🐕 Wild Dog Crypto · Morning Briefing (November 2)
1️⃣ Binance resumed withdrawals on Sunday, and funds immediately headed for the exits: Binance’s own figures show net outflows of $3.64 billion in about 9.5 hours after withdrawals reopened ($4.65 billion out, $1.01 billion in). DefiLlama’s 24-hour figure was $5.8 billion. To be frank, the numbers sound scary, but they’re only about 3% of Binance’s roughly $171 billion in assets—and Binance says withdrawal volumes have stabilized after an initial spike. The first phase covers 15 chains. A new proof of reserves, based on an October 31 snapshot and backed by zero-knowledge proofs, is expected Monday. This round is a test of confidence; so far, the vault isn’t empty (Cointelegraph, TheBlock).
2️⃣ On the other side of the heist: North Korea’s TraderTraitor hackers have laundered about $242 million through Tron in two days (analyst SomaXBT): $48 million via Relay, $44 million via THORChain, $32.1 million via Chainflip, and $16 million via Symbiosis. Tether froze 378.7 million USDT on Tron, but Elliptic estimates that $2.85 billion has been frozen or seized overall, while another $3.25 billion sits in assets no one can freeze. The FBI is pressuring THORChain node operators to blocklist addresses; its co-founder still hasn’t commented. A chain billed as “unstoppable” is being asked to stop people, yet won’t say yes or no—that’s the vibe (TheBlock, Cointelegraph, FBI).
3️⃣ Traditional finance felt a tremor too: U.S. spot Bitcoin ETFs saw $643.2 million in net outflows on Friday, the biggest single-day outflow in October and the first full trading day after the heist. That wiped out the $441 million in inflows from the previous four days. Ethereum ETFs saw about $431 million in outflows over five days, while Solana saw about $72 million over a week. Bitcoin held around $77,520 on Saturday, down 3.3% for the week. The money in suits shuddered, but didn’t run out of the building (Decrypt).
Just the facts—no predictions, no shilling. 🐕
This is not investment advice.
1️⃣ Binance resumed withdrawals on Sunday, and funds immediately headed for the exits: Binance’s own figures show net outflows of $3.64 billion in about 9.5 hours after withdrawals reopened ($4.65 billion out, $1.01 billion in). DefiLlama’s 24-hour figure was $5.8 billion. To be frank, the numbers sound scary, but they’re only about 3% of Binance’s roughly $171 billion in assets—and Binance says withdrawal volumes have stabilized after an initial spike. The first phase covers 15 chains. A new proof of reserves, based on an October 31 snapshot and backed by zero-knowledge proofs, is expected Monday. This round is a test of confidence; so far, the vault isn’t empty (Cointelegraph, TheBlock).
2️⃣ On the other side of the heist: North Korea’s TraderTraitor hackers have laundered about $242 million through Tron in two days (analyst SomaXBT): $48 million via Relay, $44 million via THORChain, $32.1 million via Chainflip, and $16 million via Symbiosis. Tether froze 378.7 million USDT on Tron, but Elliptic estimates that $2.85 billion has been frozen or seized overall, while another $3.25 billion sits in assets no one can freeze. The FBI is pressuring THORChain node operators to blocklist addresses; its co-founder still hasn’t commented. A chain billed as “unstoppable” is being asked to stop people, yet won’t say yes or no—that’s the vibe (TheBlock, Cointelegraph, FBI).
3️⃣ Traditional finance felt a tremor too: U.S. spot Bitcoin ETFs saw $643.2 million in net outflows on Friday, the biggest single-day outflow in October and the first full trading day after the heist. That wiped out the $441 million in inflows from the previous four days. Ethereum ETFs saw about $431 million in outflows over five days, while Solana saw about $72 million over a week. Bitcoin held around $77,520 on Saturday, down 3.3% for the week. The money in suits shuddered, but didn’t run out of the building (Decrypt).
Just the facts—no predictions, no shilling. 🐕
This is not investment advice.