Binance tracked wallets show $2.5B outflows after withdrawals resume
BROBROK News · Based on reporting by CryptoSlate ·
Tracked Binance wallets recorded $2.51 billion in net outflows on Nov. 1 after the exchange resumed withdrawals following its $6.3 billion security breach. The largest flows were in USDT and BTC, but Binance said the switch to newly generated wallets makes it hard to tell how much of the activity reflects customer withdrawals.
Key points
- Tracked outflows reached $2.51 billion on Nov. 1.
- USDT and BTC made up most of the observed outflows.
- Binance began restoring withdrawals after the Oct. 29 hack.
- The exchange said congestion may occur as withdrawal demand picks up.
- Binance said it has replenished about 95% of affected assets using corporate resources and market purchases.
Why it matters
On-chain exchange flows can signal user behavior, but in this case the wallet migration makes the numbers harder to interpret. The incident also highlights the operational strain that follows a major exchange breach.
Original headline: “Tracked Binance wallets record $2.5 billion in outflows as withdrawals reopen after hack”
Read the original on CryptoSlate
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.