|

OKX draws $445M in net inflows as Binance outflows exceed $7B

OKX recorded about $445 million in 24-hour net inflows, the largest among tracked crypto exchanges, while Binance continued to register outflows after reopening withdrawals following its $6.3 billion hack.

Crypto exchange Bybit was in second place with $112 million in net inflows, followed by Gate with $91 million and Bitget with $54 million in 24-hour net inflows, according to DefiLlama.

Binance recorded the biggest net outflows among tracked exchanges, with more than $7 billion, up from $5.8 billion earlier Monday. Binance said it began restoring withdrawals in phases at 6:00 a.m. UTC on Sunday.

At the time of writing, Binance held about $127.9 billion in wallets tracked by DefiLlama, more than four times the $29 billion at OKX, the second-largest exchange by that measure.

Binance suspended withdrawals Friday, soon after late Thursday’s $6.3 billion hack, the largest in cryptocurrency history.

By Sunday, Binance said it had replenished approximately 95% of the affected assets, up from 90% on Saturday. The remaining 5% consisted of less liquid tokens that it continued to buy through market and over-the-counter transactions.

The exchange is using its corporate treasury, a partial deployment of its Secure Asset Fund for Users (SAFU) and a portion of its futures insurance fund to replace the stolen assets. Binance has pledged to absorb the losses without passing them on to customers.

About $3 billion in stolen assets frozen by industry partners is separate from Binance’s replacement funds. Binance said Sunday it published a new reserves snapshot and an updated proof-of-reserves report was expected Monday.

OKX’s OKB token rose about 1.4% over the past 24 hours to trade near $113 on Monday, while BNB gained 0.3% to about $708 over the same period, according to CoinMarketCap.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Editor's Picks

Bitcoin braces for US midterm elections as historical sell-offs revive downside concerns

Bitcoin (BTC) braces for the impact of the US midterm elections, just a week after the $6 billion hack from Binance. Historically, congressional elections have negatively affected not just the president’s party but also Bitcoin.

Bitcoin slips below $78,000 amid ETF outflows

Bitcoin (BTC) slips below $78,000 at the time of writing on Monday after posting its fourth straight weekly loss. Institutional demand shows signs of weakening, with spot Exchange Traded Funds (ETFs) recording outflows of over $202 million last week.

Crypto Today: Bitcoin, Ethereum and XRP consolidate amid weak market sentiment

Bitcoin hovers above $78,000, building on the 100-day EMA support as market sentiment remains weak. Ethereum shows signs of recovery near $2,300, though upside remains technically capped.

Pi Network tests long-term resistance breakout as selling pressure wanes

Pi Network edges higher on Monday, testing the bullish breakout of a long-term resistance trendline. Fear and Greed Index declines to 36 from 43 last week, indicating reduced risk appetite.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.