Today’s Top Stories:
Bitcoin Spot ETFs Saw $643 Million in Net Outflows Yesterday, Led by BlackRock’s IBIT with $234 Million
Ethena Deposits 128.6 Million ENA Worth About $24.33 Million to Binance
CFTC Chair on Binance Hack: Hopes to Offer Federal Registration Option for Crypto Exchanges
Vitalik Advocates “Digital Minimalism,” Shares Experiments with Social Media, Phone, and Web Use
Changpeng Zhao Asks Musk to Stop Making Fun, Says Binance’s SPCX Stake Is Worth Over $1 Billion
Chainalysis Hacked, Customer Data Including Names, Emails, and Organizational Roles Leaked
Binance working with the FBI and U.S. Secret Service to investigate $6.3 billion cryptocurrency theft
Aave proposes lowering V3 and V4 borrowing caps, removing about $3.8 billion in unused borrowing capacity
Regulation & Macro
CFTC chair on Binance hack: Wants to offer cryptocurrency exchanges a federal registration option
According to Reuters, Commodity Futures Trading Commission (CFTC) Chair Michael Selig said in an interview with CNBC, in response to the Binance hack, that the CFTC wants to offer cryptocurrency exchanges a federal-level option to register with the agency. Selig previously said that while Congress has yet to act on relevant legislation, the CFTC is advancing a voluntary federal registration pathway for crypto exchanges, giving crypto markets the same safeguards as U.S. derivatives markets.
Supreme People’s Procuratorate discloses case involving a 1.2 million yuan U-coin scam; prosecutor says virtual currency transactions are not covered by the crime of contract fraud
According to the official WeChat account of the Supreme People’s Procuratorate, a U-coin fraud case was recently heard in Xuzhou, Jiangsu. Wang and others allegedly defrauded the victim, Xiao, of 1.2 million yuan by claiming to be purchasing U-coins. The case was initially transferred for prosecution on suspicion of robbery. The procuratorate concluded that Wang and the others had carefully staged a fake transaction to defraud the victim of U-coins, and charged them with fraud. At trial, the defense argued that the defendants had committed contract fraud. The prosecutor pointed out that the crime of contract fraud is intended to protect market order, and that a contract must reflect the characteristics of the socialist market economy. Since virtual currency transactions are illegal financial activities explicitly prohibited by the state, they do not fall within the scope of the crime of contract fraud.
Trump: Investigating whether North Korea was behind the Binance hack
According to Bloomberg, U.S. President Donald Trump said he was monitoring the Binance hack. Asked whether North Korea was behind the attack, Trump said, “We don’t know,” and “We’re looking into it,” adding that Binance had said the situation was under control. Blockchain analytics firms including Chainalysis and TRM Labs have previously attributed the attack, worth about $6.3 billion, to the North Korea-linked hacking group TraderTraitor. The U.S. government has not formally attributed the attack.
Project Updates
Binance: About 80% of stolen funds replenished; withdrawals to resume in stages within about 34 hours
According to an official Binance announcement, Binance has issued Security Incident Update #2, saying that it has prepared more than $6.34 billion in company funds. More than $5 billion worth of corresponding tokens, including USDC, USDT, BTC, ETH, and BNB, is already in place, replenishing about 80% of the stolen funds. The remainder is being purchased through market and over-the-counter channels. About $3 billion in assets has been frozen on-chain, and no evidence of wallet private key leaks has been found so far. Binance plans to resume withdrawals in stages by token within about 34 hours. It will take its first proof-of-reserves snapshot within 12 hours, publish the results by Monday, November 2, and expects to release further technical investigation findings in about 48 hours.
Apple: Apple Intelligence testing to open in China from November 4, with Alibaba’s Qwen integrated
According to a press release on Apple’s website, the company announced that the first Apple Intelligence features will soon launch in China. They include live translation, writing tools, Visual Intelligence, the Clean Up photo tool, and Genmoji. Testing will open with the latest iOS developer beta from November 4, with a full release for users in China alongside iOS 27.3 in December. Apple has partnered with Alibaba, allowing users in China to access Qwen directly through Siri, Writing Tools, and Visual Intelligence. Supported devices include iPhone 16 and later models, the iPhone 15 Pro lineup, and iPhone Air. This update does not include next-generation Apple Intelligence features such as Siri AI that Apple announced at WWDC 2026.
NYSE parent ICE deletes post announcing partnership with trade.xyz
NYSE parent Intercontinental Exchange (ICE) has deleted its post announcing a partnership with trade.xyz, which aimed to bring Hyperliquid perpetual futures products to the U.S. market. A repost of Trade.xyz’s promotional copy remains, and trade.xyz’s own partnership post has not yet been deleted. Earlier reports said that ICE and Trade.xyz had partnered to bring Hyperliquid perpetual futures products to the U.S. market.
