More than 25,000 BTC withdrawn from Binance in 48 hours, annual record

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https://cryptoast.fr/binance-retraits-record-bitcoin-btc-apres-piratage/

The figures published by CryptoQuant on Thus, between November 1 and 2, Binance customers withdrew a total of 25,793 bitcoins net (deducted from deposits), or approximately $2.07 billion at the current price.

At the same time, 273,094 ether (ETH), 3.75 billion USDT stablecoins and 1.33 billion USDC stablecoins also left the exchange. For each of these assets, this is the largest 24-hour net withdrawal in the last 12 months.

Users thus took more bitcoins out of Binance than the hackers themselves, since on October 29, 18,270 BTC had been stolen, or approximately $1.47 billion at the current price of the famous crypto. According to CryptoQuant, the peak of these outflows was reached in the very early hours of November 1, just after withdrawals reopened, with 6,417 BTC and $900 million in USDT withdrawn in a single hour!

Interviewed by Jacquelyn Melinek on the Talking Tokens podcast, Changpeng Zhao (CZ) gave some additional details about these streams. The Binance founder claims that only 6-10% of withdrawn funds were redirected to other centralized exchanges (CEX).

CZ concludes that the majority of funds leaving Binance would therefore have been sent to self-hosted wallets (self-custody), where the user alone holds their private keys. A classic reflex after a major security incident, which highlights the distrust of some holders towards CEXs, even the most important ones.

To support its speech of transparency, Binance has published snapshots of its reserves. According to CryptoQuant, a first snapshot of Proof-of-Reserves was taken on October 31 at 00:00 UTC. The exchange indicates that it has reconstituted 95% of the stolen assets as of November 1 (compared to 80% on October 30, the day after the hack).

According to public reports, only 6-10% of withdrawals went to other CEX. Majority went to self-custody wallets, and have not interacted with a DEX yet. Stay safe. 🙏 https://t.co/pvXePDRqts

To hold your private keys alone, as many Binance users have done, a hardware wallet such as the Ledger Nano Gen5 is an option.

Despite this initial panic when withdrawals were again available, it seems that the bank-run, or rather the exchange-run here, fell quite quickly. Indeed, as of November 3, ETH, USDT and USDC returned to positive net flows on Binance, with +75,000 ether, +215 million USDT and +440 million USDC respectively.

Machine-translated from French