Crypto News

CoinKarma founder Benson Sun says roughly $2.5 billion in assets—about half of the amount Binance says was stolen—has been frozen. He argues that stolen BTC may be difficult to move or sell because the addresses can be tracked and Bitcoin has fewer deep-mixing options than Ethereum. Past thefts also suggest stolen BTC can remain dormant for years. Sun therefore expects little short-term selling pressure from the BTC, and says Binance could later need to buy BTC if it uses its SAFU fund to cover losses. By contrast, some stolen tokens were reportedly converted into ETH and sent through Tornado Cash, making them harder to trace. Sun estimates that potential ETH-related selling pressure could reach the tens of billions? No—around the low billions of dollars. These are the author’s estimates, not Binance’s confirmed forecast. The incident may still weigh on market confidence and renew attention to crypto security.

Standard Chartered digital assets research head Geoffrey Kendrick said the Binance hack could accelerate the shift from centralized exchanges (CEXs) to decentralized exchanges (DEXs), potentially benefiting Uniswap over the long term. He urged investors to consider Uniswap but said they should wait for the market impact and further details of the breach to emerge. Kendrick maintained his $100 UNI price target for 2030, saying the attack could make that forecast too conservative. CoinGecko data showed the top 10 spot DEX-to-CEX trading ratio reached 23.5% in Q2 2026, up 2.1 percentage points from Q1. In the near term, Kendrick expected further market weakness. At the time of the report, BNB was down more than 8% in 24 hours and Bitcoin traded near $77,000; AAVE and UNI had fallen 11.3% and 10.4%, respectively. He said markets may not establish a new base until assets are unfrozen and more information about the hack becomes available.

Backpack and South Korea’s SK Securities plan to offer eligible international investors access to Korean equities through the Backpack app, according to a partnership announced on Oct. 29. The service could open a market that has historically been difficult for non-resident foreign investors to enter, but no launch date has been announced. SK Securities will oversee underwriting, issuance and securities distribution. Backpack will provide blockchain infrastructure, digital asset custody and access to its global user base. The firms also plan to explore tokenized securities and real-world assets, subject to local laws and regulations. The partnership extends Backpack’s existing U.S. securities offering, which combines brokerage services with blockchain-based distribution. Backpack says its regulated crypto exchange has recorded more than $450 billion in trading volume across over 150 countries. The move broadens Backpack’s financial services, but its direct effect on crypto prices is likely limited.

Partners Group’s Next Generation Infrastructure fund has launched on Pendle in the form of NGI+, through Asseto Finance. Partners Group manages $186 billion in private-market assets, while the fund holds about $2.5 billion in energy and digital infrastructure assets, including power-generation facilities and data centres. It also co-invests alongside Partners Group’s flagship direct infrastructure investments. The Pendle platform lets users split, trade and lock in yield from NGI+. The launch brings tokenised exposure to infrastructure assets onto a decentralised finance platform, but the announcement does not specify expected returns or the terms and risks of the product.

Lookonchain reported that nine newly created wallets received 1,900 BTC from Galaxy Digital over a four-hour period. The transfer was valued at about $148 million. The movement came as the market was falling, and Lookonchain described it as whale buying. However, an on-chain transfer alone does not confirm that the BTC was newly purchased or reveal the recipients’ intentions. Traders may watch for further wallet activity and changes in BTC exchange flows for clues about potential selling or long-term holding.

Kraken reported problems affecting users connecting to its platform and placing orders through web, mobile and API services. The outage comes as Aave markets are paused. An analyst cited an alleged Kraken exposure of more than $130 million related to Aave and speculated that the exchange could face liquidity pressure. Kraken has not confirmed a liquidity crisis, and the reported exposure and its implications remain unverified. Traders may watch for service updates, withdrawal status and further information about Kraken’s Aave-related positions.

