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Bitcoin fell 0.4% to about $77,900 after briefly reaching $78,700, while Binance reported $3.64 billion in net outflows after phased withdrawals resumed. Binance said it has covered about 95% of the $6.3 billion stolen; the FBI attributed the theft to North Korea’s TraderTraitor group. The timing of the outflows coincides with the reopening, but the report does not establish that the theft alone caused bitcoin’s price move.
Bitcoin slipped 0.4% to about $77,900 on November 2 after briefly touching $78,700 in Asian trading, as Binance reported $3.64 billion in net withdrawals after resuming customer withdrawals in phases. The exchange said it has recovered or otherwise covered around 95% of the $6.3 billion stolen; the FBI formally attributed the theft to North Korea’s TraderTraitor group.
Binance said it processed $4.65 billion in withdrawals and received $1.01 billion in deposits after phased withdrawals began Sunday, leaving a reported net outflow of $3.64 billion. The report does not give a longer comparison period for that flow, so the figure describes activity during the stated withdrawal period rather than a daily or historical trend.
Bitcoin was down 0.4% since midnight UTC, according to the report, after its brief move to $78,700. Ether rose 0.5%, while the CoinDesk Memecoin Index fell 1.9%. U.S. spot bitcoin exchange-traded funds recorded $643 million in outflows on Friday, their largest single-day outflow since June, according to Farside Investors; that erased four days of prior inflows.
Trading activity also increased without a comparable rise in open positions. Crypto futures volume climbed 56% in 24 hours to $111.8 billion, while open interest held near $137.1 billion. Liquidations rose 77% to $140.2 million. The report described this combination as market churn, rather than evidence of a substantial increase in new futures positioning.
Binance Outflows Meet Market Weakness
The withdrawal figure provides an early measure of customer activity after Binance reopened withdrawals, but it does not by itself show whether customers are responding to the theft, taking routine custody precautions, or moving funds for other reasons. The exchange’s reported $3.64 billion net outflow is the difference between withdrawals and deposits over the period it described; it is not the total amount withdrawn.
The news also arrives alongside signs of pressure elsewhere in crypto markets. Friday’s $643 million in U.S. spot bitcoin ETF outflows reversed four days of inflows, while rising futures volume and liquidations point to brisk trading. These indicators describe different market channels and time windows, and the report does not establish that Binance’s outflows caused bitcoin’s decline.
For customers and market participants, the recovery claim and the actual withdrawal flows are distinct measures. Binance’s statement that it has covered around 95% of the stolen $6.3 billion does not explain in this report how much has been recovered in cash, replaced from other sources, or remains subject to outstanding claims. Those details matter when evaluating the exchange’s position and the incident’s remaining financial impact.
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Theft, Attribution and Reopened Withdrawals
The reported outflows followed Binance’s decision to restart withdrawals in phases on Sunday. The source says the exchange processed withdrawals and deposits during that period, but does not provide a complete timeline of the withdrawal restrictions, the number of affected customers, or the specific services that reopened at each stage.
Binance said it had covered around 95% of the $6.3 billion theft. Separately, the FBI formally attributed the theft to TraderTraitor, a North Korean group. That attribution is an official finding reported by CoinDesk; the supplied material does not include the evidence or investigative detail behind it.
The incident has also affected activity around other crypto projects. Thorchain’s RUNE fell 6.4%, the largest loss in the CoinDesk 100, after the FBI, Secret Service and IRS Criminal Investigation urged node operators to block addresses linked to the hackers. Thorchain co-founder JP Thor argued against freezing funds, according to the report. The competing positions reflect questions over how decentralized networks should respond to stolen assets.
“The FBI formally attributed the theft to North Korea’s TraderTraitor group.”
— The FBI
What the Outflow Figure Cannot Show
The report does not establish why customers withdrew funds, how many accounts were involved, or whether the net outflow continued after the period Binance described. It also does not say whether the withdrawals were completed without delays or whether phased access remained in place for some users.
The relationship between the theft, the Binance outflows and bitcoin’s price movement is also unclear. The figures show that these developments occurred around the same time, but they do not demonstrate that customer withdrawals caused the price decline. Broader market factors, including ETF flows and derivatives trading, were also in play.
Further details are absent on the exchange’s 95% coverage claim, including the method used to calculate it, the amount recovered directly from wallets, and the status of the remaining portion. The source also does not provide a timeframe for completing the recovery or for lifting any remaining withdrawal limits.
Withdrawal Access and Recovery Updates
Readers should look for further Binance updates on the pace of phased withdrawals, net flows over subsequent periods, and how the exchange calculates its reported coverage of the stolen funds. Any additional FBI or other agency information could clarify the theft attribution and efforts to trace or block assets.
Near-term market attention is also on Apple’s earnings, due after the market close, Tuesday’s U.S. midterm elections and Friday’s U.S. jobs report, according to the source. These are scheduled events that could shape broader trading conditions; their effect on bitcoin is not known. The available report offers no forecast for the cryptocurrency’s next price move.
Key Questions
How much did Binance customers withdraw?
Binance said it processed $4.65 billion in withdrawals against $1.01 billion in deposits, for a net outflow of $3.64 billion during the period after phased withdrawals began Sunday.
Why did bitcoin fall to around $77,900?
The report records a 0.4% decline since midnight UTC and notes other market developments, including ETF outflows and derivatives activity. It does not establish that Binance withdrawals caused the price move.
Who did the FBI say was responsible for the theft?
The FBI formally attributed the theft to North Korea’s TraderTraitor group, according to the report. The supplied material does not include further details about the evidence behind that attribution.
Has Binance recovered all the stolen funds?
No. Binance said it has covered around 95% of the $6.3 billion stolen. The report does not specify how that coverage was calculated or explain the status of the remaining portion.
Does the report say withdrawals are fully restored?
No. It says Binance began withdrawals in phases on Sunday, but does not describe whether access has returned for every customer or whether any limits remain.
Source: coindesk.com
