Binance net inflows turn positive as exchange restores withdrawals after hack
Customer flows at Binance swing back into positive territory after the crypto exchange resumes withdrawals following last week's major security breach. The platform records $2.3 billion in net inflows over 24 hours, reversing the heavy outflows seen a day earlier as it works through the aftermath of the $6.3 billion hack.
Highlights
- Binance records $2.3 billion in net inflows over the past 24 hours, reversing Monday’s $7 billion net outflows after restoring withdrawal access.
- Binance replaces about 95% of assets lost in the $6.3 billion hack, with the remaining 5% in less liquid tokens still being recovered.
- Binance commits to covering hack-related losses using company resources and protection funds, as FBI attributes the attack to North Korea, which denies involvement.
Withdrawal recovery lifts exchange flows
As reported by Cointelegraph, citing Binance on X, hourly deposits exceed withdrawals by 03:00 UTC on Tuesday, signalling improving user activity and stabilizing flows as the exchange expands withdrawal access.Binance records $2.3 billion in net inflows over the past 24 hours, leading centralized exchanges tracked by DefiLlama. Over the same period, Bitfinex posts about $280 million in net inflows and Bitget records about $127 million.
The turnaround follows Monday, when Binance records more than $7 billion in 24-hour net outflows. At that time, OKX leads exchanges with about $445 million in net inflows.
Hack response and broader market implications
Binance suspends withdrawals on Friday after Thursday's $6.3 billion hack while it investigates the breach and conducts security checks. The exchange begins restoring withdrawals at 06:00 UTC on Sunday and reopens withdrawals for some fiat currencies on Monday, as outflows start to slow down.In a Sunday recovery update, Binance says it has replaced about 95% of the affected assets. The remaining 5% consists of less liquid tokens that take longer to acquire through market and over-the-counter purchases.
The exchange says it will cover the losses using company resources and protection funds rather than passing costs on to customers. The U.S. Federal Bureau of Investigation attributes the attack to North Korea on Saturday, while North Korea denies responsibility on Tuesday, with Kim Yo Jong calling the allegation "absurd rhetoric."
Our earlier article on the Bank of England’s push for “bare metal” recovery planning explained why regulators want banks to be able to restore critical services even if primary systems are compromised. We noted that advances in AI are increasing the scale and complexity of cyber attacks, making independent recovery options and end-to-end resilience planning a growing priority for financial stability.
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