Binance Reopens Withdrawals After Record Hack, THORChain Founder Criticizes Protocol Freeze Proposal
Billions in crypto assets exited Binance as withdrawals resumed following a $570M hack, while THORChain's co-founder opposes freezing assets to comply with law enforcement.
Billions in crypto assets exited Binance as withdrawals resumed following a $570M hack, while THORChain's co-founder opposes freezing assets to comply with law enforcement. This is an original Token Times brief synthesising 2 outlets (Cointelegraph, Bitcoin.com), plus live market data, as of Mon, 02 Nov 2026 02:30:01 UTC.
The incident highlights the tension between maintaining liquidity and security in crypto exchanges, while also raising questions about regulatory compliance and user trust in the wake of major hacks.
- Binance reopened withdrawals after a $570M hack, leading to billions in outflows.
- THORChain co-founder opposes freezing assets to comply with FBI demands.
- Market remains stable despite the incident, with Bitcoin up 0.70% in 24 hours.
Cointelegraph reports that Binance has resumed withdrawals following the record-breaking $570M hack, resulting in significant outflows from the platform. The outlet also highlights THORChain co-founder Chad Barraford's opposition to freezing assets to comply with FBI requests, emphasizing the importance of maintaining protocol integrity. No other outlets have reported on this specific development, so there are no discrepancies to note.
- Binance Halts Withdrawals Amid $6.3B Hack Fears; Bitcoin Tests Key Support
- Binance Suffers Record $6.3 Billion Crypto Hack Amid Market Downturn
- US Secret Service, Law Enforcement Freeze $2.37B in Binance Hack Proceeds
- Bitcoin ETFs Attract $440.8M Amid Binance's Record $6.3B Hack
- Binance Resumes Key Stablecoin and Token Withdrawals After $6.3B Hack
- Thorchain Incident Disrupts Cross-Chain Swaps Amid Binance Hack Probe
- Binance Reopens Withdrawals After Record Hack, THORChain Founder Criticizes Protocol Freeze Proposal — this brief
Binance, the world's largest cryptocurrency exchange, has reopened withdrawals after suspending them due to a $570 million hack, one of the largest in crypto history. The reopening has led to billions of dollars in outflows as users moved their assets to other platforms or cold storage.
In response to the hack, there have been calls for Binance to comply with FBI requests, including the possibility of freezing assets. However, THORChain co-founder Chad Barraford has publicly opposed this approach, arguing that it would compromise the fundamental principles of decentralization and security.
The incident has sparked a debate about the balance between security and liquidity in cryptocurrency exchanges. While some argue that freezing assets could prevent further losses, others, like Barraford, believe it would undermine the trust and autonomy that underpin the crypto ecosystem.
The broader crypto market has remained relatively stable despite the incident, with the total market cap hovering around $2.69 trillion. 
Bitcoin has seen a modest 24-hour increase of 0.70%, while the Fear & Greed index remains in 'Fear' territory at 37, indicating cautious investor sentiment.
The situation bears watching as it could influence future security measures and regulatory responses in the crypto space. The market's reaction to Binance's handling of the situation and the ongoing debate about asset freezing will be key factors to monitor in the coming days.
Figures and sectors in this story, checked live against on-chain aggregators · November 2, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Binance Reopens Withdrawals After Record Hack, THORChain Fou — questions & answers
How much was stolen in the Binance hack?
The Binance hack resulted in a loss of $570 million.
Why is THORChain's co-founder opposed to freezing assets?
He believes freezing assets would compromise the principles of decentralization and security.
What is the current state of the crypto market?
The total market cap is $2.69 trillion, with Bitcoin up 0.70% in the last 24 hours.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Cointelegraph, Bitcoin.com, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.