Binance Faces $3.5 Billion in Customer Outflows After Restoring Withdrawals Following $6.3 Billion Hack

A $6.3 billion hack that forced Binance to halt withdrawals drove roughly $3.6 billion of net outflows, a scale that directly tests counterparty confidence in centralized venues. Withdrawals are restored and about 95% of stolen assets recovered, limiting contagion, but the episode reinforces self-custody demand and higher exchange-risk premia. Expect elevated crypto volatility, thinner liquidity and defensive positioning, with spillover risk to broader risk appetite if outflows resume.