Coinbase returned to profit in the third quarter of 2026, reporting $719 million in net income after three consecutive quarterly losses. But about $715 million came from unrealised gains on crypto investments, leaving adjusted net income at $77.7 million, down 82% year on year. Coinbase revenue fell 35% to $1.216 billion, while trading revenue dropped 44% to $590 million. Consumer and institutional spot trading volumes declined 59% and 53%, respectively, although Coinbase’s share of crypto trading volume rose to 10.7% from 5.6%. Subscription and services revenue reached $570 million, including $307 million from USDC-related revenue, which grew 5% quarter on quarter; average USDC balances in Coinbase products rose 49% year on year to $22 billion. Prediction markets reached an annualised revenue run rate above $200 million, but Coinbase expects adjusted expenses to increase about 11% at the midpoint in the fourth quarter. Its shares fell in after-hours trading, reflecting concern over weak trading activity and the durability of investment gains. Traders will be watching whether Coinbase’s newer businesses and stablecoin revenue can offset the downturn in core crypto trading.

Polymarket says a breach at a third-party service provider led to unauthorised transfers affecting about 700 users. Blockchain analysts estimate roughly $2.7 million in crypto assets was moved; a broader estimate that includes positions still on the platform puts the affected value at about $3.46 million. The suspected attack used malicious JavaScript embedded through a compromised third-party service to abuse logged-in trading sessions and sell users’ prediction-market positions. Polymarket said its smart contracts were not exploited. The platform temporarily restricted trading for about an hour, fixed the issue and restored service. It has promised full compensation, but has not announced a payment timeline or final list of affected users. The incident follows a separate third-party security breach in June that reportedly caused about $3 million in losses. The repeat raises questions about Polymarket’s vendor security and trading-permission controls.

Binance says a preliminary investigation suggests its security breach may have begun with a compromised DevOps engineer’s laptop. The attacker allegedly used it to access a service container and submit unauthorised withdrawal transactions. Binance says investigators have found no evidence that wallet private keys were exposed; the cause remains unconfirmed and a technical post-mortem is pending. Binance estimates the impact at about $6.3 billion and says roughly $3 billion in affected assets has been frozen on-chain. The exchange says it will cover user losses with its SAFU fund and company resources. Deposits and withdrawals were temporarily suspended during security checks, authorisations for affected addresses were revoked, and Binance is working with law enforcement and blockchain partners. Additional on-chain records cited in the later report indicate that Binance 14 signed 50 EIP-7702 delegation authorisations before being drained, while Binance 16 transferred 28,005.6 ETH in a separate transaction. These details raise questions about transaction signing and risk controls. The reported Binance hack triggered a market sell-off: Bitcoin fell from above $81,000 to about $76,400, while derivatives liquidations reached around $1.5 billion. Traders are likely to monitor further asset freezes, exchange operations and liquidity. Verified updates and Binance’s investigation could shape confidence in exchange security and short-term crypto-market sentiment.

A Binance-linked hacker sold seven altcoins—UNI, ENA, PEPE, LINK, AAVE, ONDO and WLD—for 70,480 ETH, worth about $158 million, according to on-chain analysts. The sales were completed by 09:01 Taipei time, and the addresses reportedly no longer hold the tokens. UNI accounted for the largest sale by value, while ENA saw the steepest 24-hour decline. The seven tokens fell 8.8% to 15.8%, compared with Bitcoin’s 4.6% loss. The sell-off may add short-term pressure to these altcoins, although the report does not say whether the ETH has since been moved or sold. Most stolen stablecoins and PAXG were reportedly frozen by issuers. Binance said it would cover losses and later reported that about $3 billion had been frozen; estimates of total outflows ranged from $5.3 billion to $5.87 billion. Arbitrum also moved 8,426 ETH and 74.56 million ARB to restrict their movement. Binance has not disclosed a final loss figure.

Trader Killa says the Binance hack could mark the final major low before a strong crypto market rally. He says he still holds a Bitcoin (BTC) long position opened near $76,400 and expects the current pullback to remain below 20%. Bitcoin is about 13% off its recent high. Killa urged traders to stay calm amid market pressure and FUD, and noted that the Binance hack coincides with the US midterm election period. His view is a trader’s opinion, not confirmation that the market has bottomed.

