Binance recorded roughly $6 billion in outflows once it resumed customer withdrawals. The withdrawals had been frozen for 45 hours following a theft of about $6.3 billion. The outflows represent less than 4% of the exchange's total holdings. Rival exchanges saw deposits rise as customers regained access to their funds.
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Metals.io has launched tokens backed by 25 tonnes of physical copper held in storage in Germany. The initial backing is valued at about $366,000. The company aims to create a marketplace where investors can own and trade physical metal on-chain. The project is designed to let people hold and transact in real commodity assets through blockchain tokens.
CoinDesk's weekly preview highlights the events shaping the crypto market in the week beginning November 2. Attention is focused on the aftermath of a hack affecting Binance. Investors are also watching the upcoming U.S. midterm elections and the national jobs report, both of which could influence broader market sentiment. The source article provides only a brief overview, so specific details on the hack and expected outcomes are not included here.
China's Communist Party has issued a new call to crack down on corruption, specifically naming virtual currency and blockchain technology. The directive signals that these digital tools are now seen by the party as channels for graft and illicit activity. The source article is brief and does not detail the specific mechanisms or cases involved. The announcement reflects Beijing's continued scrutiny of crypto and blockchain, which it has previously restricted. Further details on enforcement measures were not provided in the report.
A reported $6.3 billion breach at Binance has renewed discussion about whether crypto exchanges are inherently less secure than traditional banks. Some observers argue the core issue is not weaker defenses but the difficulty of containing a theft once attackers gain access. The comparison highlights how exchanges hold large pools of digital assets that can be moved quickly and irreversibly. The debate centers on whether the sector's protective measures are lagging behind the scale of the assets it manages.
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