Binance Records $2.3 Billion in Net Inflows as Withdrawals Resume After Reported Hack
Binance recorded $2.3 billion in net inflows over a 24-hour period as deposits overtook withdrawals, reversing a sharp outflow trend following last week's reported $6.3 billion hack. The recovery came as the cryptocurrency exchange continued restoring withdrawal services and replacing affected assets.
Data tracked by DefiLlama showed Binance leading centralized exchanges in net inflows during the period. Bitfinex recorded approximately $280 million in net inflows, while Bitget attracted about $127 million.
Binance Inflows Reverse Previous Outflow Trend
The latest figures marked a significant turnaround from Monday, when Binance registered more than $7 billion in net outflows over 24 hours. At that time, OKX led centralized exchanges with approximately $445 million in net inflows.
Binance said in a Tuesday post on X that hourly deposits had begun exceeding withdrawals by 03:00 UTC. The exchange described the trend as a sign of improving user activity and stabilizing fund flows.
The shift followed several days of disrupted withdrawals and heightened attention to the exchange's handling of the reported security incident. However, positive net inflows alone do not establish whether all user concerns have been resolved.
Withdrawal Services Gradually Resume
Binance suspended withdrawals on Friday while investigating the breach and conducting security checks following the reported $6.3 billion hack on Thursday. The exchange began restoring withdrawals at 06:00 UTC on Sunday and reopened withdrawals for some fiat currencies on Monday as outflows began to ease.
In a recovery update published Sunday, Binance said it had replaced approximately 95% of the affected assets. The remaining 5% consisted of less liquid tokens that required more time to acquire through market purchases and over-the-counter transactions.
The exchange has pledged to cover the losses using its own company resources and protection funds, saying the costs would not be passed on to customers.
FBI Attributes Attack to North Korea
The US Federal Bureau of Investigation attributed the attack to North Korea on Saturday. North Korea denied responsibility on Tuesday.
Kim Yo Jong, the sister of North Korean leader Kim Jong Un, rejected the allegation as “absurd rhetoric,” according to the source report.
Binance's return to positive net inflows comes as the exchange works to restore services and address the aftermath of the reported incident. The available figures show a reversal in short-term fund flows, but do not independently establish the full impact of the breach or the longer-term response from users.
source: cointelegraph
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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