Binance deposits overtake withdrawals, signaling possible easing of hack fallout

Deposits have again overtaken withdrawals at Binance after a major hack triggered heavy outflows, suggesting the immediate pressure may be easing. Further exchange breaches and efforts to freeze stolen funds, however, have raised questions about crypto security and decentralization. Speaking on Yahoo Finance’s The Daily Wolf on November 3, crypto commentator Scott Melker said the return to net deposits could indicate that the worst of the Binance withdrawals had passed. Citing Binance figures, Melker said withdrawals totaled $10.97 billion over 46 hours, while deposits reached $5.7 billion. Cumulative net outflows stood at approximately $5.28 billion.