Bybit and Bitget see crypto deposits surge following Binance’s $6.3 billion hack
Summary
Following a major Binance hack and nearly three-day withdrawal suspension, rival exchanges saw sharp increases in deposits. Bitquery data showed higher deposit activity and stablecoin inflows at Bybit, Bitget and OKX, while Coinbase’s increase was modest. Binance wallet outflows across five blockchains fell 99.8% during the interruption. Withdrawals reopened on Nov. 1; Binance reported $4.65 billion in withdrawals and $1.01 billion in deposits over the first nine and a half hours, for net outflows of about $3.64 billion. The data shows competitors benefited during the disruption but cannot establish whether deposits came from Binance customers or market volatility.
