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The Binance hack is entering a new phase. The stolen funds are moving, ETF money is flowing out, and security warnings keep piling up. Monday is already looking busy. Let's break it down. 🧵
1/ 🚨 Binance hacker reportedly launders $242M through Tron
According to SomaXBT, the attacker behind the Binance incident moved approximately $242M through the Tron network in just two days.
Of the estimated $628M initially held on Tron, Tether reportedly froze around $378.7M in USDT, leaving approximately $249M potentially transferable.
Around $194M has reportedly moved out through cross-chain bridges and exchange services:
Relay: ~$48M
THORChain: ~$44M
Chainflip: ~$32.1M
Symbiosis: ~$16M
Bitget Wallet: ~$41.7M
The destination of some funds remains unclear.
📌 Market watch: Cross-chain flows, exchange deposits, and further stablecoin freezes. The challenge is no longer just tracking the money, but stopping it from reaching cash-out points.
2/ 🔓 Binance restores withdrawals across 15 networks
Binance reports that withdrawals have resumed across 15 networks. Cumulative net outflows reportedly reached approximately $364M by November 1.
This is an important recovery signal, but it doesn't mean the incident is fully resolved. Users and the market will still be watching liquidity, withdrawals, and the exchange's security response.
📌 Market watch: Netflows, withdrawal activity, and official recovery updates.
3/ 📉 South Korean stocks open lower
South Korea's KOSPI opened down 1.62% on November 2. Samsung Electronics fell around 2%, while SK Hynix also traded slightly lower.
The moves come as investors continue assessing the fallout from the Binance incident and broader market uncertainty.
📌 Market watch: Asian equity sentiment and its potential spillover into crypto risk appetite.
4/ ₿ Bitwise: Binance hack won't change Bitcoin's long-term outlook
Bitwise CIO Matt Hougan believes the reported $6.3B Binance incident does not fundamentally change Bitcoin's long-term trajectory.
His argument: this is a cybersecurity incident involving an exchange, not a failure of the Bitcoin network itself.
However, short-term ETF flows remain a key metric to monitor.
📌 Market watch: BTC spot ETF flows, institutional positioning, and exchange confidence.
5/ 🛡️ Solana validators receive Linux security warning
Solana Foundation's validator relations lead Tim Garcia warned about Linux vulnerability CVE-2026-98432.
Ubuntu had reportedly not yet released its patch. Validators using Ubuntu were advised to apply temporary mitigations, including restricting certain incoming TCP traffic and disabling specific networking features.
📌 Market watch: Ubuntu patch releases and official Solana validator guidance. Infrastructure security matters just as much as smart-contract security.
6/ 💵 Stablecoin market reaches $305.5B
CoinDesk Research data shows total stablecoin market capitalization increased 0.10% month-over-month in October to $305.5B.
USDT: $183B
USDC: $72.3B, down 2.8%
Tokenized RWA: $34.5B, up 2.92%
On-chain daily average trading volume: down 39.3% to $317M
RWA continues expanding, even as on-chain trading activity slows.
📌 Market watch: Stablecoin supply, RWA growth, and actual transaction activity.
7/ 🗳️ Bloomberg survey reveals divided Bitcoin expectations
A Bloomberg survey of 301 respondents conducted October 2–17 found that:
72% expect BTC to rise by year-end if Republicans control Congress.
29% expect BTC to exceed $100K.
If Democrats control Congress, 71% expect BTC to fall.
16% expect BTC to drop below $60K.
These are voluntary, unweighted survey responses — not market probabilities or a reliable forecast of election outcomes.
📌 Market watch: US midterm elections, crypto regulation, and institutional sentiment.
8/ ⚠️ More security and liquidation concerns
Several other developments deserve attention:
Hyperliquid: An investigation into the XPL crash reportedly identified 16 related wallets that withdrew collateral beforehand. HLP took over the long positions and recorded a loss of approximately $556K.
BTCPay Server: Operators were urged to shut down affected instances following a reported hot-wallet attack.
South Korea: The central bank is examining digital-asset operations and related risks at banks and securities firms.
📌 Market watch: Protocol security, exchange infrastructure, and risk controls across DeFi.
My takeaway: Binance's recovery, ETF flows, stablecoin liquidity, and infrastructure security are four themes worth watching this week. Crypto's biggest challenge right now isn't just price volatility — it's trust.
Which one do you think will have the biggest impact on the market this week?
DYOR. Not financial advice.