Binance Sees Net Inflows Rise Amid Growing User Activity
Binance deposits exceed withdrawals on an hourly basis right now, the exchange said on Tuesday, as Binance user…
Binance reported on Tuesday that hourly deposits are currently outpacing withdrawals, signaling that user engagement is starting to recover following the $6 billion hack. This reversal was recorded by 03:00 UTC on November 3, following several days marked by heavy withdrawals and billions of dollars in crypto leaving the platform.
In the update confirming that deposits are exceeding withdrawals, the exchange stated:
“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows.”
Binance Hack Recovery, $6 Billion Outflows and User Confidence
This milestone is significant because it follows a two-day period of heavily one-directional capital movement. Binance restored withdrawal services in phases on Sunday, November 1, three days after the $6 billion security breach. With plans to open additional assets and networks underway, exchange data shows that user participation has grown since then.
How Big Were The Binance Crypto Outflows?
During the initial nine and a half hours, Binance processed $4.649 billion in withdrawals against $1.01 billion in deposits, resulting in a net outflow of roughly $3.64 billion—representing 2.1% of its $171 billion in total assets. Co-founder Changpeng “CZ” Zhao noted on X that the vast majority of these net outflows occurred during the first two hours when withdrawals peaked.
Looking at the broader timeline, total crypto outflows reached $10.97 billion compared to $5.695 billion in deposits, culminating in a cumulative net outflow of $5.276 billion, according to an hourly chart spanning from 06:00 UTC on November 1 to 04:00 UTC on November 3. The most severe hour occurred at 08:00 UTC on November 1, when withdrawals hit $1.243 billion and net outflows peaked at $936 million, driven primarily by USDT, USDC, and BTC withdrawals.
Since then, the gap between hourly metrics has steadily narrowed. Binance recorded net deposits during six separate hours across November 2 and early November 3. By the 03:00 UTC hour, the platform registered $193 million in deposits compared to $183 million in withdrawals, underscoring why the shift toward positive hourly net flows is currently drawing widespread attention.
How Binance Is Covering The $6 Billion Hack
Binance announced it is funding the losses utilizing corporate capital alongside its Secure Asset Fund for Users (SAFU). Co-CEO Richard Teng emphasized this commitment shortly after the security incident, stating:
“We are committed to covering all hacked losses through our company funds.”
By Sunday, the exchange had covered roughly 95% of the stolen assets—up from about 90% the previous day—and continues to acquire remaining illiquid tokens via open-market transactions and OTC deals. Major cryptocurrencies such as BTC, ETH, USDT, BNB, SOL, USDC, and XRP maintain 100% backing, while the SAFU reserve is scheduled to be replenished to approximately $1 billion. Upon resuming withdrawals, Teng reiterated:
“Binance will absorb the financial impact of the stolen funds, not our users.”
Users are currently putting that pledge to the test, and the trend of deposits surpassing withdrawals indicates that many choose to remain on the platform.
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What It Means For Binance Users
The current data showing deposits exceeding withdrawals serves as a strong indicator that the initial rush to pull funds has decelerated. User activity is rebounding, suggesting that the hack-driven withdrawals constituted a brief surge rather than a permanent mass departure. While a $3.64 billion net outflow in under ten hours is substantial, it translates to just 2.1% of the $171 billion in assets Binance reported prior to the attack, and overall outbound flows have since cooled.
Although hourly deposits are currently outstripping withdrawals, the exchange still needs to finish acquiring the remaining missing tokens and release its updated proof-of-reserves report.
Frequently Asked Questions
What did Binance report regarding deposits and withdrawals?
Binance reported that hourly deposits are exceeding withdrawals as user activity starts to pick up following a recent $6 billion security incident.
How large were the total crypto outflows during the incident?
Total crypto outflows reached $10.97 billion against $5.695 billion in deposits, leading to a cumulative net outflow of $5.276 billion over the tracked timeline.
How is Binance covering the financial losses from the hack?
Binance stated it is covering all losses using company funds and its Secure Asset Fund for Users (SAFU), absorbing the financial impact instead of passing it to users.
Which tokens made up the largest share of withdrawals?
USDT, USDC, and BTC accounted for the largest share of the funds withdrawn by users during the peak of the incident.
What percentage of the stolen assets has Binance covered so far?
By Sunday, Binance had covered approximately 95% of the stolen assets, with major coins like BTC, ETH, USDT, BNB, SOL, USDC, and XRP fully backed at 100%.
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