Binance’s October 29 security breach coincided with net whale outflows of 226 million $XRP that day. CryptoQuant analyst Amr Taha reported 283 million $XRP in large transfers leaving Binance that day. Meanwhile, investigators traced 233.46 million $XRP from five Binance wallets being moved to one attacker address.
$XRP Whale Outflows Surge Before Binance Restarts Withdrawals
Taha compared the reading with September 2022’s net whale outflow of 83 million $XRP. The October figure reached 2.72 times that level, and the measurement counts tokens rather than dollar values.
TRM Labs recorded the $XRP theft between 20:05 and 20:09 UTC on October 29. In addition, Elliptic identified approximately 233 million $XRP leaving the same five exchange wallets. Each wallet retained its minimum balance after the transfers, according to TRM’s investigation.
During Binance’s withdrawal suspension, large $XRP outflows dropped to 14.7 million tokens on October 30. Taha’s data showed transfers exceeding 1 million $XRP, with the daily total declining by 94.8%.
Binance then began restoring $XRP withdrawals in phases on November 1, following security checks. Large transfers out reached 80 million $XRP, or 5.44 times the October 30 total. However, the net whale flows still showed approximately 50 million $XRP leaving after accounting for deposits.
$XRP Trades Near $1.25 as Hack Wallet Moves Stolen Funds
$XRP traded near $1.25 at the start of November, according to the accompanying CryptoQuant data, below September’s rebound near $1.55. The token also trailed July 2025’s peak of approximately $3.50 but held above August’s lows near $1.00.
Binance pledged to cover theft losses with company funds, and it reported full reserve backing for $XRP customer balances. The exchange also reported recovering roughly 95% of affected assets by November 1 and continued buying the remaining tokens.
Following the reports, on November 2, Whale Alert recorded a 40 million $XRP transfer worth $50,456,669 from the address “Binance Hack 2026.” The alert identified the sender through its hack label but provided no owner information for the receiving wallet.
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