Following the US FBI and Secret Service launching an investigation into the roughly $6.4 billion hack on Binance, CFTC Chairman Michael Selig criticized offshore exchanges for lacking regulatory safeguards and proposed a "federal option" that would allow offshore platforms to register with the CFTC and comply with US cybersecurity standards. The attack triggered $643.3 million in outflows from Bitcoin ETFs last Friday, while Ethereum ETFs saw $1.61 billion in outflows in October. Binance CEO Richard Teng said the company would fully cover the losses using corporate funds and the SAFU fund, having set aside $6.34 billion. Withdrawals resumed over the weekend, with net outflows so far exceeding $3.6 billion. Binance also needs to purchase roughly $1.3 billion worth of BTC, ETH, and BNB in the open market and OTC to replenish the fund pool.