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FIGR_HELOC $1.03 Hacks & Security · Explained
Bybit and Bitget deposits rise after Binance's $6.3B hack
Rival exchanges drew more depositing addresses and stablecoin inflows while Binance paused withdrawals for nearly three days, Bitquery data shows.
Key takeaways
- Deposit shift. Bybit's Ethereum depositing addresses rose 142% and Bitget's TRON addresses rose 130% after the hack, Bitquery data shows.
- Liquidity gap. Outgoing transactions from tracked Binance wallets fell 99.8% while withdrawals were suspended.
- Causation caveat. The data cannot confirm that the new deposits came from Binance customers rather than market volatility.
What happened
Bybit and Bitget attracted more deposit activity in the days after Binance was hit by a roughly $6.3 billion hack and paused withdrawals, according to blockchain analytics from Bitquery cited by CryptoSlate. The shift came as customers of the world's largest exchange faced a nearly three-day window in which moving funds off Binance was largely unavailable.
At Bybit, the number of addresses depositing ether rose 142% to 31,539 between Oct. 29 and Nov. 1, compared with 13,038 in the same period a week earlier. Ethereum stablecoin deposits reached about $239 million, up from $95 million, while depositing addresses on TRON increased 71% to 68,192. The median Ethereum deposit fell to roughly one-third of its earlier level, a pattern Bitquery said pointed to more small wallets taking part.
Bitget recorded a 130% rise in TRON depositing addresses to 10,274. Its USDT inflows rose to $87 million from $66 million over the comparable period.
Why it matters
The surge matters because Binance's withdrawal freeze removed a major source of liquidity for traders who wanted to move assets between venues. Exchanges that compete with Binance offshore appeared to capture more of the resulting activity than U.S.-listed Coinbase. Traders who already held funds on other platforms could deposit them quickly, while those who needed to withdraw from Binance had to wait for service to return. Bitquery's figures show a change in deposit behavior, not a direct migration path.
What the data shows
The contrast across venues was uneven. OKX drew $432 million in Ethereum stablecoin deposits, nearly triple the $155 million a week earlier, and its TRON inflows rose to $528 million from $357 million even as depositing addresses on that network barely changed. Coinbase saw a 17% increase in Ethereum depositing addresses to 12,327, only 2% above two weeks earlier, a move Bitquery treated as within its normal range.
On Binance's side, outgoing transactions across 206 labeled wallets on five blockchains fell 99.8% during the interruption, from about 1.19 million in a comparable 54-hour stretch to 2,248, according to Bitquery. Those wallets had processed about $3.7 billion in stablecoin payouts in the earlier period.
Background
Binance has said the Oct. 29 breach involved a months-long campaign that included a fake job interview and compromised developer tools. The exchange said attackers used credentials tied to its wallet infrastructure to initiate unauthorized transfers, and it has attributed the operation to North Korea, citing the FBI. North Korean officials have denied involvement. Binance has said about $2.85 billion of the stolen assets had been frozen or intercepted, and that it would cover the financial impact itself. Bitcoin.com News reported those details.
What is still unclear
The deposit data cannot establish whether the extra funds came from customers leaving Binance or whether market volatility also drove the increase, Bitquery said. The figures track addresses and inflows, not the identity or prior venue of each depositor. That limits how far the numbers can be read as a direct transfer of business from Binance to its rivals.
What to watch
Binance reopened withdrawals at 06:00 UTC on Nov. 1 and restored services across 15 networks and assets within six and a half hours. It said it processed $4.65 billion in withdrawals and $1.01 billion in deposits in the first nine and a half hours, for net outflows of about $3.64 billion, or 2.1% of its previously reported $171 billion in assets. The exchange said withdrawal volumes were beginning to stabilize, while some networks and assets still needed security testing.
Questions readers ask
Did Bybit and Bitget receive funds directly from Binance?
The reports do not establish that. Bitquery's data shows more depositing addresses and stablecoin inflows at the rivals, but it does not identify where those funds came from.
How long did Binance pause withdrawals?
Nearly three days. Binance reopened withdrawals at 06:00 UTC on Nov. 1 and restored services across 15 networks and assets within six and a half hours, CryptoSlate reported.
What did Binance say about the attack?
Binance described a months-long campaign involving a fake job interview and compromised developer tools, and said the FBI attributed the theft to North Korea. North Korea has denied the allegation.
Sources · 8 publishers
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Bybit and Bitget see crypto deposits surge following Binance’s $6.3 billion hack -
Binance says hackers used fake job interview, internal AI tool in $6.3 billion breach -
Binance Says Fake Job Interview, Compromised AI Tools Led to $6.3 Billion Hack -
Binance traces $6.34B hack to fake interviews and AI tool breach -
Binance Details Four-Month Path From Tainted Developer Install to $6.34 Billion Drain -
Binance Hack: Crypto Exchange Reveals How Fake Job Interview Led to $6.3B Heist -
Binance traces $6.3B hack to fake job interviews, compromised AI tool
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Binance Says $6.34 Billion Hack Began With Fake Job Interview
