- Binance puts hack losses at about $6.3 billion and will cover them through SAFU.
- Tether froze over 1.567 billion USDT, and Circle froze roughly 823 million USDC.
- Aave froze all DAO-run markets on V3 and V4, halting new deposits and borrowing.
The global crypto market cap fell 2.9% to $2.688 trillion over the past 24 hours. Bitcoin traded at $78,205.91, down 2.3% on the day and down 4.6% over the past week. OKX data showed it briefly falling below $77,000. Ethereum changed hands at $2,240.94, down 3.3% in 24 hours and down 7.5% over seven days.
BNB dropped 4.1% to $716.63, down 2.7% weekly, after touching an intraday low of $678.13 on OKX. XRP fell 3.9% to $1.25, down 5.8% over the week. Solana slid 3.0% to $97.20, down 7.2% over seven days.
CoinGlass data showed $629 million in liquidations in the single hour after reports of the Binance attack surfaced, with longs accounting for $607 million. Liquidations over 24 hours reached $953 million.
Trending Searches
Super Pepe led trending searches, up 118.3% to $0.01849, and also topped the gainers list. Hyperliquid rose 17.3% to $92.26, while Bitcoin fell 2.0% to $78,249.02. Among other top gainers, Purr climbed 31.5% to $0.1305 and DAI on PulseChain gained 30.1% to $0.001221.
Binance Hot Wallet Attack
Binance estimated total losses from the attack at about $6.3 billion. Its preliminary investigation points to a compromised laptop belonging to a DevOps engineer. The breach gave attackers access to a service container, which they used to submit unauthorized withdrawals.
Binance said it has found no evidence of private key leakage and will cover all losses through its SAFU fund and corporate funds. Deposits and withdrawals remain suspended.
Chainalysis estimated the stolen amount at about $5.912 billion at the time of the incident, nearly four times the size of the 2025 Bybit theft. ZachXBT said the attack was very likely carried out by North Korea’s Lazarus Group.
Related: Binance Hack Fears Mount as $2.77B Moves Across Five Blockchains
Freezes and Asset Sales
Binance said verified frozen funds total about $3 billion. Tether froze more than 1.567 billion USDT and Circle froze about 823 million USDC. ZachXBT reported that the Arbitrum Security Council froze roughly $30.5 million. Binance co-founder Yi He said Ripple and World Liberty Financial also froze related assets.
Lookonchain said the attacker sold UNI, ENA, PEPE, LINK, AAVE, ONDO and WLD for 70,480 ETH, worth $158.25 million. Onchain Lens reported more than $1 billion in ETH moving to new wallets.
Industry Response
Aave froze all DAO-operated markets on V3 and V4 as a precaution, halting new deposits and borrowing. Upbit and Bithumb warned users about withdrawals to Binance and said they may restrict them. Coinbase CEO Brian Armstrong said the exchange is blocking transfers to compromised wallets. Wintermute founder Evgeny Gaevoy said the firm’s Binance exposure is below 20% of its net assets. Binance also postponed the listing of Predict, or PREDICT.
Polymarket Breach
Polymarket said one of its third-party service providers was compromised and pledged full compensation to affected users. Bubblemaps said more than 700 users lost roughly $2.7 million. Senators Elizabeth Warren and John Curtis asked Kalshi and Polymarket to explain how they prevent insider trading in election contracts, with replies due November 3.
Related: Polymarket Halts International Trading After Third-Party Security Breach
Earnings and ETF Flows
Strategy reported Q3 net income of $19.53 billion and holdings of 848,517 BTC as of October 25. CFO Andrew Kang will step down on November 5. Coinbase posted Q3 net income of $719 million, with annualized prediction market revenue above $200 million.
SoSoValue data showed Bitcoin spot ETFs taking in $17.0719 million on October 29, a fourth straight day of inflows. Ethereum ETFs lost $105 million, led by BlackRock’s ETHA at $71.6792 million.
Macro Data
US Q3 GDP grew at an annualized 3.4%, above the 3.2% estimate. Core PCE rose 3.1% year over year in September.
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