Binance posts $2.3B in net inflows as withdrawals expand after $6.3B hack
In brief
- Binance recorded $2.3 billion in 24-hour net inflows, per DefiLlama data cited by Cointelegraph.
- Binance led all centralized exchanges tracked by DefiLlama, ahead of Bitfinex and Bitget.
- Binance posted more than $7 billion in 24-hour net outflows on Monday.
- Binance said it had replaced about 95% of the assets affected by the hack.
- The FBI attributed the attack to North Korea, which denied responsibility.
Binance leads exchange inflows
Binance led the centralized exchanges tracked by DefiLlama in 24-hour net inflows, Cointelegraph reported. Bitfinex recorded about $280 million and Bitget about $127 million over the same period, according to the same data.
It's a full reversal from Monday.
That day, Binance recorded more than $7 billion in 24-hour net outflows, per DefiLlama figures cited by Cointelegraph, while OKX led exchanges with about $445 million in net inflows. Binance posted on X Tuesday that by 03:00 UTC, hourly deposits were running ahead of withdrawals (the exchange's own read of its flows, not ours).
“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows,” Binance said Tuesday on X.
How withdrawals came back
Binance suspended withdrawals on Friday after Thursday's $6.3 billion hack, according to Cointelegraph, while it investigated the breach and ran security checks. It began restoring withdrawals at 06:00 UTC on Sunday. Withdrawals for some fiat currencies reopened on Monday.
In a Sunday recovery update, Binance said it had replaced about 95% of the affected assets. What about the other 5%? Those were less liquid tokens that took longer to buy through market and over-the-counter purchases, Cointelegraph reported. The exchange has pledged to cover the losses with company resources and protection funds, and it's said it won't pass them on to customers.
FBI points to North Korea
The US Federal Bureau of Investigation attributed the attack to North Korea on Saturday. Pyongyang denied responsibility on Tuesday, with Kim Yo Jong (sister of leader Kim Jong Un) dismissing the allegation as "absurd rhetoric."
