Following the recent Bybit hack, Binance has experienced a significant surge in funds, drawing attention to security issues in the crypto industry.
Record Inflows into Binance
The Chinese account of Binance on the X platform reported an inflow of $3.971 billion within a single week. This was 10 times more than what the other top nine exchanges collectively received, which was $396.83 million. Such sharp changes occurred following Bybit's breach, where $1.4 billion in Ethereum were stolen.
CZ's Reaction and Call for Security
Binance CEO Changpeng Zhao, known as CZ, commented on the situation, stressing 'security first'. The Lookonchain account on X noted that over the past year, Binance's inflows exceeded $3 billion in six months, reaching a record $9.2946 billion in November 2024.
Background and Breach Statistics
The last time Binance was hacked was on October 4, 2022, when two million BNB were stolen from the BSC Token Hub. This event highlighted the importance of strengthening cyber defenses and maintaining constant vigilance.
The Bybit incident and subsequent inflows to Binance underscore the need for enhanced security measures in the crypto space, as highlighted by CZ. The successful attacks and record inflows of capital reflect the dynamics and risks of the global cryptocurrency market.
