Synthetix governance passes proposal: transfer 428,000 SNX s
Coinglass monitoring shows that Binance's Bitcoin wallet balance has fallen for four consecutive days to about 652,300 BTC, a decrease of about 23,200 BTC from the 675,500 BTC recorded on October 30 when it suffered a hack. The next day, Synthetix governance transferred 428,000 SNX (worth about $76,000) stolen in the Mercado Bitcoin hack from the attacker's wallet to the Synthetix Protocol DAO address.
Event Timeline
- [11-02 07:51] Data: Binance's Bitcoin wallet balance has declined for four consecutive days, down more than 23,000 BTC from before the hack (Odaily 星球日报)
- [11-03 00:48] Synthetix governance transfers 428,000 SNX stolen in the Mercado Bitcoin hack to the protocol's DAO address (PANews)
- [11-03 00:49] Synthetix governance transfers 428,000 SNX stolen in the Mercado Bitcoin hack to the DAO address (Odaily 星球日报)
Background and Impact
According to Coinglass monitoring, as of November 2, 2026, Binance's Bitcoin wallet balance had declined for four consecutive days, reaching about 652,300 BTC that day; on October 30, when Binance suffered the hack, its Bitcoin wallet balance was about 675,500 BTC, a decrease of about 23,200 BTC between the two. The Odaily 星球日报 report also noted that over the past 24 hours Binance's Bitcoin wallet balance fell by about 15,894.17 BTC, and said this change "may be affected by Binance opening withdrawals." That wording only lists the opening of withdrawals as one possible cause and does not offer a definitive attribution; the report also did not disclose the specific amount stolen from Binance or the user compensation arrangements.
In the early hours of the next day (November 3), on-chain information became a new focus. PANews, citing monitoring by on-chain analyst Emmett Gallic, reported that Synthetix governance had moved 428,000 SNX (worth about $76,000) stolen in the Mercado Bitcoin hack out of the attacker's wallet and into the Synthetix Protocol DAO address. Odaily 星球日报 reported the same amount, valuation and receiving address in the same period, but did not mention the analyst's name or explain the specific form of the governance process. The two sources agree on the core data.
It should be noted that the two pieces of information point to two independent hacking incidents: one is the attack on Binance on October 30, and the other is the Mercado Bitcoin hack. The available material does not disclose when the latter occurred, and there is no information indicating the two incidents are connected; their proximity in time should not be interpreted as cause and effect within the same chain. In terms of scope of impact, exchange wallet balances are one commonly used indicator for observing user withdrawal behavior, but a four-day change in a single metric is not sufficient to explain the state of asset safety; the SNX amount (about $76,000) is relatively limited, and the material likewise does not disclose how the protocol will handle this asset going forward. At a stage when information is still being updated, users generally rely on each platform's official announcements and can check the latest statements and proof-of-reserves information through official entry points such as Huobi HTX registration app download, Gate.io registration app download, Bitget registration app download, Binance registration app download and OKX registration app download.
FAQ
### Does the decline in Binance's Bitcoin wallet balance mean user assets have already been damaged?
The available material only presents the balance change data monitored by Coinglass and mentions that it "may be affected by Binance opening withdrawals"; it does not disclose the stolen amount, compensation arrangements or any asset shortfall, so it is not possible to judge the status of user assets on this basis, and the platform's official statement is still awaited.
### After the 428,000 SNX were transferred to the DAO address, who owns them and how will they be handled?
The two sources only confirm that the assets have been moved from the attacker's wallet to the Synthetix Protocol DAO address; they do not state whether the follow-up will be return, burn or some other disposal, and the specific governance arrangements have not yet appeared in the material.
### What points are worth watching next?
Three threads can be watched: the progress of Binance withdrawals and subsequent changes in its Bitcoin wallet balance, further disclosures about the Mercado Bitcoin hack, and the Synthetix governance decision on how to handle the 428,000 SNX.