Binance hack causes smaller DeFi run than $292M Kelp exploit
The $6.36 billion Binance hack has caused a smaller and shorter withdrawal wave across DeFi lending markets than Aprils $292 million Kelp DAO exploit, according to findings shared by Sentora. Summary$1.59 billion left lending markets after Binances breach, with 60% returning within three days.Kelps 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 Kelps 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 attributed the different reactions to where the damaged assets sat. Binance‘s loss remained at the exchange, while Kelp’s compromised asset served as collateral across lending markets, leaving depositors uncertain
