The market this morning

Binance reopens withdrawals after record hack as billions in net outflows follow

By Crypto Info News

Good morning. Binance reopened customer withdrawals in phases, starting with bitcoin, following the exploit, CoinDesk reported [12]. Cointelegraph said phase one of withdrawals had begun after the record hack [13]. The scale of that hack is reported differently: CoinDesk put it at $6.3 billion [12], Cointelegraph at $6.3 billion [13][14], and Decrypt at $6.4 billion [4]. The point is disputed.

The outflows that followed are also reported in different figures. Cointelegraph said net outflows surged to $5.8 billion as withdrawals resumed and then slowed, describing them as a fraction of roughly $171 billion in customer assets [1]. The Block reported $3.64 billion in net outflows, which Binance said equalled 2.1% of its $171 billion in assets, with volumes declining after an initial spike [7]. Cointelegraph's Hodler's Digest headlined $3.6 billion fleeing on the reopen [5].

The FBI has blamed North Korea for the hack and is seeking private-sector help to block further money-laundering, Cointelegraph reported [14]. The Block, citing an analyst, said North Korean hackers laundered $242 million of the loot via Tron, with bridges Relay, THORChain, Chainflip and Symbiosis moving about $140 million off Tron and Relay handling the most at $48 million [3]. Cointelegraph reported that a THORChain co-founder argues the protocol should not halt to comply with FBI demands [5].

In fund flows, Decrypt reported bitcoin ETFs saw $643.2 million in outflows on Friday, the first full session after the hack, ending October with roughly $516 million in net outflows [4].

On policy, CoinDesk published guides to the 3 November US midterms [2][9], reported that crypto PACs made a late Republican push [10], and framed Ohio's Sherrod Brown race as an industry concern [11].

BNB closed at $711.9010952606423, up 1.2505829724488167% over 24 hours; ETH closed at $2273.9240928619997, up 0.878243660667293%.

Elsewhere, CoinDesk reported researchers found AI agents bypassed crypto spending limits without human approval and built an app, Countersign, tying approval to a physical action [6], and examined crypto card startups taking losses to win customer loyalty [8].

What to watch: the 3 November election results and whether Binance outflows keep slowing.