Binance, the exchange hit by what was described as the largest hacking amount in cryptocurrency history, saw net outflows of $3.64 billion over about 9 hours 30 minutes after it resumed withdrawals, CoinPost reported on Nov. 2 local time. The amount equals 2.1 percent of the total deposited assets of $171 billion Binance presented as of Oct. 28.

Binance resumed withdrawals in stages from 3 p.m. on Nov. 1. By 9:36 p.m. the same day, it had completed the resumption of withdrawals for all 15 networks and assets in the first phase. From 3 p.m. on Nov. 1 to 12:30 a.m. on Nov. 2, withdrawals totaled $4.649 billion and deposits totaled $1.01 billion.

The company explained that after an early surge in withdrawal demand, the flow is slowing as expected. Binance said, "Withdrawal volumes are decreasing and stabilising as expected after an initial surge," and added, "Deposits are also still remaining at a significant scale." It then posted that "market conditions are stable."

The resumption of withdrawals is part of restoring services that had been suspended after an illegal access incident on Oct. 29. Binance estimated the damage at about $6.3 billion. It said it froze about $3 billion worth of assets on the blockchain. It plans to fully compensate losses using the user protection fund SAFU and company funds. Binance disclosed on Oct. 31 that it had secured more than $6.34 billion of its own funds for compensation.

As a follow-up measure to reduce market anxiety, it also signalled it would release proof of reserves. Proof of reserves is a method that allows external verification of whether an exchange holds reserve assets corresponding to assets entrusted by customers. Binance operates a system that uses zero-knowledge proofs to match total liabilities with reserve assets without disclosing individual user balances.

A new snapshot was captured at 9 a.m. on Oct. 31. Zero-knowledge proof calculations are under way, and the company said it plans to publish an updated report on its proof-of-reserves website on Nov. 2 in Coordinated Universal Time. It is continuing tests for the remaining networks and assets, and plans to provide the next phase schedule once preparations are complete.

Binance Japan also took separate measures. Binance Japan said on Oct. 30 it had not confirmed any impact on customer assets, but temporarily suspended cryptocurrency withdrawals as a precaution. It continued to provide deposits and trading, as well as Japanese yen deposits and withdrawals, as normal. It later posted that it would resume withdrawals sequentially on Nov. 1.

These figures are seen as the first indicator of how much concern over a large-scale outflow of funds immediately after the hack reflected reality. Binance is expanding the scope of restoration by normalising services targeted in the first recovery phase, then updating proof of reserves and resuming additional networks. A key point going forward is how user fund flows will continue after normalising withdrawals on remaining networks and releasing new proof of reserves.