Binance Resumes Withdrawals, Crypto Worth $2 Billion Exits in 3 Hours

Crypto tracking service Whale Alert spotted roughly $2 billion in Bitcoin (BTC), Ethereum (ETH) and dollar-pegged stablecoins exiting Binance within about three hours of the exchange restarting withdrawals on Sunday. The exchange says it now pays all withdrawals from newly generated wallets.

Binance halted withdrawals after attackers stole roughly $6.3 billion on October 29. For clients locked out since then, and for Bitcoin investors hoping for a relief rally, the issue is whether this capital is departing or simply being rearranged.

Which Transfers Made Up the $2 Billion Outflow?

Whale Alert messages recorded 10,000 BTC valued at roughly $779 million, nearly $1 billion in Tether (USDT), $200 million in USD Coin (USDC), and 30,000 ETH worth $68 million.

🚨 🚨 🚨 🚨 🚨 100,000,000 $USDC (100,037,106 USD) transferred from #Binance to unknown wallethttps://t.co/hepsLsxS4S

— Whale Alert (@whale_alert) November 1, 2026

The Whale Alert account listed each transfer as destined for an 'unknown wallet'.

Binance on Sunday stated it had attached newly created addresses to its proof-of-reserves list, the public roster of wallets that it claims contain user funds. Every future withdrawal will be funded from those addresses.

The exchange has not officially linked each withdrawal to the fresh wallets. Nevertheless, Binance asserts that it has recovered around 95% of the stolen money.

Why Did the Anticipated Sunday Rally Not Occur?

On late Friday, roughly 34 hours before Binance restarted withdrawals, crypto analyst Ted Pillows predicted to his followers that the move would lift prices.

"Binance targets to start resuming the withdrawal service within approximately 34 hours. This will cause a Sunday pump," Pillows indicated.

To date, no rally has occurred; only a slight 1.05% gain in the past day, with Bitcoin changing hands at $78,122 at press time. That is beneath the $79,000 threshold it dropped on the day of the attack. Additionally, investors withdrew $643 million from Bitcoin ETFs one day after the hack.

In February 2025, after Bybit suffered a roughly $1.5 billion theft, Bitcoin slid about 3% and Ethereum about 7% in a matter of hours, per Kaiko data. Bybit processed its withdrawal requests within about 12 hours. Bitcoin eventually reached a peak of $126,080 in October 2025.

Whether Bitcoin will mirror that rebound is debated. Analyst Charles Edwards no longer possesses any Bitcoin following the Binance breach, while Giovanni Santostasi and Benjamin Cowen countered his position in BeInCrypto's expert panel.

What Remains Locked On Binance?

Only the first phase, which includes 15 networks, has been made accessible. Co-founder Yi He stated that other wallets are still undergoing security checks, with no fixed timeline for their reactivation.

In the meantime, Binance has allocated over $6.34 billion from its own reserves to offset the damages, AFP reported.