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Binance founder CZ said he has not discussed the roughly $6.3bn hack of Binance with US President Donald Trump or Washington officials but hopes for US government assistance. He said the industry is discussing a security alliance to share experience, run cross-audits and coordinate freezing stolen funds.
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South Korea's FSC convened an emergency meeting with crypto exchanges after the Binance hack and looked at requiring higher cold-wallet holdings. Trump said the US is investigating the hack and is unsure of a North Korea link. On 2 Nov the FSC discussed raising the cold wallet custody ratio from 80% to about 99%.
RUNE, the token of cross-chain exchange Thorchain, fell about 20% in 24 hours and briefly dropped below $0.50. BlockBeats linked the decline to security and regulatory concerns after hackers reportedly moved part of last week's Binance hack proceeds through Thorchain, swapping about $48.3m across 2,697 transactions.
Chinese foreign ministry spokesperson Mao Ning said she was not aware of the matter when asked about the FBI's 31 October statement blaming North Korea for the Binance hack, in which about $6.3bn of assets were stolen, and about Donald Trump's remarks on it.
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CoinGlass data shows Binance's Bitcoin wallet balance at about 652,300 BTC, down roughly 23,200 BTC from about 675,500 BTC on 30 October, when the exchange was hacked. The balance fell about 15,894 BTC in the past 24 hours, possibly as withdrawals opened.
Arkham says the Binance hacker transferred $4m to three Binance deposit addresses that may belong to nested services, third-party platforms using Binance for liquidity and custody. The transfer does not necessarily mean a direct deposit to Binance, Arkham says.
Elliptic says the suspected Binance hacker laundered 28 BTC worth $2.2m through the CoinJoin mixing protocol WabiSabi between 1 Nov and 6:02 UTC today, using funds first stolen in TRX and then ETH swapped into BTC. It says 18,270 BTC taken from Binance is unmoved across 19 addresses.
Elliptic says about $3.24bn of assets stolen from Binance, mainly ETH and BTC, remained in related addresses as of 07:30 UTC on 2 Nov, while about $2.85bn had been frozen or seized. It says laundering spanned roughly 12,000 wallets on 11 blockchains and over 40,000 transactions in under four days, with about 28 BTC put through 18 CoinJoin transactions.
Elliptic says it has found no evidence that North Korean hackers accused of the $6.4bn Binance theft used AI to launder funds. Tom Robinson says the automated transfers resembled human-written scripts; about $3.28bn remains in more than 950 wallets.
CryptoQuant analyst Axel Adler Jr says Bitcoin fell 7.2% in October, its second straight losing October, after the theft of about $6.3bn from Binance's hot wallet on 29 Oct. He says Bitcoin is still near its yearly moving average, unlike the 23% weekly drop after FTX's 2022 collapse.
Binance said the zero-knowledge proof for its proof-of-reserves snapshot taken at 00:00 UTC on 31 Oct 2026 is fully generated, letting holders of BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC confirm at least 1:1 backing. About 95% of assets affected by the security incident have been replenished, with a broader snapshot due 4 Nov and withdrawals for more networks restored in stages tomorrow.
Suspected North Korean hackers behind the Binance attack made errors moving stolen assets, on-chain analyst Ai Yi said: about $3.5m of tokens went to a NEWT contract address and about $5m of PROM sold for just $71. Gate froze two accounts after a deposit of about $250,000.
On-chain analyst Darkfost says North Korea's Lazarus group has stolen about $11.9bn of cryptocurrency in total, including a recent $6.3bn Binance hack, equal to roughly 45% of North Korea's GDP.
SomaXBT says Arkham wrongly identified a Thorchain Asgard Vault address as the Binance hacker's, and that the Binance deposits were paid by Thorchain accounts. SomaXBT published two related Thorchain account addresses.
Binance said withdrawals are being restored in stages and warned users that fraudsters may pose as the exchange to offer faster withdrawals, priority processing or compensation, and that it never asks for passwords, 2FA codes or seed phrases.
People familiar with the matter said Binance contacted smaller market makers after an approximately $6.3bn theft and raised their rebates in spot and futures markets. For one week, tier-2 and tier-3 market makers get tier-4 rates, Binance said.
Changpeng Zhao said Binance covered losses of more than $6bn from a recent hack using only its own balance-sheet funds, without borrowing, selling holdings or raising outside capital.
Tether froze more than $1.5bn in USDT within 30 minutes of the 29 October Binance hack, blocking the funds from being moved, swapped or laundered. The FBI attributed the attack to North Korea; Tether says it has helped US agencies freeze over 3,590 wallets holding about 1.6bn USDT as of 31 October 2026.
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Dolomite said it is keeping new borrowing on the Ethereum mainnet halted as a precaution after the Binance hack, while deposits, withdrawals, repayments and existing position management continue. The protocol said it had seen no malicious activity on its own platform and no assets were at risk.
Binance recorded $14.1bn in net outflows over the week following a hack, while OKX drew $499m in inflows.
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Binance recorded $15.4bn in net outflows over the past seven days, including $3.4bn in the past 24 hours, and still holds about $124bn in assets. The outflows followed a $6.3bn hack, Bitcoin News said.
