Sunday Wrap · Sunday Wrap
Sunday Wrap: Binance reopens after the attack, FBI names North Korea
Binance reopened withdrawals on Sunday after the Oct. 29 attack, the FBI said North Korea was responsible, and ether funds lost money for a fifth straight week.
Sunday Wrap: Binance reopens after the attack, FBI names North Korea
Binance reopened withdrawals on Sunday, three days after an attack that the FBI now says was carried out by North Korea. The week also brought Tether's third-quarter numbers, a net drop in USDC supply, another week of outflows from ether funds and a pause on the Threshold network's bitcoin-backed token.
The week that was
Binance. The attack on Oct. 29 was the week's story. On Friday, Chainalysis tied it to the North Korean group TraderTraitor and estimated about $6.4 billion moved [5]. On Saturday the FBI went further, saying in a cyber alert that North Korea "was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance" and publishing hundreds of addresses for services to block [4]. The attribution is the FBI's and Chainalysis's.
Binance's own updates ran through the weekend. Withdrawals began reopening at 06:00 UTC on Sunday, 1 a.m. EST, and resumed on all 15 networks in the first phase by 7:36 a.m. EST, the exchange said [1]. Payouts now come from "newly generated wallet addresses" on its Proof of Reserves list [2]. Between 1 a.m. and 10:30 a.m. EST, Binance said, it processed $4.649 billion in withdrawals and $1.01 billion in deposits, "resulting in a net outflow of approximately $3.64 billion" [1]. It said an updated reserves report "is expected to be available on our PoR website tomorrow" [1]. Changpeng Zhao wrote that afternoon: "98% choose to stay!" [3].
Tether. Tether said it made $1.5 billion in net operating profit in the third quarter and $4.5 billion over nine months, figures that are its own. It said its reserve buffer rose to $7.95 billion from $4.1 billion at the end of June [6].
USDC. Circle's transparency page showed $10.9 billion of USDC issued and $11.7 billion redeemed over seven days, a net drop of about $800 million, with $70.0 billion in circulation as of Oct. 29 [7].
ETF flows. U.S. spot bitcoin ETFs lost a net $202.4 million in the week of Oct. 26–30 after a $643.2 million Friday exit, by Farside's figures. Spot ether ETFs lost $431.4 million, a fifth straight losing week, and $911.6 million over the 13 sessions from Oct. 14 [8].
tBTC. Threshold paused new tBTC minting and redemptions on Oct. 30 "as a precaution while security maintenance is completed," and Aave froze the token on its main Ethereum market [9][10]. On Sunday, Threshold said "about 4,320 BTC sits in the bridge wallets against roughly 4,185 tBTC in circulation" and that it had seen "no unauthorized minting or movement of BTC" [9]. It has not given a time to resume.
Week ahead
| When (ET) | What |
|---|---|
| Mon Nov. 2 (Le Coin's reading of "tomorrow") | Binance says its updated Proof of Reserves report "is expected to be available on our PoR website tomorrow," per its Nov. 1 post [1]. No time given. |
| Fri Nov. 6, 8:30 a.m. | U.S. Bureau of Labor Statistics releases the October Employment Situation report [11]. |
| No date set | Threshold has not said when tBTC minting and redemptions will resume [9]. |
Descriptive calendar only. No market outcome is implied.
7-day performance
CoinGecko figures, accessed 3:25 p.m. EST Sunday, for the top 250 tokens by market value, excluding stablecoins and meme tokens. Figure Heloc, a tokenized loan pool, is also excluded [12].