CZ clarifies he did not threaten Musk “with money,” says SPCX stake was mentioned only to show Binance has sufficient funds
Binance founder CZ posted a clarification on X, saying that people were reading too much into his remarks to Musk by interpreting them as “threatening with money.” He said he mentioned Binance’s SPCX stake because someone had compared the situation with FTX, potentially implying that Binance lacked sufficient funds, which was not the case. He simply wanted to show that Binance holds assets beyond cryptocurrency, in a field familiar to Musk. CZ stressed, “I never threaten people,” calling it one of the core principles in his book. He added that Binance’s stake was “a drop in the ocean” for the company and was no threat at all, and that SPCX would be one of its high-quality long-term holdings.
He Yi responds to claims Binance staged its own hack: Trading volumes, fees, and BNB burn data are all public
In response to community members attributing the Binance hack to an “inside job,” He Yi said that investing often involves judgment, logical reasoning, and the ability to sift through information for useful details. She said she understood that some people might be concerned about solvency because they were unaware that data on trading volumes, fees, user numbers, and quarterly BNB burns is public. She also said that the portion staked in AAVE was not included in the frozen-asset figures. The 60 million U staked in AAVE was not among the assets frozen by Binance, and formally releasing this excess collateral in the future could reduce losses by 14 million U.
Ethena deposits 128.6 million ENA worth about $24.33 million to Binance
According to on-chain analyst Ember, Ethena deposited 128.6 million ENA, worth about $24.33 million, to Binance over the past two hours. Binance is currently buying back stolen assets through on- and off-market transactions to fill the asset shortfall in its proof of reserves (PoR). Ember speculated that the transfer may be related to Binance buying ENA from Ethena over the counter. Binance lost 217.5 million ENA in yesterday’s hack.
Entity linked to a16z may have sold 118,000 HYPE worth about $10.7 million
According to on-chain analyst Ai Yi, an entity linked to a16z appears to have started selling HYPE worth $10.7 million yesterday. After news of the Binance hack broke, the entity transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland at an average price of $90.72. The purpose is unknown, and the most recent transfer took place 10 hours ago.
CZ urges Musk to stop teasing, says Binance’s SPCX stake is worth over $1 billion
Changpeng Zhao (CZ) posted on X asking Musk to “stop teasing.” He said Binance invested $500 million in Musk’s acquisition of Twitter, and the SPCX shares it received are now worth more than $1 billion. He added that he hoped Musk would “show a little support.” Earlier, 0xngmi said Binance held about $144 billion in client assets and that its total losses after the USDT and USDC freezes were about $1 billion, or 0.69% of client assets. CZ replied that actual losses might be “slightly higher,” but Binance would cover them in full. A user then posted a joking image captioned “SBF’s response back then,” to which Musk replied with an emoji.
Chainalysis hacked, exposing customer data including names, email addresses, and organizational roles
Chainalysis, which specializes in tracking cryptocurrency hackers, has itself been hacked. In an email to customers, Chainalysis said that earlier this month an external party used “offensive agent techniques” to gain unauthorized access to its systems and internal tools. Some non-sensitive customer data was accessed, including user IDs, names, email addresses, and organizational role tags. The company stressed that there was no indication of unauthorized access to investigation materials (such as relationship graphs, notes, or case information), transaction or query results, plaintext passwords, multi-factor authentication (MFA) keys, or user session tokens. It also stated that the incident was unrelated to the recent Binance theft.
Hackers behind the Binance attack move 120 million TRX, followed by further transfers to disperse the funds
According to monitoring by Onchain Lens, the hackers behind the Binance attack used automated transfers to repeatedly split the funds across multiple wallets, route them back to previously used addresses, and then redistribute them to new destination addresses to obscure the flow of funds. Most recently, 120 million TRX (worth about $38.78 million) was moved, followed by further transfers to disperse the funds.
Binance working with the FBI and U.S. Secret Service to investigate $6.3 billion cryptocurrency theft
According to Reuters, citing sources, Binance is working with the Federal Bureau of Investigation (FBI) and the U.S. Secret Service to investigate the theft of $6.3 billion in cryptocurrency.
