Binance Hack Shows How Owning Your Crypto & Controlling It Aren't The Same Thing

After Binance reopened withdrawals following a $6.3 billion hack, customers moved funds off the exchange, according to DeFiLlama data and reporting cited by Bitcoin.com. Net outflows were about $12.16 billion over seven days, then turned to roughly $3.25 billion net inflows over 24 hours by November 3. Binance co-founder Changpeng Zhao said only 6–10% of withdrawals went to other centralized exchanges, with most going to self-custody wallets. The shift reduces exchange counterparty risk, but puts security responsibility entirely on users, who can’t rely on the exchange if keys are stolen. The article also cites incidents like a Ledger device implant, and a Trust Wallet Chrome-extension compromise draining about $7 million, while noting stablecoin freezes can still occur.