Matt Slocum / AP, file, February 28, 2023 (crop).
Binance said Sunday that about $3.64 billion more left the cryptocurrency exchange than came in during the first nine and a half hours after it began restoring withdrawals, putting a figure on the movement of customer funds as access reopened.
The exchange processed $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 UTC on November 1, according to Binance’s update posted Sunday. That reporting window ran from 1 a.m. to 10:30 a.m. Eastern Standard Time. Binance said withdrawal volumes had declined after an initial spike and were stabilizing, while deposits remained substantial.
The net outflow is the difference between money withdrawn and money deposited. It is not a new theft loss, and the gross withdrawal figure does not mean that all of that money permanently left the exchange without any funds coming back. Binance’s figures describe transfers during a set period, rather than the amount stolen in the earlier security incident.
Binance put the net outflow at 2.1% of its $171 billion in total assets under management. The company said that asset figure came from its latest available Proof of Reserves data, dated October 28. The comparison therefore uses a reserve figure from before Sunday’s reopening, not a new measurement taken at the end of the withdrawal window.
The numbers are Binance’s own account of activity on its platform, not independently audited figures. A Proof of Reserves snapshot is also different from a full financial audit: showing assets at a particular time does not, by itself, provide a complete picture of an exchange’s liabilities or financial condition.
Binance said withdrawals had resumed for all 15 networks and assets covered by the initial phase by 12:36 UTC, or 7:36 a.m. Eastern, on Sunday. That does not mean every network and asset on the platform was back online. The company said its team was still testing the remaining networks and assets and would announce details of the next phase when ready.
The update follows the phased withdrawal restart that JBizNews reported earlier Sunday. The new figures show how much customers moved during the reopening, while the continuing tests leave some customers waiting for access beyond the initial group.
Binance said it had taken a fresh reserve snapshot at 00:00 UTC on October 31 and had begun the zero-knowledge proof calculations used for its reserve report. It expected the updated report to appear on its Proof of Reserves website Monday, November 2. That report will give customers a newer reserve snapshot than the October 28 data used in Sunday’s outflow comparison, though it will still describe a point in time rather than continuous, real-time balances.
JBizNews Desk | New York
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