Binance was hacked on Friday morning, and by Monday, withdrawals had more or less fully recovered.
The expected bank run and rush to withdraw never happened, and Bitcoin's price is also recovering. According to DeFiLlama data, Binance's 24-hour net outflows fell from a peak of around $7 billion to about $3.5 billion, while the ratio of deposits to withdrawals rose from around 20% to about 78%. Put simply, at first, for every $5 withdrawn, only $1 was deposited back. Now, for every $100 withdrawn, $78 has been deposited back.
When an exchange has a crisis, what often really does the damage isn't the hack itself, but the chain reaction of panic withdrawals after trust collapses. Achieving this much within three days is no easy feat for any company.
AI is advancing, and so are hackers. Security is never a one-and-done thing. I believe Binance will improve after this, too. After all, I genuinely have no idea where else to put my money 😭😭#币安恢复28种法币提现 #币安已处理46.5亿美元提款
The expected bank run and rush to withdraw never happened, and Bitcoin's price is also recovering. According to DeFiLlama data, Binance's 24-hour net outflows fell from a peak of around $7 billion to about $3.5 billion, while the ratio of deposits to withdrawals rose from around 20% to about 78%. Put simply, at first, for every $5 withdrawn, only $1 was deposited back. Now, for every $100 withdrawn, $78 has been deposited back.
When an exchange has a crisis, what often really does the damage isn't the hack itself, but the chain reaction of panic withdrawals after trust collapses. Achieving this much within three days is no easy feat for any company.
AI is advancing, and so are hackers. Security is never a one-and-done thing. I believe Binance will improve after this, too. After all, I genuinely have no idea where else to put my money 😭😭#币安恢复28种法币提现 #币安已处理46.5亿美元提款
