CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Binance’s net inflows turn positive at $2.3B as withdrawals expand

Cointelegraph logo

Published on

Add as a preferred source on Google
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 led centralized exchanges tracked by DefiLlama in 24-hour net inflows. Bitfinex recorded about $280 million and Bitget about $127 million over the same period.

“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows,” Binance said Tuesday on X.

The inflows mark a reversal from Monday, when Binance recorded more than $7 billion in 24-hour net outflows. OKX led exchanges with about $445 million in net inflows at that time.

Binance suspended withdrawals on Friday after Thursday’s $6.3 billion hack 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 started to slow down.

In a Sunday recovery update, Binance said it had replaced approximately 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 without passing them on to customers.

The US Federal Bureau of Investigation attributed the attack to North Korea on Saturday.



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.