Privacy blockchain Iron Fish shuts down network after discovering critical vulnerability
Privacy blockchain Iron Fish announced that it would end all remaining support for the Iron Fish network later today. The team recently detected unusual activity involving wIRON and the ChainPort bridge. After working with ChainPort to investigate, they confirmed that the root cause was an inflation vulnerability in the Iron Fish blockchain itself, traceable to a commit in the Merkle tree implementation from early 2019. A subtle difference in how “nullifiers” were calculated allowed attackers to reuse the same note multiple times. The attackers then consolidated multiple notes and transferred the funds through the ChainPort bridge. Although this code path was within the scope of both internal and external audits, the vulnerability was not detected. The team has submitted a patch along with a detailed postmortem, and will subsequently shut down and archive the code repository.
Flap hit by DNS hijacking, redirected to unauthorized website
Flap announced that its official website, flap sh, is currently being affected by DNS hijacking and redirected to an unauthorized website. Flap advised users not to visit the official website, connect their wallets, or sign anything for the time being. The team is working to restore the website and will notify users as soon as it is back online.
Cash App to transform into a comprehensive digital bank, expanding into stocks, ETFs, customized debit cards, and other financial products
According to Bloomberg, Jack Dorsey’s Block announced plans to transform Cash App into a comprehensive digital bank, boosting user engagement and retention through products such as stock, ETF, and Bitcoin trading, short-term loans, high-yield savings, and customized debit cards. Cash App has generated nearly $4 billion in gross profit so far this year, accounting for 64% of Block’s total. Block applied to the Office of the Comptroller of the Currency (OCC) in September to establish Builders Bank & Trust NA. Cash App’s loan originations rose 59% year over year in the second quarter, and 9.4 million users now use it as their primary banking tool, up 17% year over year. However, the company continues to face slowing growth and compliance pressures. In August, Block disclosed that it had doubled its provision for a potential settlement related to an ongoing, multi-year U.S. Department of Justice investigation to $526 million.
Binance co-CEO: Withdrawals could resume within 40 hours; full proof of reserves to be released Monday
Binance co-CEO Richard Teng posted a video update on X saying that Binance is rebuilding its withdrawal services and will not reopen them until they pass rigorous testing. Withdrawals could resume before the Sunday deadline, in about 40 hours. Binance will publish a full proof-of-reserves (PoR) report on Monday and hopes to release preliminary results before then. On the investigation, he said the attack was not the work of just one person. Initial findings suggest that a compromised laptop may have been involved, and investigators later discovered other points of intrusion. The attacker used self-destruct mechanisms to destroy tools and traces, and also used EIP-7702 to obtain on-chain execution authorization for a hot wallet. This delegation did not go through Binance’s usual approval process. Binance is conducting a company-wide security review of its endpoints, cloud systems, key management, and signing systems.
Polymarket launches 15-minute price prediction markets for gold and silver
Chainlink posted on X that prediction market Polymarket is deepening its partnership with Chainlink, its official oracle provider. The partnership is expanding high-speed 15-minute prediction markets beyond cryptocurrencies to other asset classes. Markets predicting 15-minute price movements for gold and silver are now live, with more commodities to be added later, followed by stocks and foreign exchange. Polymarket also confirmed that the markets are live and said Chainlink is the official oracle partner for its high-speed price movement markets.
Recall Foundation announces shutdown and plans to burn about 35.86% of token supply
Recall said on X that the Recall Foundation’s board had decided to wind down the foundation after assessing protocol adoption, operating costs, and growth prospects, and concluding that continued development was not commercially viable. The decision was not prompted by a hack or security incident. The foundation will burn approximately 359 million RECALL tokens under its control, about 35.86% of the total supply. Token holders will receive no distribution, redemption, or buyback. The remaining approximately $3.7 million will be used to repay creditors and cover liquidation costs. app.recall.network will become read-only from November 30, and the foundation expects to complete its liquidation in the first quarter of 2027. In a separate announcement, Bithumb said that, following the foundation’s decision to end project operations, it had designated RECALL as a trading caution asset and suspended deposits from 6:30 today.
Jupiter Lend: Withdrawals have returned to normal
Solana ecosystem lending protocol Jupiter Lend announced that the liquidity crunch on the platform has ended. With liquidity replenished, USDC withdrawals have returned to normal, and the previously elevated utilization rate has fallen. Earlier reports said that the protocol had experienced liquidity stress due to broader market conditions, affecting some withdrawals.
