Binance experiences $3.64 billion in net outflows after reopening withdrawals following a record hack, representing 2.1% of exchange assets.
Security & Exploits ·
Binance experienced $3.64 billion in net outflows following the reopening of withdrawals after a record hack, according to the exchange. The outflows represent 2.1% of the exchange's total assets. Initial withdrawal volumes spiked upon reopening but have since eased.
The outflow magnitude reflects user response to the security incident and the resumption of platform functionality. Binance said it plans to release an updated proof-of-reserves report on Monday, a standard mechanism for demonstrating asset backing in the wake of such events.
It remains unclear whether further outflows will occur, how the hack's scope or recovery will affect user confidence longer term, or what the forthcoming proof-of-reserves statement will reveal about the exchange's financial position post-incident.