Top 10 by market cap
| # | Token | Mkt cap | 7d % |
|---|---|---|---|
| 1 | Bitcoin (BTC) | $1.56T | -3.56% |
| 2 | Ethereum (ETH) | $275.29B | -4.06% |
| 3 | BNB (BNB) | $93.02B | -4.58% |
| 4 | XRP (XRP) | $78.87B | -4.16% |
| 5 | Solana (SOL) | $55.35B | -7.68% |
| 6 | TRON (TRX) | $29.70B | -5.34% |
| 7 | Hyperliquid (HYPE) | $20.76B | +12.70% |
| 8 | Zcash (ZEC) | $20.61B | -0.33% |
| 9 | Monero (XMR) | $11.15B | -1.56% |
| 10 | WhiteBIT Coin (WBT) | $8.84B | -4.01% |
Top 10 winners, 7d
| # | Token | Mkt cap | 7d % |
|---|---|---|---|
| 1 | Beam (BEAM) | $265.3M | +83.95% |
| 2 | Kinetiq (KNTQ) | $173.3M | +43.43% |
| 3 | Provenance Blockchain (HASH) | $445.9M | +17.39% |
| 4 | Hyperliquid (HYPE) | $20.76B | +12.70% |
| 5 | Midnight (NIGHT) | $698.9M | +12.53% |
| 6 | Anvil (ANVL) | $166.7M | +10.95% |
| 7 | Bedrock (BR) | $142.1M | +10.63% |
| 8 | GoMining Token (GOMINING) | $163.8M | +9.94% |
| 9 | Morpho (MORPHO) | $1.58B | +7.81% |
| 10 | Kite (KITE) | $289.9M | +7.68% |
Top 10 losers, 7d
| # | Token | Mkt cap | 7d % |
|---|---|---|---|
| 1 | Akedo (AKE) | $206.5M | -70.97% |
| 2 | Quack AI (Q) | $155.1M | -46.64% |
| 3 | Bitway (BTW) | $1.59B | -38.77% |
| 4 | Collector Crypt (CARDS) | $203.9M | -27.66% |
| 5 | Kamino (KMNO) | $189.4M | -25.32% |
| 6 | Fluid (FLUID) | $148.8M | -21.13% |
| 7 | Curve DAO (CRV) | $437.1M | -19.68% |
| 8 | Pearl (PEARL) | $558.9M | -19.50% |
| 9 | Grass (GRASS) | $416.4M | -18.94% |
| 10 | Convex Finance (CVX) | $188.1M | -18.08% |
Source: CoinGecko [12]. Data: CoinGecko. Seven-day changes are rolling to access time.
Stablecoin circulation
Market value is used as the measure of tokens in circulation. CoinGecko, accessed 3:25 p.m. EST [12]. SoFiUSD is omitted. Open USD is listed under that name.
Stablecoins above $1 billion
| # | Stablecoin | Peg | Mkt cap |
|---|---|---|---|
| 1 | Tether (USDT) | USD | $179.97B |
| 2 | USDC (USDC) | USD | $71.51B |
| 3 | USDS (USDS) | USD | $9.54B |
| 4 | Dai (DAI) | USD | $4.52B |
| 5 | Ethena USDe (USDE) | USD | $4.51B |
| 6 | USD1 (USD1) | USD | $3.87B |
| 7 | Global Dollar (USDG) | USD | $2.93B |
| 8 | PayPal USD (PYUSD) | USD | $2.86B |
| 9 | Ripple USD (RLUSD) | USD | $2.43B |
| 10 | Falcon USD (USDF) | USD | $1.83B |
Stablecoins from $100 million to $999 million
| # | Stablecoin | Peg | Mkt cap |
|---|---|---|---|
| 1 | Open USD (OUSD) | USD | $892.6M |
| 2 | GHO (GHO) | USD | $698.0M |
| 3 | Usual USD (USD0) | USD | $541.3M |
| 4 | EURC (EURC) | EUR (euro peg) | $503.2M |
| 5 | YLDS (YLDS) | USD | $496.7M |
| 6 | TrueUSD (TUSD) | USD | $494.2M |
| 7 | USDtb (USDTB) | USD | $484.5M |
| 8 | A7A5 (A7A5) | RUB (ruble peg) | $470.5M |
| 9 | Re Protocol reUSD (REUSD) | USD | $371.1M |
| 10 | apxUSD (APXUSD) | USD | $302.4M |
Source: CoinGecko [12]. EURC is pegged to the euro and A7A5 to the Russian ruble; both are in CoinGecko's stablecoin category. Market caps for those two are in U.S. dollars.
Liquidations, 24 hours
Liquidations are leveraged derivatives positions that exchanges forcibly close when margin runs out. In the 24 hours to 9:05 a.m. ET Sunday, crypto short liquidations totaled $29.8 million and long liquidations $39.0 million, according to CoinMarketCap data [12]. A seven-day total is not available.