Aave proposes lowering V3 and V4 borrowing caps, removing about $3.8 billion in unused borrowing capacity
According to the Aave governance forum, risk service provider LlamaRisk has proposed lowering the borrowing caps on 27 Aave V3 reserves and the drawdown caps on six Aave V4 credit lines, setting the new caps at about 1.02 times pre-attack borrowing levels. Aave had previously frozen V3 and V4 reserves following the October 29 Binance hot wallet incident. The changes would remove about $3.7 billion in unused capacity from V3 and $130 million from V4. For example, on V3 Core, the WETH borrowing cap would fall from 2.4 million to 1.79 million tokens, while the USDT and USDC caps would fall to $2.56 billion and $2.27 billion, respectively. LlamaRisk said the attacker still holds large amounts of ETH, stablecoins, and governance tokens, and could quickly build large positions after the markets are unfrozen. The changes will be implemented through the Risk Steward process before markets are unfrozen in stages. The GHO reserve is not included in this proposal.
CZ: Binance theft shortfall is about $2 billion; SPCX holdings can cover most of it
Changpeng Zhao (CZ) said on X that Binance’s losses from the hack amount to more than $6 billion, of which $3 billion has been frozen. The SAFU fund holds around $1 billion, leaving a shortfall of about $2 billion. CZ said Binance’s SPCX shares are worth more than $1 billion, so the remaining shortfall is “still painful, but manageable.” The shares came from the $500 million Binance invested when Elon Musk acquired Twitter.
Aave unfreezes all V3 and V4 markets; nine assets, including USDT, temporarily ineligible as collateral
Aave posted on X that all Aave V3 and V4 markets previously frozen due to the Binance incident have now been unfrozen. As a continued precautionary measure, the LTV for USDT, USDC, USDT0, POL, WAVAX, sAVAX, XAUT, PAXG, and OP will temporarily remain at zero, so these assets cannot be used as collateral for new borrowing. Aave said that during the freeze, only new deposits and borrowing were paused; withdrawals and repayments continued as usual. Aave contracts were unaffected by the incident, and all positions remain fully collateralized.
Funding News
Opinions & Analysis
Vitalik advocates “digital minimalism,” shares experiments with social media, phones, and web use
Ethereum co-founder Vitalik Buterin published a blog post, “Digital Minimalism,” arguing that beyond physical minimalism, modern people need “digital minimalism”: consciously choosing how to use digital technology rather than letting default algorithms and interfaces capture their attention. He shared three experiments: no longer using X’s official interface directly, instead using multi-client aggregators such as Firefly to avoid algorithmic recommendations; keeping airplane mode on by default for 100 consecutive days (using Wi-Fi only) and using offline maps such as CoMaps; and avoiding reliance on website UIs where possible in favor of command-line tools, because web apps are downloaded anew with every visit, require complete trust in the server, offer poorer privacy, and often contain dark patterns. He believes improvements in software quality and advances in AI are making “digital minimalism” both feasible and necessary, and recommends that everyone try reducing at least one source of digital distraction.
“Set 10 big goals first” whale: Cut two-thirds of Bitcoin holdings; plans to buy it all back at $76,000–$78,000
The “Set 10 Big Goals First” whale posted again after 22 days, saying that they had sold two-thirds of their holdings at $76,000 as a precaution against extreme scenarios, and would buy back their entire BTC position at $76,000–$78,000. The whale said $58,000 was the bottom for BTC in this cycle. Although BTC fell below $78,000 during the black swan event, the bull market has already begun. They see $118,000 as the bottom of the first phase of this bull market and $150,000 as the bottom of the second, and believe BTC could reach $120,000 before the end of this year.
Ansem on short-term Bitcoin trading: Failure to move as expected may be a signal to exit
Well-known trader Ansem said that time is an often-underestimated risk management factor in short-term trading. When entering a trade, he expects the price to move quickly and hopes the market will head in the expected direction within a short period. If Bitcoin stays near his entry price for a long time and fails to move as expected, he reassesses the trade thesis. He added that one advantage of short-term trading is being able to identify sooner whether a trade is working. As a result, he sometimes exits early when the market fails to develop as expected, even if his stop-loss has not been triggered. Price and time are both important factors in deciding whether to continue holding a position.
21Shares: Bitcoin fell only about 2% after Binance hack, far less than its 26% drop after FTX
21Shares published an analysis of the Binance hack, saying that Binance suffered an attack worth about $6.3 billion on October 29, and that about $3 billion in stolen assets has so far been frozen. Binance has pledged to cover all losses. Bitcoin fell slightly more than 2% in the 24 hours after the incident, far less than the roughly 26% decline after the FTX collapse in November 2022. The report emphasized that this was a security vulnerability at a single company, Binance, and that the Bitcoin network itself was not attacked. Binance said it would cover all losses through its SAFU fund and company funds. At a Bitcoin price of about $78,509, the 15,000 BTC held by the SAFU fund are worth about $1.18 billion, enough to cover around 36% of the losses from assets that have not been frozen. The company will cover the rest.
