Binance records $2.3B in inflows after hack-related outflows

Binance led the centralized exchanges tracked by DeFiLlama for net inflows on Tuesday, Nov. 3. Net inflows are the value of assets deposited on an exchange minus the value withdrawn during a specified period.

Bitfinex recorded about $280 million in net inflows during the same 24-hour period, while Bitget reported approximately $127 million. Binance wrote on X that hourly deposits exceeded withdrawals by 03:00 UTC, indicating that user activity was recovering and flows were stabilizing.

The inflows reversed more than $7 billion in net outflows recorded by Binance over the previous 24 hours on Monday, Nov. 2. Outflows slowed after the exchange restored access to withdrawals.

Binance suspended withdrawals on Friday, Oct. 30, after reporting the hack a day earlier. It began restoring withdrawals at 06:00 UTC on Sunday, Nov. 1, and reopened withdrawals for some fiat currencies on Monday.

In a recovery update on Sunday, Binance reported that it had replaced about 95% of the affected assets. The remaining 5% consisted of less liquid tokens that required more time to acquire through market transactions and over-the-counter purchases.

The exchange committed to covering the losses with company resources and protection funds, without passing the cost to customers. The FBI attributed the attack to North Korea on Saturday. North Korea denied responsibility on Tuesday, and Kim Yo Jong, the sister of leader Kim Jong Un, described the allegation as “absurd rhetoric.”