The aftershocks of the largest exchange hack in history have now landed on Binance’s own turf.
Kaiko data: Over the past 7 days, Binance’s share of spot trading volume among the top 10 platforms fell to about 42%, its lowest in at least 12 weeks. It was about 48% before the hack and around 51% in mid-August. In the same week, OKX rose from about 11% to around 14%, while Coinbase climbed from about 9% to 9.6%. Money and orders are voting with their feet.
After $6.3 billion was stolen, Binance began gradually resuming withdrawals on November 1. Users promptly withdrew a net total of about $5.6 billion—3.5% of its total assets (about $157 billion). Binance said that by around 3 a.m. UTC on November 3, hourly deposits had once again exceeded withdrawals and fund flows were beginning to normalize; about 98% of affected assets had been replenished with its own funds, and about $2.85 billion had been frozen or intercepted.
Three takeaways:
First, 42% is still a dominant share, but the trend matters more than the absolute figure. From 51% in August to 48% before the hack to 42% now—that’s a 9-point drop in three months. An exchange’s moat has never been its brand; it’s liquidity itself. A declining share can become self-reinforcing: thinner order books mean greater slippage, making large traders more likely to split their trades across platforms.
Second, $5.6 billion in net outflows looks alarming, but the proportion is manageable. With 3.5% of assets flowing out against the backdrop of $6.3 billion stolen in a week, most users evidently chose to stay. This isn’t a bank run; it’s “repricing after a discount in trust.” Those who stay want Binance to provide proof of reserves and make changes—not just offer verbal assurances.
Third, the real test is still ahead. The FBI has attributed the attack to North Korea’s TraderTraitor group. Elliptic estimates that North Korea has stolen $7.6 billion in cryptocurrency this year, a record. The attackers still hold about $3.1 billion in assets that haven’t been frozen, mainly in BTC and ETH. The complete proof of reserves Binance promised on November 3 will be the key factor in determining whether its market share can stop falling. If the numbers don’t add up, 42% will keep sliding.
Stolen funds can be replaced with money. Trust can only be restored with the books.
Personal research; not investment advice.
#币安 #交易所 #市场份额 #OKX
$BNB $OKB
Kaiko data: Over the past 7 days, Binance’s share of spot trading volume among the top 10 platforms fell to about 42%, its lowest in at least 12 weeks. It was about 48% before the hack and around 51% in mid-August. In the same week, OKX rose from about 11% to around 14%, while Coinbase climbed from about 9% to 9.6%. Money and orders are voting with their feet.
After $6.3 billion was stolen, Binance began gradually resuming withdrawals on November 1. Users promptly withdrew a net total of about $5.6 billion—3.5% of its total assets (about $157 billion). Binance said that by around 3 a.m. UTC on November 3, hourly deposits had once again exceeded withdrawals and fund flows were beginning to normalize; about 98% of affected assets had been replenished with its own funds, and about $2.85 billion had been frozen or intercepted.
Three takeaways:
First, 42% is still a dominant share, but the trend matters more than the absolute figure. From 51% in August to 48% before the hack to 42% now—that’s a 9-point drop in three months. An exchange’s moat has never been its brand; it’s liquidity itself. A declining share can become self-reinforcing: thinner order books mean greater slippage, making large traders more likely to split their trades across platforms.
Second, $5.6 billion in net outflows looks alarming, but the proportion is manageable. With 3.5% of assets flowing out against the backdrop of $6.3 billion stolen in a week, most users evidently chose to stay. This isn’t a bank run; it’s “repricing after a discount in trust.” Those who stay want Binance to provide proof of reserves and make changes—not just offer verbal assurances.
Third, the real test is still ahead. The FBI has attributed the attack to North Korea’s TraderTraitor group. Elliptic estimates that North Korea has stolen $7.6 billion in cryptocurrency this year, a record. The attackers still hold about $3.1 billion in assets that haven’t been frozen, mainly in BTC and ETH. The complete proof of reserves Binance promised on November 3 will be the key factor in determining whether its market share can stop falling. If the numbers don’t add up, 42% will keep sliding.
Stolen funds can be replaced with money. Trust can only be restored with the books.
Personal research; not investment advice.
#币安 #交易所 #市场份额 #OKX
$BNB $OKB
