Binance's share of spot trading on the top 10 exchanges fell to about 42% over the past seven days, following a $6.3 billion hack. OKX and Coinbase gained ground, while Binance reports net outflows of $5.6 billion since withdrawals reopened.
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 and Coinbase take share
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%, and Kraken also increased its share, according to Kaiko data reported by Bloomberg on Tuesday.
Hack, attribution and outflows
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, and Elliptic said its own analysis supports that attribution. North Korea rejected the allegation on 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 Monday, a spokesperson told Bloomberg that assets stood at $157 billion, an internal estimate that factors in the hack, the withdrawals since, and price moves. Net outflows since the reopening have reached $5.6 billion, about 3.5% of total assets, the spokesperson said.
Binance reports deposits outpacing withdrawals
Binance said on X on Tuesday: "we are seeing hourly deposits exceed withdrawals", as of 03:00 UTC. The same day, it reopened withdrawals for more assets in its sixth recovery, after co-CEO Richard Teng told a Hong Kong Fintech Week event that 95% of the affected tokens had been replenished.
Binance's VIP and institutional arm also announced a VIP Level Protection Program on November 2. It runs from November 3 to December 2 and automatically enrolls eligible users at VIP levels 1 to 9.
Source: CryptoPotato
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