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

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.

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