Binance hack triggers smaller DeFi run than $292M Kelp exploit: Sentora

The $6.36 billion Binance hack has caused a smaller and shorter withdrawal wave across DeFi lending markets than April’s $292 million Kelp DAO exploit, according to findings shared by Sentora. Summary $1.59 billion left lending markets after Binance’s breach, with 60% returning within three days. Kelp’s smaller exploit prompted $10.9 billion in withdrawals over five days, according to Sentora. Circle froze 823 million USDC before the attacker could move the tokens onward. Investigators have traced $124 million converted from other stolen assets into Bitcoin. According to insights Sentora shared with crypto.news, lending protocols recorded $1.59 billion in net outflows in one day after the Binance breach, equivalent to roughly 3% of lending total value locked. Around 60% of those funds returned within three days, and Sentora found no bad debt across the lending markets it assessed. Binance losses stayed outside lending collateral After Kelp’s exploit, the firm measured $10.9 billion leaving lending protocols over five days, or approximately 21% of lending TVL. None returned within that observation window, despite the initial theft being less than 5% of the Binance loss. Sentora attr...