November 7 brings a leadership change at Binance, fresh findings on its stolen funds, and further responses to the regulatory action against MEXC. Today’s roundup also covers funding announcements and newly published market data, with ETF figures referring to the trading week ending November 6.
Binance Announces Justin Yek as Its Next CFO
Binance announced on Saturday that Justin Yek will replace departing finance chief Kaiser Ng. Co-CEO Yi He said Ng is leaving to start another venture and that preparations for the handover began roughly six months ago, placing the transition’s planning well before the exchange’s recent security breach.
Elliptic Updates Its Tracking of Binance’s Stolen Assets
Elliptic’s November 7 update estimates that the Binance attackers have exchanged stolen cryptocurrencies for approximately 2,300 BTC, worth around $175 million. Investigators have traced activity across more than 20,000 wallets and 16 blockchains, illustrating the scale of the operation to obscure the funds. The firm said the attackers’ main Ethereum holdings remained unmoved at the time of its update.
MEXC CEO Addresses Withdrawals Following U.S. Action
MEXC CEO Vugar Usi said on November 7 that customers could still deposit and withdraw funds, describing increased withdrawal activity as orderly. Separately, CryptoSlate reported approximately $126 million in net outflows across wallets tracked by DeFiLlama during a 24-hour window spanning Friday’s U.S. enforcement announcement. Those wallet movements alone do not establish the exchange’s ability to cover customer balances.
Reserve Plans to Remove Market-Making Funds From MEXC
Reserve said on November 7 that it and its market-making partners would stop supporting trading liquidity for LCAP and CMC20 on MEXC and withdraw the associated capital. The project linked its decision to the FinCEN order issued against the exchange the previous day. Reserve said trading liquidity maintained elsewhere, including onchain, would continue.
Bitcoin ETF Report Shows $1.28 Billion Weekly Exodus
Figures published on November 7 show that U.S. spot Bitcoin ETFs experienced approximately $1.28 billion in net withdrawals during the week ending Friday, their weakest weekly result since late June. The funds finished the period with roughly $914.1 million in net outflows for 2026. BlackRock’s IBIT recorded $403 million in withdrawals on Friday alone.
Ethereum and Solana Funds Extend Their Withdrawal Streaks
Saturday’s ETF analysis also showed that Ethereum funds lost $365.3 million over the week, extending their run of net withdrawals to six consecutive weeks. Combined redemptions during that stretch reached approximately $2.02 billion. Solana funds recorded their fifth consecutive negative week, with $26.3 million leaving the products.
XRP ETFs Finish the Week Without a Positive Flow Session
A November 7 review of U.S. spot XRP ETFs found that none of the week’s five sessions produced positive net flows. A $529,500 withdrawal from Canary’s XRPC on Monday accounted for the weekly loss, while the following four sessions showed no net change. The funds ended the period with approximately $1.34 billion in assets.
Ethereum Whale Adds Almost $20 Million in ETH
Blockchain analyst EmberCN disclosed on November 7 that a large Ethereum holder had spent 19.7 million USDT to acquire 8,775 ETH at approximately $2,245 per coin. The purchase brought the wallet’s reported holdings to 23,097 ETH, valued at about $51.7 million at the time. The address had previously attracted attention for a substantial Ethereum purchase in June.
Quranum Protocol Announces $4.5 Million Financing
Quranum Protocol announced a $4.5 million investment on November 7, naming Archer Capital, Tidal Capital and Astra Capital as participants. The project said the money would support development, liquidity infrastructure and expansion into additional markets. Its proposed platform brings together services such as payments, lending and asset management within a shared blockchain infrastructure.
Slop Cash Opens Its Public Token Auction
Umia opened public bidding for Slop Cash’s SLOP token on November 7, after the project said early participants had committed more than its $400,000 minimum fundraising target. Created by elizaOS founder Shaw Walters and Drew Pierson, Slop Cash coordinates payments for accepted contributions to open-source software. The auction runs on Robinhood Chain and is scheduled to close on November 10.