CZ: Binance hack had far less impact on Bitcoin than the Mt. Gox incident
CZ responded to discussion about the limited impact of the Binance hack on Bitcoin’s price, saying that the $6.3 billion stolen was the largest amount in dollar terms, but not in Bitcoin terms. Mt. Gox lost about 650,000 BTC, more than 5% of Bitcoin’s total supply at the time, and had a greater impact. He said the impact of a hack should also be assessed by looking at how many users were affected and what proportion of their assets they lost. In the Mt. Gox and FTX incidents, nearly all users and assets were affected, whereas in the Binance incident, the only victim was the platform itself. Users’ assets were unaffected, and the platform will bear all losses. CZ acknowledged that the incident was still a major blow to the cryptocurrency industry, Binance, and himself, but stressed that Binance could weather the crisis and that protecting users was the most important thing.
Key Data
Bitcoin spot ETFs see $643 million in net outflows yesterday; BlackRock’s IBIT leads with $234 million
According to SoSoValue data, Bitcoin spot ETFs recorded total net outflows of $643 million on October 30, Eastern Time. BlackRock’s IBIT had the largest daily net outflow at $234 million, while its cumulative net inflows stood at $66.311 billion. Fidelity’s FBTC followed with net outflows of $201 million and cumulative net inflows of $10.172 billion. As of publication, Bitcoin spot ETFs had total net assets of $98.14 billion, with a net asset ratio (market capitalization as a share of Bitcoin’s total market capitalization) of 6.34% and cumulative net inflows of $56.98 billion.
Two whales sell over $100 million worth of HYPE combined, making more than $26 million in profit
According to Lookonchain, several whales are selling HYPE. Address 0x2685 sold 912,383 HYPE (worth $82.09 million) six hours ago. The tokens had been purchased a month earlier, and the sale generated a profit of more than $10 million. Address 0x648F sold 296,705 HYPE (worth $26.72 million) eight hours ago. The tokens had been purchased 11 months earlier, and the sale generated a profit of $16.5 million.
Nvidia shares fall 3.3%, pushing market capitalization below $5 trillion
Market data showed the Philadelphia Semiconductor Index down 5.7%, AMD down 10%, Arm down 9.5%, Marvell Technology down 5%, Qualcomm down 6.3%, and SpaceX (SPCX.O) down more than 5% to its lowest level since August. Nvidia shares fell 3.3% to $206.610 per share, bringing its market capitalization to $4.98 trillion. Nvidia shares are down more than 9% so far this month.
Whale or institution may have sold over 910,000 HYPE, with estimated profits of $8.03 million
According to on-chain analyst Ember, 912,383 HYPE (worth about $82.09 million) was consolidated and transferred to institutional trading platform FalconX by a whale or institution two hours ago. The HYPE had been accumulated through Coinbase Prime and FalconX one to two months ago at an average price of about $81, and was transferred out today at $90. The estimated profit is $8.03 million.
U.S. premarket roundup: Musk gradually shifting SpaceX’s AI business toward renting computing power to clients such as Anthropic and Google
U.S. premarket headlines: Futures for the three major indexes were mixed, with Dow futures up 0.01%, S&P 500 futures down 1.06%, and Nasdaq 100 futures down 2.58%. WTI crude futures rose 2.11% to $104.153 per barrel, while Brent crude futures rose 2.28% to $113.325 per barrel. Spot gold fell 1.46% to $3,962.61 per ounce, and spot silver fell 3.93% to $50.09 per ounce. Sources familiar with the matter said Anthropic has become SpaceX’s largest customer, accounting for more than one-third of its third-quarter revenue. Musk is gradually shifting SpaceX’s AI business toward renting computing power to clients such as Anthropic and Google. Separately, Binance’s hot wallet was apparently hacked, with more than $3 billion in assets frozen so far, triggering a steep drop in digital token prices.
Tether reports $1.5 billion in Q3 net operating profit; excess reserves rise to nearly $8 billion
Tether released its financial results and reserve attestation report for the third quarter of 2026, prepared by BDO. As of September 30, Tether had total assets of about $191.5 billion and total liabilities of about $183.5 billion, with assets exceeding liabilities by about $7.955 billion—nearly double the $4.1 billion reported at the end of the second quarter. Net operating profit for the first three quarters of 2026 totaled $4.5 billion, including $1.5 billion in the third quarter, unchanged from the second quarter. The main sources of revenue were U.S. Treasuries and repurchase agreements. At the end of the third quarter, Tether had direct and indirect exposure to $132.4 billion in U.S. Treasuries. USDT’s circulating supply remained broadly stable at around $184 billion over the same period.