Hour in Review — 2026-11-02 05:00 UTC 24 sources
Crypto security dominated the hour. Binance says withdrawals are stabilizing after a North Korea-linked breach took $6.3 billion from the exchange last week1. The exchange reopened withdrawals in phases on November 1, and BNB rose 1.39% to $712.50, leading the majors2. Bitcoin clawed back toward $79,000 despite what was described as the sector's biggest hack3. A separate incident is still live: operators were told on 2 November to take BTCPay servers offline after reports that hot wallets were being drained by unauthorized parties4,5,6. Separately, the Bank of Korea is surveying 31 financial firms on how they would withstand crypto shocks, a step that could lead to stricter regulation7,8, and spot Bitcoin and Ethereum ETFs shed $203 million and $432 million respectively9. On the Iran war, oil eased 3% on optimism over Qatari-led talks to end it10, even as Iran's Revolutionary Guard Navy claimed two oil tankers exploded after hitting mines in the Strait of Hormuz11. Emerging-market currencies slipped as traders awaited Iran progress and US data12, and Reliance Industries shares hit a nine-month high after an earnings beat, with the Iran war boosting refining13. A second thread is fraying confidence in AI. Howard Marks says AI-related market setbacks have partly punctured the sector's aura of infallibility14,15, and Dan Niles says Big Tech earnings reflected AI risks16. Google shares fell 12% the day after earnings despite big numbers17, and the IMF flagged slowing Asian factory activity amid an AI demand correction18, though Asian stocks rose on tech gains ahead of Apple results19. Cyber risk also reached state systems: Russia and Ukraine each reported attacks on their emergency alert apps20, and NTT's Mihoko Matsubara outlined Japan's main risks after a wave of attacks hit state bodies, lenders and large corporations21. The single political item not to miss is Indonesia's Supreme Court voiding a high-school equivalency certificate that Vice President Gibran Rakabuming Raka submitted for his 2024 candidacy, raising doubts about whether he can remain in office or run in 202922. Ahead of the US midterms, a Siena poll found late deciders favored Republicans by nine points even as Democrats lead in six of seven key Senate races23. In Bulgaria, Iliana Iotova claimed victory in the presidential runoff, becoming the first woman elected to the presidency24.
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