Binance announced that it recorded a net inflow of $3.971 billion this week, following the Bybit security breach, outpacing other major exchanges. The announcement was made on its website on March 5.
Bybit, a prominent cryptocurrency exchange, experienced a significant security breach on February 21, 2025, resulting in the theft of approximately $1.5 billion worth of Ethereum tokens. This incident is considered one of the largest crypto heists to date, raising concerns about security measures within the cryptocurrency industry. According to Chainalysis, the attack targeted Bybit's Ethereum cold wallet, leading to the unauthorized transfer of around 401,000 ETH to addresses controlled by the attackers. Investigations have linked the breach to North Korea's Lazarus Group, known for orchestrating sophisticated cyberattacks on financial institutions.
Following the Bybit hack, Binance recorded a substantial net inflow of $3.971 billion within the same week. This influx is nearly ten times greater than the combined inflows of nine other major cryptocurrency exchanges during that period, as per DefiLlama.
Founded in 2017 by Changpeng Zhao, Binance has become the largest cryptocurrency exchange by trading volume. It holds regulatory approval in 21 global markets—more than any other crypto exchange. The company operates under multiple financial licenses, including those from Brazil’s Central Bank, Dubai’s Virtual Assets Regulatory Authority, and France’s Financial Markets Authority. To strengthen compliance, Binance has made investments in anti-money laundering (AML) and know-your-customer (KYC) initiatives, integrating advanced transaction monitoring systems and collaborating with blockchain analytics firms to enhance security and regulatory adherence.