Top 5 crypto coins, 24 hours to 9:05 a.m. ET
| # | Coin | 24h price chg | Shorts | Longs |
|---|---|---|---|---|
| 1 | Plasma (XPL) | -6.3% | $0.2M | $13.1M |
| 2 | Bitcoin (BTC) | +0.6% | $9.2M | $3.4M |
| 3 | Ethereum (ETH) | +0.6% | $6.6M | $4.8M |
| 4 | Solana (SOL) | -0.9% | $0.1M | $1.9M |
| 5 | Zcash (ZEC) | -3.8% | $0.3M | $1.6M |
Non-crypto perpetual futures (metals, stocks, ETFs, energy), 24 hours to 9:05 a.m. ET
Non-crypto shorts totaled $0.8 million and longs $0.4 million. That is a floor covering only entries in CoinMarketCap's top-250 list.
| # | Contract | 24h price chg | Shorts | Longs |
|---|---|---|---|---|
| 1 | SanDisk (SNDK) | +1.6% | $0.4M | $0.1M |
| 2 | Crude Oil (CL) | -0.2% | $0.1M | $0.0M |
| 3 | Tradr 2X Long SNDK Daily ETF (SNXX) | +3.7% | $0.1M | $0.0M |
| 4 | Silver (XAG) | +0.6% | $0.1M | $0.0M |
| 5 | Direxion Daily Semiconductor ETF (SOXL) | +2.0% | $0.0M | $0.1M |
Data: CoinMarketCap. Rows ranked by 24-hour total liquidations; rounded to $0.1 million.
Interesting reads
- Binance pauses withdrawals after attack, says it will cover all losses: how the week began, in Binance's first account.
- Chainalysis ties Binance attack to North Korea, estimates $6.4 billion moved: the first attribution, before the FBI's.
- Binance says 90% of hacked funds replenished; withdrawals still set for Sunday: where the coverage money came from, and the 7,500 bitcoin that left the SAFU wallet.
- Tether says it made $1.5 billion, mostly from Treasury bills and repo: what the attestation covers and what it does not.
- Bitcoin funds' Friday exit turns the week negative; ether funds lose again: the weekly Farside scorecard, fund by fund.
- Threshold pauses its Bitcoin-backed token as Aave freezes it on Ethereum: what stopped and what did not.
- Sub-Saharan Africa's crypto economy grows 13.4% to $101 billion, Chainalysis says: the weekend explainer on stablecoins and remittances.
The tell (Le Coin's view)
In Le Coin's view, the next useful number is Binance's updated reserves report. Its own figures put Sunday's net outflow at about 2.1% of assets; the report is where that claim can be checked against what the exchange holds.
Stop
Binance reopened withdrawals on 15 networks Sunday and says a net $3.64 billion left in the first hours. The FBI says North Korea was behind the attack. Ether funds lost money for a fifth week.
Sources (12)
- [1] @binance, https://x.com/binance/status/2116926305254133892, 11:12 a.m. EST Nov. 1.
- [2] @binance, https://x.com/binance/status/2116785774540787920, 1:53 a.m. EST Nov. 1.
- [3] Changpeng Zhao (@cz_binance), https://x.com/cz_binance/status/2116954044988354798, 1:02 p.m. EST Nov. 1.
- [4] FBI cyber alert, Oct. 31, 2026, https://www.fbi.gov/investigate/cyber/alerts/2026/north-korea-responsible-for-6-billion-binance-attack.
- [5] Chainalysis, https://www.chainalysis.com/blog/binance-exploit-latest-findings-and-response/, Oct. 30.
- [6] Tether, https://tether.io/news/tether-generates-1-5-billion-in-q3-net-operating-profit-as-reserve-buffer-doubles-to-almost-8-billion/.
- [7] Circle, https://www.circle.com/transparency.
- [8] Farside Investors, https://farside.co.uk/btc/ and https://farside.co.uk/eth/.
- [9] Threshold Network, https://x.com/TheTNetwork/status/2116298061626368495 (Oct. 30) and https://x.com/TheTNetwork/status/2116965471157203243 (1:47 p.m. EST Nov. 1).
- [10] Aave governance forum, https://governance.aave.com/t/tbtc-mint-redeem-pause-aaves-response/25965.
- [11] U.S. Bureau of Labor Statistics, https://www.bls.gov/schedule/news_release/empsit.htm.
- [12] Le Coin data pack: CoinGecko (7-day performance, stablecoins; accessed 3:25 p.m. EST Nov. 1) and CoinMarketCap (24h liquidations; accessed 9:05 a.m. EST Nov. 1).
Holding the Corner.
Not financial advice.