OKX draws $445M in net inflows as Binance outflows exceed $7B

OKX recorded about $445 million in 24-hour net inflows, the largest among tracked crypto exchanges, while Binance continued to register outflows after reopening withdrawals following its $6.3 billion hack.

Crypto exchange Bybit was in second place with $112 million in net inflows, followed by Gate with $91 million and Bitget with $54 million in 24-hour net inflows, according to DefiLlama.

Binance recorded the biggest net outflows among tracked exchanges, with more than $7 billion, up from $5.8 billion earlier Monday. Binance said it began restoring withdrawals in phases at 6:00 a.m. UTC on Sunday.

At the time of writing, Binance held about $127.9 billion in wallets tracked by DefiLlama, more than four times the $29 billion at OKX, the second-largest exchange by that measure.

Binance suspended withdrawals Friday, soon after late Thursday’s $6.3 billion hack, the largest in cryptocurrency history.

By Sunday, Binance said it had replenished approximately 95% of the affected assets, up from 90% on Saturday. The remaining 5% consisted of less liquid tokens that it continued to buy through market and over-the-counter transactions.

The exchange is using its corporate treasury, a partial deployment of its Secure Asset Fund for Users (SAFU) and a portion of its futures insurance fund to replace the stolen assets. Binance has pledged to absorb the losses without passing them on to customers.

About $3 billion in stolen assets frozen by industry partners is separate from Binance’s replacement funds. Binance said Sunday it published a new reserves snapshot and an updated proof-of-reserves report was expected Monday.

OKX’s OKB token rose about 1.4% over the past 24 hours to trade near $113 on Monday, while BNB gained 0.3% to about $708 over the same period, according to CoinMarketCap.

Related: THORChain’s RUNE jumps 13% after Binance’s record $6.3B hack