Changpeng Zhao, frequently known as CZ, has addressed his millions of X followers to comment on the recent situation faced by Binance after the Bybit exploit, where billions of dollars worth of Ethereum were stolen.
He issued a crucial call to the whole crypto space about the cybersecurity of exchanges.
Binance faces $3.9 billion weekly inflows after Bybit hack
The Chinese account of Binance on the X platform shared that, recently, the exchange faced a massive inflow within a single week: $3.971 billion. That was 10x more than the other top nine exchanges received in total over the same period. Those exchanges received roughly $396.83 million. DefiLlama provided data on this.
The report stated that “market funds flow into Binance during uncertain times.” The massive inflow mentioned above took place in the week after Bybit suffered a brutal hack when a massive $1.4 billion in Ethereum were drained as the hacker tried to launder the stolen Ethereum.
According to an X post published by analytics account Lookonchain on March 4, the unknown hacker managed to launder all of the $1.4 billion in Ethereum s/he had stolen, which is 499,395 ETH.
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“Security first”: CZ says
For comparison, Binance’s monthly inflow in February constituted $5.323 billion (almost the same as within that single week), while the remaining top nine trading platforms saw $1.229 billion come in. From them, one of the largest exchanges, Bitfinex, saw an inflow of $768.19 million.
Over the past year, the net inflows of Binance surpassed $3 billion in six months, and in November last year, they reached $9.2946 billion. That was a record high set by Binance in 2024.
Commenting on this tweet, CZ stated: “Security first.” The last time Binance was hacked (and that does not happen often) was Oct. 4, 2022. Back then, two million BNB worth roughly $570 million at the time were drained from the BSC Token Hub cross-chain bridge. It connected the BNB Beacon Chain (BEP2) and BNB Chain (BEP20).
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