Binance reports $11 billion withdrawn in 46 hours as Zhao says few funds went to rivals

Binance reported about $11 billion in withdrawals between 06:00 UTC on Nov. 1 and 04:00 UTC on Nov. 3, after reopening services following its record $6 billion hack on Oct. 29.Deposits of about $6 billion offset just over half the withdrawals, leaving roughly $5 billion in net outflows over the same period, according to data released by Binance on Tuesday.Binance Deposits and Withdrawals (Source: Binance)The net withdrawals represented about 3.1% of Binance's previously reported $171 billion in assets.In the peak withdrawal hour, beginning at 08:00 UTC on Nov. 1, withdrawals exceeded deposits by $936 million.The pace subsequently moderated, with incoming deposits increasingly offsetting withdrawals throughout Nov. 2.By the hour beginning at 03:00 UTC on Nov. 3, Binance recorded $193 million in deposits against $183 million in withdrawals, producing a positive balance of $10 million.Binance co-CEO Richard Teng highlighted the development as evidence of improving customer activity. He stated:“The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals.”The improvement also drew attention from Bitwise CEO Hunter Horsley, who suggested that customers ...