Binance reported on Tuesday that hourly deposits are currently outpacing withdrawals, indicating a rebound in user engagement following the $6 billion hack. This reversal was reached by 03:00 UTC on November 3, following several days marked by heavy hack-related withdrawals and billions in cryptocurrency leaving the platform.
In the update confirming that Binance deposits exceed withdrawals, the exchange stated:
“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows.”
Binance Hack Recovery, $6 Billion Outflows and User Confidence
This milestone is significant because it breaks a two-day trend where funds moved overwhelmingly in a single direction. Three days after the $6 billion security breach, Binance began reactivating withdrawals in phases on Sunday, November 1. Since then, platform activity has recovered as additional assets and networks are scheduled to reopen, according to company data.
How Big Were The Binance Crypto Outflows?
Over the initial nine and a half hours, Binance handled $4.649 billion in withdrawals against $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion—representing 2.1% of its $171 billion in total assets. Co-founder Changpeng “CZ” Zhao posted on X that the vast majority of these net outflows occurred during the first two hours when hack-related withdrawals peaked.
When looking at the broader picture, overall figures remain high despite the recent shift. Data from Binance’s hourly chart spanning from 06:00 UTC on November 1 to 04:00 UTC on November 3 records total crypto outflows of $10.97 billion against $5.695 billion in deposits, culminating in a net outflow of $5.276 billion. The most severe hour took place at 08:00 UTC on November 1, registering $1.243 billion in withdrawals and a peak net outflow of $936 million, with USDT, USDC, and BTC accounting for the largest portion of user withdrawals.
Subsequently, the hourly gap progressively narrowed. Binance recorded net deposits during six distinct hours across November 2 and early November 3. During the 03:00 UTC hour, the platform took in $193 million in deposits compared to $183 million in withdrawals, underscoring why the current hourly advantage for deposits carries considerable weight.
How Binance Is Covering The $6 Billion Hack
Binance has stated that it is utilizing corporate funds and its Secure Asset Fund for Users (SAFU) to cover all losses. Co-CEO Richard Teng affirmed this commitment shortly after the $6 billion incident, stating:
“We are committed to covering all hacked losses through our company funds.”
By Sunday, the exchange had covered approximately 95% of the stolen funds—up from roughly 90% the day before—and continues acquiring remaining less liquid tokens through open-market and OTC transactions. Major assets such as BTC, ETH, USDT, BNB, SOL, USDC, and XRP are fully backed at 100%, and the platform intends to restore SAFU reserves to about $1 billion. Upon the resumption of withdrawals, Teng emphasized:
“Binance will absorb the financial impact of the stolen funds, not our users.”
Users are now putting that pledge to the test, and the fact that deposits currently outweigh withdrawals indicates that many customers are choosing to stay.
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What It Means For Binance Users
At present, the dominance of deposits over withdrawals serves as the strongest indicator that the panic-driven rush to pull funds has subsided. User activity is rebounding, and the initial wave of hack-related withdrawals appears to have been an isolated surge rather than a permanent exodus. While a $3.64 billion net outflow in under ten hours represents a substantial sum, it amounts to just 2.1% of the $171 billion reported prior to the attack, and outbound crypto flows have since cooled.
While Binance deposits currently exceed withdrawals, the exchange still needs to complete the purchase of the remaining missing tokens and release its updated proof-of-reserves report.