Binance records $6.5 billion in withdrawals following its hack

Binance processed over $6.5 billion in withdrawals in the 24 hours following the progressive reopening of its platform after a hack, with most blockchains back in operation. The outflow surge came as the exchange resumed services, allowing users to move funds off the platform. The scale of withdrawals underscores pressure on user confidence in the wake of the security incident. Binance remains the world's largest crypto exchange by trading volume, so sustained outflows could affect liquidity across trading pairs and the broader market. Watch for whether withdrawal queues normalize, whether Binance discloses further details on the hack and reimbursement plans, and any impact on exchange reserves and stablecoin flows.