Bybit and Bitget see crypto deposits surge following Binance’s $6.3 billion hack
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Rival crypto exchanges, including Bybit and Bitget, saw a surge in deposit activity following Binance's Oct. 29 hack.
Key facts
- The exchange received approximately $239 million in Ethereum stablecoin deposits, up from $95 million, while its TRON depositing addresses increased 71% to 68,192
- OKX also attracted substantially more funds, recording $432 million in Ethereum stablecoin deposits, nearly three times the previous week's $155 million
- Binance began reopening withdrawals at 06:00 UTC on Nov. 1, restoring services across 15 networks and assets within six and a half hours
- According to blockchain analytics firm Bitquery, the number of addresses depositing funds into Bybit's Ethereum wallets jumped 142% to 31,539 between Oct. 29 and Nov
Summary
01 Bybit, Bitget and OKX recorded sharp increases in crypto deposit activity following Binance's $6.3 billion hack on Oct. 29. 02 Bybit's Ethereum depositing addresses jumped 142%, while Bitget's TRON addresses rose 130% as Binance suspended withdrawals. 03 The surge raises questions about lasting market-share gains, although blockchain data cannot confirm that Binance customers moved to rivals. The increase coincided with Binance's nearly three-day withdrawal suspension after hackers stole approximately $6.3 billion from the world's largest crypto exchange, disrupting customers' ability to move funds to competing platforms.