Kim Yo Jong, North Korea's Kim Yo Jong, described the Binance incident as a US political provocation and said Pyongyang is watching closely.
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Wintermute says last week's market direction was set by the Binance hack, which cost about $6.3bn on 29 Oct and is allegedly linked to North Korea's TraderTraitor, rather than by Fed or PCE data. It puts Bitcoin's next support at its 50-week moving average near $76,800.
Onchain Lens says Binance recorded more than $7bn of net outflows over 48 hours, including $3.89bn in the past 24 hours and $14.7bn over seven days.
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OKX chief executive Star Xu said the exchange has strengthened security and risk management since the Binance hack, with teams tracking stolen funds on-chain and blocking laundering through its exchange and Web3 aggregator. He said no exchange is free of hacking risk.
OKX founder and CEO Star said the exchange has treated security and customer asset protection as its first lifeline over 13 years. He said his team has been working intensively since the recent Binance security incident as a warning to the whole industry.
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Analyst Murphy says Binance's BTC balance has fallen by 21,064 coins to 711,000 since withdrawals resumed on 1 Nov, under 3% of its holdings. Binance's on-chain reserves are about $140bn, with BTC and USDT nearly 60%.
South Korea's Financial Services Commission is reviewing the security of local crypto exchanges following a hack at Binance and is weighing broader withdrawal limits.
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Binance said it will resume withdrawals for more assets from 04:00 UTC on 3 November, opening them gradually as security checks are completed, while deposits remain open. The exchange said it will absorb the financial impact of the stolen funds rather than pass it to users.
Binance said withdrawals for more assets reopen in phases from 04:00 UTC on 3 Nov across networks including BSC, ETH, SOL, XRP, TRON, Arbitrum, Optimism and Base. It said it will bear all economic losses from the security incident and not pass them to users.
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US CFTC Chairman Michael Selig said the Binance hack showed offshore crypto exchanges lack safeguards comparable to US financial markets, and backed a framework letting them register voluntarily and meet cybersecurity standards.
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Binance has used about half the Bitcoin in its Secure Asset Fund for Users, with SAFU holdings falling to about 7,500 BTC, worth $580m, as of 3 Nov from 15,000 BTC in February. Binance gave no timeline for replenishing the fund, which it plans to restore to around $1bn.
South Korean President Lee Jae Myung, citing a recent multi-billion-dollar crypto theft from Binance, called at a cabinet meeting on 3 November for a cross-government cybersecurity coordination body covering the public and private sectors. He said AI is making hacks more sophisticated, and the National Intelligence Service has begun emergency checks at more than 2,100 government and public bodies.
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Bitcoin has slid toward $76,000 after an alleged $6.3bn Binance hack, putting the KRW 100 million level at risk.
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Binance's 24-hour fund flows swung to net inflows of about $1.6bn from an intraday net outflow peak of about $7bn, a swing of more than $8.6bn, per DefiLlama. Its total assets stood at about $128bn.
After a theft at Binance, a community account called Hyperliquid Daily said traders look for alternatives whenever trust in centralised exchanges is damaged, so DEXs stand to benefit and Hyperliquid is in the spotlight. The post drew criticism, with users noting the account is not Hyperliquid's official one.
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Binance has directors and officers liability cover for executives facing possible regulatory investigations or lawsuits over the theft, but like other crypto firms it did not buy cyber insurance, people familiar told Bloomberg Law. Insurance may cover only a small part of the roughly $6.3bn theft as Binance compensates affected users; the firm has said the funds came partly from SAFU, part of its futures insurance fund and its own money.
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Binance founder Zhao Changpeng said repeated security attacks without clear improvement in defences would slow adoption across the crypto industry. He said he hopes the US government will help, adding that more problems may come before conditions improve.
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Changpeng Zhao said Binance quickly stated that user funds were unaffected after an attack, which stopped panic from spreading and avoided knock-on effects. He said users were not forced to bear losses, unlike in past platform or lending protocol failures, and that Binance's public blockchain records backed its assurances.
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Changpeng Zhao said some Binance users withdrew funds after an attack on the exchange, mostly to self-custody wallets rather than rival centralised platforms, and warned that losing a seed phrase carries its own risks. He said flows could stay volatile for weeks or months, but net inflows had resumed within 24 hours.
Binance founder CZ said he has not discussed the roughly $6.3bn hack of Binance with US President Donald Trump or Washington officials but hopes for US government assistance. He said the industry is discussing a security alliance to share experience, run cross-audits and coordinate freezing stolen funds.
RegulationOdailyAIBearish
South Korea's Financial Services Commission held an emergency safety inspection meeting with major crypto exchanges and custodians on 2 November, discussing a rise in the cold wallet custody ratio from the 80% required by the Virtual Asset User Protection Act to about 99%. Upbit holds over 99% of user assets in cold wallets, Bithumb about 94%, Coinone 85% and GOPAX in the low 80s.
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Every update is a short rewrite, by AI in our own words, of a flash from the outlet named on it, credited and linked. Updates are joined into one story by AI; our editors can change a story’s name or take an update out. Not investment advice.
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