WuBlockchain
Gate recorded $207 million in net outflows over the seven days through Tuesday, the second-largest tally among centralized exchanges, according to DeFiLlama data. The bleed follows a user theft incident tied to the venue and signals active venue rotation by traders.
The same window saw Binance pull $308 million in net inflows, the largest among tracked CEXs. The split suggests capital exiting Gate is largely rotating to competitors, not flowing off-exchange. Separately, Binance and Bybit have each posted significant outflows over the past month tied to EU delistings, a parallel pressure point unrelated to Gate's incident.
Why it matters
A roughly $200 million weekly net outflow is a meaningful liquidity event for a mid-tier centralized venue. Theft-linked outflows tend to be stickier than ordinary withdrawals because users who lose trust in custody typically need a fresh incident, sometimes a full year of clean audits, before they return. Gate's second-place outflow ranking alongside Binance and Bybit's EU pressure shows the CEX market is fragmenting across multiple vectors at once.
Market impact
The $308 million Binance captured over the same period points to share rotation inside the centralized exchange stack rather than a sector-wide exit. With EU delistings continuing to weigh on two of the largest venues, the near-term read is that centralized liquidity is concentrating in fewer, compliance-cleaner venues while smaller exchanges absorb the credibility hits from isolated incidents.
Source: [CEX Rankings - Transparency & Proof of Reserves - DefiLlama](https://defillama.com/cexs)
Frequently asked questions
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How much did Gate lose in net outflows over 7 days?
Gate recorded $207 million in net outflows over the seven-day window, the second-largest tally among centralized exchanges tracked by DeFiLlama.
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Which exchange pulled the most inflows while Gate was bleeding?
Binance captured $308 million in net inflows over the same seven-day window, the largest among tracked CEXs, according to DeFiLlama.
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What triggered Gate's outflows?
The outflows followed a user theft incident tied to the Gate venue, per the DeFiLlama data referenced in the report.
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Are Binance and Bybit also seeing outflows?
Yes, but for a different reason. Binance and Bybit have posted significant outflows over the past month tied to EU delistings, a regulatory pressure point separate from Gate's incident.
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Does this mean traders are leaving crypto entirely?
The data points the other way. Binance's $308 million of net inflows over the same window suggests capital is rotating between centralized venues rather than exiting the sector.
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