Binance Sees $3.64 Billion of Net Outflows as Withdrawals…
By Tobi Opeyemi Amure
AI summary of the source article
Binance recorded $3.64 billion in net outflows in the first nine and a half hours after resuming withdrawals, representing 2.1% of its assets. The exchange stated it has covered $6 billion of stolen tokens using its own funds.
Why it matters
The theft "tests the infrastructure built to contain exactly this, from issuer freezes to the federally regulated stablecoins now carrying compliance obligations of their own."
Key facts
- Binance customers withdrew $4.65 billion and deposited $1.01 billion in the first 9.5 hours of resumed withdrawals, creating $3.64 billion in net outflows.
- DefiLlama estimated the day's net outflow at $5.81 billion over 24 hours, a figure Binance disputed as inaccurate.
- Binance spent its own money to replace $6 billion of stolen tokens, bringing asset coverage to 95%.
Source excerpt · FinanceFeeds
Binance customers withdrew $4.65 billion and deposited $1.01 billion in the first nine and a half hours after the exchange reopened withdrawals , leaving net outflows of $3.64 billion. That equals 2.1% of the $171 billion in assets the exchange reported holding on 28 October, according to Reuters . It is the first hard measure of what customers did once the doors opened. It is also disputed. DefiL…