Binance’s Net Inflows Turn Positive at $2.3B as Withdrawals Expand
Binance led exchanges in 24-hour net inflows, reversing Monday’s heavy outflows as it restored access to funds after its $6.3 billion hack. Binance recorded $2.3 billion in net inflows over the past 24 hours as it expanded withdrawals following last week’s $6.3 billion hack.
The exchange, according to DefiLlama, was the top centralized exchange in terms of 24-hour net inflows. Bitfinex recorded approximately $280 million and Bitget about $127 million during the same period.
"By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows," Binance stated on X on Tuesday.
This turnaround marks a stark contrast to Monday, when Binance experienced more than $7 billion in 24-hour net outflows, with OKX leading the way with about $445 million.
Binance suspended withdrawals on Friday following a $6.3 billion hack on Thursday, while it investigated the breach and conducted security checks. It began restoring withdrawals at 06:00 UTC on Sunday and reopened withdrawals for some fiat currencies on Monday, as outflows slowed.
In a Sunday recovery update, Binance reported that it had replaced roughly 95% of the affected assets. The remaining 5% consisted of less liquid tokens that took longer to acquire through market and over-the-counter purchases.
The exchange has pledged to cover the losses using company resources and protection funds, assuring customers they will not bear the brunt of the hack.
The US Federal Bureau of Investigation attributed the attack 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."
Related:
- OKX draws $445M in net inflows as Binance outflows exceed $7B
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