Skip to content
$BTC$77,864−0.0%$ETH$2,284+0.7%$SOL$94.02−1.3%$XRP$1.25−0.7%$TON$1.780.0%MCap$2.02T+29.5%BTC.D77.1%Fear&Greed37 FearGas0.18 gwei·1 sat/vBNews mood3% bullish
Basis Desk

New: Basis Desk Verify for Chrome & Firefox — fact-check crypto news on any page, free.Get the extension →

Security & Hacks · 1 min read

Binance Outflows Surpass $7B as OKX Draws $445M Following $6.3B Breach

Withdrawal processing resumed after the record hack, sending capital to rival platforms while Binance moves treasury and insurance assets to cover customer balances.

Editorial oversight: Julian Mercer, Chief Editor
Bearish
$BNB $705.89 −0.9% $OKB $112.13 +0.6% $BTC $77,864 −0.0%

At a glance

What happened
Binance experienced more than $7 billion in net outflows after reopening withdrawals following a $6.3 billion hack, while OKX absorbed $445 million in net deposits.
Why it matters
The massive capital migration highlights market sensitivity to exchange counterparty risk following the largest breach in crypto history.
Who is affected
Binance depositors, rival centralized exchanges receiving capital flows, and ecosystem partners coordinating asset freezes.
What's next
Binance is expected to publish an updated proof-of-reserves report on Monday.
Primary source
cointelegraph.com: OKX draws $445M in net inflows as Binance outflows exceed $7B

Key points

  • Binance net outflows topped $7 billion after the exchange began a phased resumption of withdrawals at 6:00 a.m. UTC on Sunday 1.
  • OKX captured $445 million in 24-hour net inflows, leading rival exchanges including Bybit, Gate, and Bitget 1.
  • Binance reported replenishing 95% of compromised assets using treasury, SAFU, and futures insurance funds, with $3 billion frozen by partners 1.

Capital continues to rotate across major cryptocurrency venues after Binance reopened user withdrawals following a late Thursday security breach that saw $6.3 billion stolen in the sector's largest recorded exploit 1. Net outflows from Binance exceeded $7 billion on Monday, rising from $5.8 billion earlier in the day, according to DefiLlama data 1. The exchange initiated phased withdrawal restorations at 6:00 a.m. UTC on Sunday 1.

Rival centralized platforms absorbed the migrating liquidity, led by OKX, which recorded roughly $445 million in 24-hour net inflows 1. Bybit logged $112 million in positive net flows over the same window, followed by Gate at $91 million and Bitget at $54 million 1. Despite the sustained capital flight—which also triggered US spot Bitcoin ETF outflows—Binance retained approximately $127.9 billion in tracked reserves, compared to $29 billion held across OKX wallets 1.

Treasury Deployment and Asset Replenishment

Binance reported Sunday that it had replenished about 95% of customer assets affected by the incident, climbing from 90% marked on Saturday 1. The outstanding 5% involves less liquid digital assets that the firm is actively securing via over-the-counter channels and open-market acquisitions 1. Binance stated it is covering the shortfall via corporate treasury capital, fractional allocations from its futures insurance reserve, and a partial drawdown of the Secure Asset Fund for Users (SAFU), committing to bear all losses without haircutting depositor balances 1.

External ecosystem partners have independently frozen roughly $3 billion of the illicitly transferred funds, an amount separate from Binance's corporate balance sheet allocations 1. Binance published a fresh reserve snapshot on Sunday, with an updated proof-of-reserves assessment slated for release on Monday 1. Native exchange tokens remained stable amid the shifts: $OKB rose 1.4% over 24 hours to around $113, while $BNB gained 0.3% to trade near $708 1. At the time of writing, $BTC traded at $78,127.

Sources

  1. [1] OKX draws $445M in net inflows as Binance outflows exceed $7B — cointelegraph.com, November 2, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

Community read
How do you read this story for the assets involved? One vote a day, anonymous.
Be the first to vote
Share X Telegram Bluesky Markdown Web Story

The Daily Brief, in your inbox at 07:00 ET

Five stories, the numbers that moved, what to watch. Three minutes. No hype, no advice, unsubscribe in one click.

Not financial advice. Basis Desk publishes information, not recommendations. Crypto assets are volatile and you can lose what you invest.