171 billion in platform assets as of October 28. The difference reflects distinct asset coverage and reporting methodologies, meaning the two reserve estimates should not be treated as interchangeable.
The withdrawal figures demonstrate considerable customer demand for liquidity following the breach, but they do not independently establish a solvency problem.
The exchange said withdrawal activity moderated after an initial surge, while deposits remained substantial. Whether those patterns persist will be important in assessing customer confidence once additional networks and assets become available for withdrawal.
Investor Takeaway
Large exchange outflows indicate heightened withdrawal demand, but wallet movements alone cannot establish customer losses, insolvency or a lasting transfer of market share.
What Does Binance’s New Reserve Proof Establish?
Binance’s recovery efforts have progressed alongside the reopening of withdrawals. Following the October 29 security breach, the exchange committed to replacing stolen assets using corporate funds, its Secure Asset Fund for Users and resources from its futures insurance fund.
By November 1, Binance said it had replenished approximately 95% of the affected assets, up from 90% the previous day. The remaining 5% consists of less liquid tokens that the company continues to acquire through market and over-the-counter transactions.
On November 2, Binance announced that it had completed the zero-knowledge proof for its October 31 proof-of-reserves snapshot. Customers holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC can independently verify that their recorded balances were backed at least one-to-one at the snapshot time.
However, the snapshot predates the reopening of withdrawals and therefore does not independently establish the exchange’s reserve position after Monday’s substantial outflows.
Binance plans another snapshot on November 4 covering additional tokens, followed by a new verification process. The exchange has also scheduled another phase of withdrawal restoration for November 3.
Approximately $3 billion in stolen assets has been frozen through cooperation with industry partners. Those freezes are separate from Binance’s asset replenishment efforts and do not mean the frozen cryptocurrency has been returned to the exchange.
Investor Takeaway
Binance’s verified reserve snapshot strengthens transparency for ten major assets, but subsequent reserve disclosures will be needed to assess balances after withdrawals resumed.
Can Rival Exchanges Retain the New Deposits?
The inflows to OKX, Bybit, Gate and Bitget create a potential competitive opportunity, particularly if traders choose to diversify custody arrangements or redirect activity to alternative venues.
Previous exchange security incidents demonstrate that customer reactions can vary considerably. During Bybit’s $1.5 billion breach in February 2025, the platform continued processing withdrawals while arranging additional liquidity to manage demand.
For OKX and other competing exchanges, the immediate challenge is whether newly deposited assets remain on their platforms and translate into sustained trading activity.
For Binance, the more consequential indicators will be withdrawal stabilization, completion of the remaining asset replenishment and updated reserve verification following the reopening. Those measures will provide a clearer assessment of the financial and competitive consequences of the breach than any single 24-hour flow snapshot.
