Binance sees over $7B withdrawal surge while OKX attracts $445M in deposits
Cryptocurrency exchange OKX topped the charts with $445 million in net deposits over 24 hours, as Binance experienced approximately $7 billion in net withdrawals.
In a 24-hour period, OKX attracted approximately $445 million in net deposits, representing the highest figure among monitored cryptocurrency trading platforms, as Binance saw persistent withdrawal activity following the resumption of its withdrawal services after experiencing a $6.3 billion security breach.
The cryptocurrency trading platform Bybit secured the second position with net deposits totaling $112 million, while Gate captured third place with $91 million and Bitget garnered $54 million in 24-hour net deposits, based on data provided by DefiLlama.
Among the monitored trading platforms, Binance experienced the most substantial net withdrawals, exceeding $7 billion, representing an increase from the $5.8 billion figure reported earlier on Monday. The exchange announced it had commenced the gradual restoration of withdrawal functionality beginning at 6:00 a.m. UTC on Sunday.
Based on current data, Binance maintained approximately $127.9 billion in cryptocurrency wallets monitored by DefiLlama, representing more than quadruple the $29 billion held at OKX, which ranks as the second-largest exchange according to this metric.
Withdrawal services at Binance were halted on Friday, shortly after the platform suffered a $6.3 billion security breach late Thursday, marking the most significant hack in the history of cryptocurrency.
By the time Sunday arrived, Binance reported it had successfully restored roughly 95% of the compromised digital assets, showing progress from the 90% figure announced on Saturday. The outstanding 5% comprised tokens with lower liquidity levels that the exchange was actively acquiring through both market purchases and over-the-counter deals.
To replace the compromised digital assets, the exchange is deploying funds from its corporate treasury, implementing a partial utilization of its Secure Asset Fund for Users (SAFU), and allocating a segment of its futures insurance fund. Binance has made a commitment to fully absorb these losses without transferring any costs to its customer base.
Approximately $3 billion worth of the stolen digital assets that have been frozen through cooperation with industry partners represents funds that are separate from the replacement capital deployed by Binance. On Sunday, Binance announced it had released a new reserves snapshot and indicated that an updated proof-of-reserves report was anticipated to be published on Monday.
The native token of OKX, known as OKB, experienced an increase of approximately 1.4% during the previous 24-hour period to reach trading levels near $113 on Monday, whereas BNB recorded a gain of 0.3% to approximately $708 during the identical timeframe, based on information from CoinMarketCap.