Binance Bleeds $6B After Record Hack | CoinDesk Daily

More than $6 billion left Binance-linked wallets in the 24 hours after withdrawals reopened, equal to about 3.6% of the $171 billion held before the October 29 hack. Binance said it had replenished roughly 95% of the stolen assets, while T-Fi Lama tracked about $129 billion remaining in Binance-linked wallets. The figures show substantial withdrawals alongside Binance’s reported recovery of most of the stolen assets.

U.S. spot Bitcoin ETFs recorded $643 million in outflows in one day, their largest daily withdrawal since June. The withdrawals erased 63.6% of the funds’ year-to-date inflows. BlackRock’s iBit accounted for $234 million in outflows, while Fidelity’s FBTC saw $201 million leave.

Nick Forster said traditional investors moved quickly to protect themselves against further losses. Analysts tied the ETF outflows directly to the Binance hack, though the episode’s figures do not establish how much of the withdrawals came from investors reacting to that event.

Crypto-backed political spending was another major focus: Fair Shake, described as the industry’s largest super PAC, spent $154 million during this cycle and had a $56 million war chest. Nearly $56 million went toward defeating Democrat Sherrod Brown in Ohio. OpenSecrets data showed crypto outspent every other industry.

Betting markets gave Democrats more than a 70% chance of taking both chambers. The figures put the sector’s substantial campaign spending alongside a political outlook in which Democrats were favored to win control of both chambers.