Fed Governor Bowman: The Federal Reserve plans to revamp its banking regulatory framework and reassess the asset thresholds for stricter regulation.

Arbitrum officials announced in a statement that its Security Council has taken emergency action to transfer approximately 74,559,805 ARB and 8,425 ETH from addresses on Arbitrum One linked to the Binance attack to secure wallets. Following technical evaluation, the transfer was completed without altering the rest of the chain’s state or affecting other users. As of October 30, the funds have been deposited into an intermediate frozen wallet, and the original addresses can no longer access the assets. Future disposal will be handled either by the Security Council or via a vote by the Arbitrum DAO, with coordination with relevant parties to follow.

Coinkarma founder Benson Sun stated in a post that Binance has confirmed freezing roughly $2.5 billion in assets from its recent hack, accounting for about half of the total stolen funds, with the remainder primarily consisting of Bitcoin (BTC) and Ether (ETH). The stolen BTC is valued at around $1 billion, but Bitcoin lacks deep mixing pools comparable to Tornado Cash, meaning related addresses will be flagged by exchanges and on-chain analytics firms, making cashing out far more difficult than for ETH. Recalling past cases—including the 2016 Bitfinex hack where stolen BTC remained untouched for years, and the 1,800 BTC stolen from Coldcard in July this year that was still 90% unspent by early September—this latest breach is larger in scale. Stolen funds will take years to launder via address splitting, mixing, and discounted over-the-counter (OTC) trading, so short-term selling pressure is nearly negligible. If Binance uses its Secure Asset Fund for Users (SAFU) to compensate users and repurchase Bitcoin, it could even generate buying pressure. By contrast, large amounts of ERC-20 tokens converted to ETH before entering Tornado Cash are harder to trace, so the actual potential market selling pressure may be around $1 billion. Sun added that market confidence will be impacted, but direct Bitcoin selling pressure is not as significant as feared, and he urged the industry to prioritize security frameworks for hot wallet management, signature authorization, and anti-quantum defenses in the post-AI era.

Binance has updated that its current verified total frozen assets stand at approximately $3 billion. The exchange’s team is continuing to collaborate with law enforcement agencies, issuers, on-chain intelligence bodies, and industry partners to track and freeze more assets, stating it will only release confirmed data. This update follows the platform’s prior disclosure of a verified frozen amount of $2.54 billion.

World Liberty Financial co-founder and CEO Zach Witkoff posted that USD1 has actively frozen approximately $27 million in USD1 tokens linked to the Binance hack incident, and will collaborate with industry partners to protect users and prevent the transfer of stolen funds.

Arbitrum has frozen approximately $30.5 million worth of ARB, while Paxos has frozen around $215,700 worth of USDP. According to on-chain analyst Specter, the total cumulative frozen amount stands at roughly $2.829 billion. The figures are based on on-chain monitoring data and have not yet been officially confirmed.

SlowMist founder Yu Xian posted that attackers adopted EIP-7702 on Ethereum primarily to facilitate the bulk siphoning of tokens from Binance-associated hot wallets. On-chain data shows the attackers' operations were relatively crude, and they conducted several hours of rehearsal preparations before the actual token heist. One can refer to the first five transaction records of the relevant addresses for details. Yu Xian noted that the EIP-7702 mechanism itself has no issues, and even without the protocol, there would still be other ways to achieve similar effects.