🔥 November 4 Crypto Roundup: Binance’s Hack Report Is Out, and BTC Climbs Back From Election Fears

I. Binance releases preliminary report on the “$6.3 billion theft”

Binance disclosed that around $6.34 billion was stolen from a hot wallet on October 29. The attack path was “fake job interview → malware → internal AI tool exploited → wallet signing permissions compromised.” Around $2.85 billion has been frozen or intercepted, 98% of affected assets have been replenished, and the platform is covering the losses.

CZ put it bluntly: an incident on this scale points to serious security issues. Some details are embarrassing, but “nothing is absolutely secure” can’t be used as an excuse. As a shareholder, he’s demanding transparency, accountability, and real change. He Yi also warned that using this as an opportunity to topple the industry’s biggest tree would only undermine everyone’s confidence in the industry as a whole. Other public data shows Binance saw net inflows of around $2.8 billion over the past 24 hours—the funds picture is recovering.

II. BTC drops, then rebounds: election results stir up sentiment

After the U.S. midterm elections, the market briefly bet that Democrats would control Congress and make crypto legislation harder to pass. BTC fell in the short term to around $75,600–$75,700, then rebounded alongside risk assets, with spot prices now back around $78,500–$78,600. ETH is around $2,330. The Fear and Greed Index remains in fearful territory.

Take: Tonight looks more like “a sentiment-driven dip followed by returning inflows” than confirmation of a one-way trend. The regulatory narrative will keep shifting with the congressional seat count.

III. Regulatory and institutional odds and ends

• The U.S. CFTC approved the listing of single-stock perpetual futures on regulated exchanges. Cboe, Citadel Securities, and others then filed a lawsuit seeking to overturn the decision. The battle has just begun.

• Lookonchain: Short sellers were liquidated in a chain reaction as BTC rebounded. Spot ETFs from BlackRock and others have still seen net outflows recently. The Binance hacker’s addresses are still swapping SOL for BTC.

• Arthur Hayes: Dollar liquidity is recovering, but he expects BTC may remain weak until the Fed and banks expand their balance sheets.

• Saylor: Florida’s Republican governor supports a U.S. Bitcoin reserve, and a Democratic senator from Texas has also voted for a state reserve—the case for holding BTC crosses party lines.

• Justin Sun: His lawyers have filed a motion for sanctions against WLFI, saying the other party disclosed its UAE citizenship only months into the lawsuit. He has invested around $45 million in total and will continue to pursue accountability.

• Brian Armstrong: He’s continuing to promote stablecoin payments and mentioned a partnership with Shopify.

Event hunter’s takeaway: The stories most likely to gain traction today are “how Binance was breached” and “whether funds will return after the election-driven sell-off.” For the security incident, watch the remediation and process changes. For the market, watch whether ETF flows and net inflows continue. Don’t focus on just one rebound candle.

This is not investment advice.

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