Binance found itself at the center of crypto’s biggest security scare in years after a record-breaking $6.30 billion hack, but the world’s largest exchange moved quickly to restore withdrawals and reassure markets. The FBI attributed the attack to North Korean hackers, and President Donald Trump said the United States would talk to North Korea about its involvement.
After reopening services on November 1, Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours, resulting in $3.64 billion in net outflows. According to its October 28 Proof of Reserves data, the exchange held $171 billion in total assets, so the withdrawal wave accounted for just 2.1% of reported holdings. Binance also said 95% of the stolen assets had already been replaced, while partners froze approximately $3 billion linked to the attack.
Founder Changpeng Zhao pushed back against FTX comparisons, writing: “98% choose to stay. Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times.” The contrast with FTX is sharp: in November 2022, FTX suffered $6 billion in net withdrawals over 72 hours before halting customer withdrawals. Bitcoin plunged nearly 10% on November 8, 2022, then another 14.4% on November 9 to close near $15,877. This time, Bitcoin briefly slipped toward $76,700 but held above the $75,000 support level before recovering toward $79,000.
Against that backdrop, analyst Ali Charts highlighted four altcoins flashing daily TD Sequential buy signals. Cardano fell 36% from $0.282 on October 6 to about $0.182 on October 30, when the signal appeared; a move above $0.20 could open a path toward $0.23. Algorand dropped 38% from $0.144 on October 8 to $0.089 on October 30, with $0.100 as the confirmation level and $0.113 in focus. Aave rebounded 16% after its October 30 buy signal and could extend toward $155. Raydium produced another daily buy signal, with resistance near $1.90; earlier signals tracked a 30% correction after an October 10 sell signal and a 16% rebound after an October 18 buy signal.
The episode remains a major exchange security failure, but Binance’s ability to absorb billions in withdrawals, cover customer losses and resume operations suggests the market is not treating it as a systemic liquidity crisis on the scale of FTX.
