Binance’s own asset estimate stood at $157 billion on Monday, down from $171 billion.
ByJose Oramas
Binance handled about 42% of spot crypto trading on the top 10 exchanges over the past seven days. That is the company’s lowest weekly share in at least 12 weeks. Its share stood at around 48% before last week’s hack and roughly 51% in mid-August.
OKX gained the most ground as its share rose to about 14% from about 11% the previous week, on higher spot trading volume. Coinbase’s share grew to 9.6% from about 9%. Kraken also increased its share
Net Outflows Reach $5.6 Billion
Attackers took $6.3 billion from Binance’s hot wallets on October 29, and the exchange suspended withdrawals. The FBI blamed North Korea’s TraderTraitor group for the theft on October 31. Blockchain analytics firm Elliptic said its own analysis supports the FBI attribution to TraderTraitor. Then North Korea rejected the allegation this Tuesday.
Withdrawals reopened in phases on November 1. That day, Binance put its assets at $171 billion, based on its October 28 proof of reserves. Its net outflow hit $3.64 billion in the first nine and a half hours.
“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows,” Binance said on X on Tuesday.
Then Binance reopened withdrawals for more assets the same day, in its sixth recovery, once co-CEO Richard Teng told a Hong Kong Fintech Week event on Tuesday that 95% of the affected tokens had been replenished.
VIP Levels Protected Until December
Binance’s VIP and institutional arm announced a VIP Level Protection Program on November 2. The program runs from November 3 to December 2. It covers eligible users at VIP levels 1 to 9, who are enrolled automatically.
