Binance users withdraw $4.6 billion after $6.3 billion hack, USDT reserves fall 8%

Binance recorded significant asset outflows following a major security breach on October 29, resulting in both a sharp decline in user-held USDT and notable changes in other reserves. The exchange, one of the world’s largest cryptocurrency trading platforms, reported a net withdrawal of $4.649 billion within about nine and a half hours after reopening withdrawals on November 1. In its October 31 proof-of-reserves snapshot, Binance showed a 7.95% drop in USDT balances, reflecting a reduction of 2,544,682,319 tokens from the previous month’s snapshot. The remaining user-held USDT stood at 29,483,062,742 following the outflows. Bitcoin reserves, in contrast, increased to 692,187 BTC, up by 3,614 BTC, or 0.52% over the prior month. Ethereum holdings decreased by 144,217 ETH, or 3.8%, to a total of 3,654,919 ETH.

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