Key facts
- Binance's hot wallets made 2,248 payouts in 54 hours of the halt, against 1.19 million a week earlier, per Bitquery.
- Bybit's Ethereum depositing addresses rose 142% to 31,539 between October 29 and November 1, per Bitquery.
- OKX took in $432 million in Ethereum stablecoin deposits, nearly three times the prior week's $155 million, per Bitquery.
- Binance said it processed $4.65 billion in withdrawals and $1.01 billion in deposits in the first nine and a half hours after reopening.
Binance stopped paying out to customers 12 minutes after a hacker began draining the exchange on October 29, and its hot wallets made 2,248 payouts over the next 54 hours against 1.19 million in the same hours a week earlier, blockchain analytics firm Bitquery said. The halt cut off a key route for traders moving assets between platforms.
Deposits flowed to rivals. Bybit's Ethereum depositing addresses rose 142% to 31,539 between October 29 and November 1 from 13,038 a week earlier, and it took in about $239 million in Ethereum stablecoin deposits, up from $95 million, Bitquery said. Bitget's TRON depositing addresses rose 130% to 10,274 and its USDT inflows rose to $87 million from $66 million. OKX recorded $432 million in Ethereum stablecoin deposits, nearly three times the previous week's $155 million. Coinbase's Ethereum depositing addresses rose 17% to 12,327, which Bitquery called within its normal range.
Binance began reopening withdrawals at 06:00 UTC on November 1 and restored services across 15 networks and assets within six and a half hours. It said it processed $4.65 billion in withdrawals and $1.01 billion in deposits in the first nine and a half hours, a net outflow of about $3.64 billion, or 2.1% of its previously reported $171 billion in assets. The company said withdrawal volumes had begun stabilizing, though some networks and assets still required security testing.