Binance Faces $6 Billion in Outflows After Withdrawal Freeze, CEO Downplays Impact

Binance, the world's largest cryptocurrency exchange, saw roughly $6 billion in net outflows after resuming withdrawals following a 45-hour freeze. The freeze was triggered by a $6.3 billion theft from a wallet, though the company has not confirmed details of the breach. According to data from blockchain analytics firms, the outflows represent less than 4% of Binance's total holdings, which CEO Changpeng Zhao emphasized in a tweet, calling the situation 'business as usual.' Rival exchanges such as OKX and Coinbase reported increased deposits during the same period, suggesting some customers moved funds for safety or liquidity reasons. The incident raises questions about security practices at major crypto platforms, especially after a series of hacks and regulatory pressures. While Binance claims its reserves are sufficient, the market will watch closely whether confidence returns or if further outflows signal deeper concerns. For now, the exchange appears to have contained the immediate crisis, but long-term trust remains a key challenge.