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 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%. Kraken also increased its share, according to Kaiko data reported by Bloomberg on Tuesday.
Net Outflows Reach $5.6 Billion
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. Blockchain analytics firm Elliptic said its own analysis supports the FBI attribution to TraderTraitor. Then North Korea rejected the allegation this 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, assets stood at $157 billion. That internal estimate 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.
“By 03:00 UTC, we are seeing hourly deposits exceed withdrawals, reflecting improving user activity and stabilizing flows,” Binance said on X on Tuesday.
Then Binance reopened withdrawals for more assets the same day, in its sixth recovery, once co-CEO Richard Teng told a Hong Kong Fintech Week event on Tuesday that 95% of the affected tokens had been replenished.
VIP Levels Protected Until December
Binance’s VIP and institutional arm 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 those users keeps the highest VIP level they reached between October 21 and October 30. Their level will not fall below it, whether or not they meet the usual requirements.
A separate community appreciation campaign started on Monday and runs through Notes, plus rewards for eligible users who reach $10,000 in cumulative trading volume. Annual rates on some of the campaign’s yield products go as high as 10%.
The post Binance’s Spot Market Share Drops to 42% After $6.3B Hack as OKX Gains appeared first on CryptoPotato.
Source: https://cryptopotato.com/binances-spot-market-share-drops-to-42-after-6-3b-hack-as-okx-gains/
