OKX Attracted $445 Million in a Day, Outflow from Binance Exceeded $7 Billion

OKX attracted approximately $445 million in net inflows within a day, leading among the cryptocurrency exchanges tracked by DefiLlama. Binance, which resumed withdrawals after a $6.3 billion hack, continued to lose funds: its outflow exceeded $7 billion, up from $5.8 billion earlier on Monday.

Bybit ranked second in inflows with $112 million, followed by Gate with $91 million and Bitget with $54 million. In total, these four exchanges collected less than $1 billion, which is several times less than what left Binance.

How critical is this

Net outflow is withdrawals minus deposits over a period. According to DefiLlama, Binance's wallets hold about $127.9 billion, more than four times the $29 billion held by OKX, the second-largest by this measure. So, $7 billion with such reserves is a noticeable dent but not depletion.

Binance suspended withdrawals on Friday shortly after the hack late Thursday and began restoring them gradually at 6:00 UTC on Sunday. By Sunday, the exchange reported that it had replenished about 95% of the affected assets compared to 90% on Saturday. The remaining 5% are less liquid tokens, which continue to be purchased on the market and through over-the-counter deals. Corporate reserves, partial use of SAFU and part of the futures insurance fund are used for replacement; the exchange promised to cover the losses without passing them on to clients. About $3 billion of stolen assets frozen by partners are not included in these funds. On Sunday, Binance published a new snapshot of reserves, and an updated proof-of-reserves was expected on Monday.

The OKB token increased by about 1.4% in a day and traded around $113, while BNB rose by 0.3% to approximately $708, according to CoinMarketCap.