Binance Sees $2.3B Net Inflow as Withdrawals Grow
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Binance, the world's largest cryptocurrency exchange, has experienced a significant turnaround in fund flows, leading all exchanges in 24-hour net inflows.
MissedBlock Desk · 2 min read
Binance Sees Surge in Deposits Following Hack Recovery
Binance, the world’s largest cryptocurrency exchange, has experienced a significant turnaround in fund flows, leading all exchanges in 24-hour net inflows. This marks a reversal from substantial outflows recorded earlier in the week, following the exchange’s successful recovery from a $6.3 billion hack.
Over the past 24 hours, Binance registered $2.3 billion in net inflows, a notable increase as withdrawal access was progressively restored. Data compiled by DefiLlama, which tracks centralized exchanges, showed Binance far outpacing its competitors. Bitfinex recorded approximately $280 million in net inflows during the same period, while Bitget saw about $127 million.
“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows,” Binance announced Tuesday on the social media platform X.
The positive inflow figures contrast sharply with Monday’s data, when Binance experienced over $7 billion in net outflows within a 24-hour span. At that time, OKX had led exchanges with approximately $445 million in net inflows.
Binance had temporarily suspended withdrawals on Friday to investigate a security breach that occurred on Thursday, which resulted in the loss of $6.3 billion. The exchange began reinstating withdrawal services at 06:00 UTC on Sunday and expanded access to some fiat currencies on Monday, coinciding with a slowdown in customer withdrawals.
In a recovery update provided on Sunday, Binance stated that it had replaced approximately 95% of the assets lost in the hack. The remaining 5% comprised less liquid tokens, which required more time to procure through market and over-the-counter transactions.
The exchange has committed to covering the full extent of the losses using its own corporate resources and protection funds, assuring customers that they will not bear any financial burden from the incident.
The US Federal Bureau of Investigation attributed the hack to North Korea on Saturday. However, North Korea denied responsibility on Tuesday, with Kim Yo Jong, the sister of leader Kim Jong Un, dismissing the allegation as “absurd rhetoric.”