Binance reopened withdrawals after the $6.3B hack. But where did the money go?
Here is what the exchange flows reveal:
> Binance: -$4.05B in net outflows over 24 hours.
> OKX alone received approximately $370M.
> Coinbase: +984 $BTC .
> Kraken: +1,422 BTC.
Nearly 91% of Binance’s net outflows were not matched by inflows into those 10 rival exchanges.
This suggests a significant portion of users may have moved their funds into self-custody or other destinations rather than switching exchanges.
The interesting part is that people weren’t necessarily leaving crypto.
Many were simply moving their money somewhere else.
Here is what the exchange flows reveal:
> Binance: -$4.05B in net outflows over 24 hours.
> OKX alone received approximately $370M.
> Coinbase: +984 $BTC .
> Kraken: +1,422 BTC.
Nearly 91% of Binance’s net outflows were not matched by inflows into those 10 rival exchanges.
This suggests a significant portion of users may have moved their funds into self-custody or other destinations rather than switching exchanges.
The interesting part is that people weren’t necessarily leaving crypto.
Many were simply moving their money somewhere else.
