Binance CEO Richard Teng vows to cover $6.3B crypto theft

Binance freezes $3 billion and plans to resume withdrawals

Binance reported that $3 billion of the stolen funds are currently frozen. The attacker is holding 420,000 ETH and 18,270 BTC, valued at approximately $2.4 billion, with total holdings exceeding $3 billion when other tokens are included.

The exchange plans to resume withdrawals in 45 hours. Binance intends to restore operations by purchasing missing tokens on the open market and through private over-the-counter deals.

Bitcoin price dips 3% amid $1.3 billion in liquidations

Bitcoin experienced a price decline of about 3% following the hack, which is less than the 11% drop observed during a 2018 attack on the exchange. On Friday, the price dipped to roughly $76,400.

This price is approximately 6% lower than the valuation seen after the Federal Reserve's decision on Wednesday. Furthermore, the hack led to the liquidation of over $1.3 billion in leveraged bets, defined as trades made using borrowed capital.

Market sentiment drops to fear as index hits 36 points

CoinMarketCap’s Fear and Greed index dropped from 43 points to 36 points following the theft. This shift indicates a move from neutral sentiment to fear.

Glassnode data indicates that long-term investors are currently underwater on approximately 4 million coins. These assets were purchased at prices ranging between $85,000 and $118,000.

Crypto-linked stocks fall as Coinbase and Strategy report earnings

Shares of major industry players declined sharply on Friday, October 30, 2026, following the Binance hack and the release of quarterly financial results. Coinbase shares dropped more than 13% while Circle Internet Group shares fell by more than 9%. Strategy shares declined about 8%, IREN shares fell by more than 10%, and Figure Technology Solutions shares dropped about 9%.

Coinbase reported a net revenue of $1.16 billion for the third quarter, representing a year-over-year decline of approximately 34%. The company recorded a third-quarter net income of $719 million, which included $715 million in gains from cryptocurrency investments. For the quarter, the adjusted net income reached $78 million, a figure that excludes investment gains and other items. Additionally, the firm announced that the annualized revenue for its prediction markets business exceeded $200 million.

Strategy announced a net income of $19.53 billion for the third quarter, which was primarily fueled by a $20.91 billion increase in the value of its Bitcoin holdings. The company saw its revenue drop 3% compared to the previous year, settling at $125.4 million. Andrew Kang is scheduled to step down as the chief financial officer of Strategy on November 5.

Separately, pseudonymous crypto advisor and social media memer BuzzlamicJihad has resigned from his position at Aptos, stating that the partnership reached its conclusion. BuzzlamicJihad is shifting his focus to META stock and launching a meme campaign for the company. He became prominent in early 2025 after an unofficial community takeover of the Aptos project resulted in an increase in the token's value.

North Korean group linked to previous Bybit heist identified as attackers

Chainalysis and TRM Labs have linked the current attack to the same North Korean group responsible for the $1.5 billion Bybit heist in February 2025.

Institutional Bitcoin ETF holdings remain stable despite market slump

U.S. spot Bitcoin ETFs hold roughly 1.3 million coins, which represents about 6% of the total supply. As of the end of September 2026, institutions held 355,000 BTC in spot ETF shares according to quarterly 13F filings submitted to the SEC.

A Galaxy Research report published on Monday indicates that institutional selling of U.S. spot Bitcoin ETFs during the 2026 market slump was driven almost entirely by a small number of hedge funds and banks. Sovereign funds and wealth platforms were the primary entities purchasing U.S. spot Bitcoin ETFs during the 2026 slump.

Historical context of 2018 Binance security breach

The total cryptocurrency market value has expanded from over $400 billion in March 2018 to approximately $2.6 trillion currently.

HashKey analyst Tim Sun said prior to the hack that the market's primary issue is "insufficient new buying interest" rather than panic selling.