Binance handled approximately 42% of spot crypto trading across the top 10 exchanges over the past seven days. This is the company’s lowest weekly share in at least 12 weeks. Its share stood at around 48% before last week’s hack and around 51% in mid-August.
OKX gained the most ground as its stock rose about 14% from about 11% the previous week on higher spot trading volume. Coinbase’s share increased from around 9.6% to 9.6%. Kraken also increased its share, according to Kaiko data reported by Bloomberg on Tuesday.
Net outflows reach $5.6 billion
Attackers withdrew $6.3 billion from Binance hot wallets on October 29 and the exchange suspended withdrawals. The FBI blamed the October 31 theft on the North Korean group TraderTraitor. Blockchain analytics firm Elliptic said its own analysis supported the FBI’s attribution to TraderTraitor. North Korea then rejected the allegation on Tuesday.
Withdrawals reopened in stages on November 1. On that day, Binance valued its assets at $171 billion, based on its October 28 proof of reserves. Its net output reached $3.64 billion in the first nine and a half hours.
As of Monday, a spokesperson told Bloomberg, assets stood at $157 billion. This internal estimate takes into account hacking, withdrawals since, and price movements. Net outflows since reopening reached $5.6 billion, or about 3.5% of total assets, the spokesperson said.
“As of 03:00 UTC, we see hourly deposits exceeding withdrawals, reflecting improving user activity and stabilizing flows,” Binance said on X on Tuesday.
Then, Binance reopened withdrawals for more assets on the same day, in its sixth recovery, once co-CEO Richard Teng said at a Hong Kong Fintech Week event on Tuesday that 95% of affected tokens had been restocked.
VIP levels protected until December
The VIP and institutional arm of Binance announced a VIP-level protection program on November 2. The program runs from November 3 to December 2. It covers eligible users at VIP levels 1 to 9, who are enrolled automatically.
Each of these users retains the highest VIP level they reached between October 21 and 30. Their level will not drop below, whether or not they meet the usual requirements.
A separate community appreciation campaign kicked off Monday and extends across Notes, as well as rewards for eligible users who reach $10,000 in cumulative trading volume. Annual rates on some of the campaign yield products can be as high as 10%.
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