Binance’s Spot Market Share Drops to 42% After $6.3B Hack as OKX Gains

Binance's own asset estimate stood at $157 billion on Monday, down from $171 billion. Binance handled about 42% of spot crypto trading on the top 10 exchanges over the past seven days. That is the company’s lowest weekly share in at least 12 weeks. Its share stood at around 48% before last week’s hack and roughly 51% in mid-August. OKX gained the most ground as its share rose to about 14% from about 11% the previous week, on higher spot trading volume. Coinbase’s share grew to 9.6% from about 9%. Kraken also increased its share, according to Kaiko data reported by Bloomberg on Tuesday. Net Outflows Reach $5.6 Billion Attackers took $6.3 billion from Binance’s hot wallets on October 29, and the exchange suspended withdrawals. The FBI blamed North Korea’s TraderTraitor group for the theft on October 31. Blockchain analytics firm Elliptic said its own analysis supports the FBI attribution to TraderTraitor. Then North Korea rejected the allegation this Tuesday. Withdrawals reopened in phases on November 1. That day, Binance put its assets at $171 billion, based on its October 28 proof of reserves. Its net outflow hit $3.64 billion in the first nine and a half hours. By Monday, a spokes...