Gemini co-founder Cameron Winklevoss said Zcash does not need a redesigned governance system. He argued that token-holder voting is an on-chain version of a mechanism used in capital markets for centuries, and said privacy—not experimental governance—is Zcash’s central mission. He also called for ending the Zcash Community Grants programme, saying it causes distraction and diverging priorities. The comments come as Winklevoss Asset has filed an S-1 registration statement with the US Securities and Exchange Commission for a proposed spot Zcash ETF. The fund would hold ZEC directly, trade on Nasdaq under the ticker WINK, charge a 0.25% fee and use Gemini Trust Company as custodian. The governance remarks may shape discussion around Zcash’s priorities, while the ETF filing could be a longer-term source of market interest; the article reports no immediate trading impact.

The Stellar Development Foundation introduced Project Thruput on October 28 as a technology preview for scaling transaction execution, now available on FutureNet. Controlled tests showed capacity rising from about 1.18 million payments per second on one machine to roughly 7.02 million across eight machines. Project Thruput measures execution inside a single validator, not end-to-end throughput on Stellar’s public network. Consensus, networking and data storage can affect real-world performance, and the initial reports did not establish live-network capacity. The open-source preview includes reproducible benchmarks, but broader independent testing and potential public-network integration remain ahead. The proposed design allocates scheduling capacity according to accounts’ unlocked native-token balances when demand exceeds capacity, rather than charging execution fees per transaction; computational limits still apply. Project Thruput does not mean Stellar mainnet currently supports these capabilities or unlimited free transactions. For XLM traders, the benchmark is a technical development, not evidence of an immediate change in adoption or price.

A reported Binance hack drained an estimated $5.3 billion to $5.9 billion from hot wallets on October 29, 2026, making it potentially the largest crypto theft on record. Binance said user funds are safe, pledged to cover losses and temporarily paused deposits and withdrawals while it investigates. Binance.US said its platform was unaffected. Tether, Circle and other partners froze about $3 billion in assets, including USDT and USDC. However, the attacker reportedly used stolen USDT as collateral on Aave to borrow ETH, while also swapping other stolen tokens into ETH. Binance has not confirmed the cause of the breach or the suspected attacker attribution to North Korea-linked Lazarus Group. The Binance hack sparked a sharp market sell-off: Bitcoin and Ethereum fell about 5%, while BNB dropped roughly 8% and AAVE about 11%. Reports also cited more than $600 million in leveraged long liquidations. Traders are watching for Binance’s post-mortem, the final recoverable amount and the resumption of exchange transfers.

Binance says about $3 billion in assets linked to a reported $6.3 billion hot-wallet theft have been frozen. The attack affected wallets across Ethereum, Bitcoin, Tron and several layer-2 networks, including Arbitrum, Avalanche, Optimism and Base. Tether and Circle froze more than $2.6 billion in USDT and USDC. Other issuers and projects, including Ripple, World Liberty Financial, Paxos and StraitsX, froze additional tokens. Binance also restricted nearly 29,934 WBETH, while Arbitrum’s Security Council moved 74.6 million ARB and 8,425 ETH to a restricted wallet. The remaining funds under scrutiny include about 195,000 ETH and 18,270 BTC. The reported Binance hack and ongoing efforts to track or freeze assets could keep crypto traders alert to further wallet movements and market volatility.

The Binance hack left the attackers with an estimated $3.1 billion in assets they could still move, including about 18,270 BTC and 492,000 ETH. XRP, TRX and SOL also make up significant holdings. Blockchain analysts say the BTC, XRP and SOL have not moved, though Binance has not confirmed that these assets belong to the attackers. Most Ethereum-based stablecoins and altcoins were converted into ETH. Tether and Circle froze large amounts of USDT and USDC, while Arbitrum’s security council moved assets out of reach. Binance said it had verified about $3 billion in frozen funds; other estimates varied. The incident could keep traders focused on potential selling pressure from the remaining assets, as well as on exchange security and the effectiveness of issuer freezes.

CoinJar has listed Pump.fun’s PUMP token on its retail platform and CoinJar Exchange. Customers can buy, sell, store and send PUMP, view real-time market data and set price alerts. CoinJar Exchange also provides advanced order types and access to deeper liquidity. The listing gives PUMP another trading venue, but CoinJar has not reported specific trading volumes or other market data related to the launch. PUMP is the native token of Pump.fun, a Solana-based platform for creating and trading tokens that has expanded to include social features and the PumpSwap decentralised exchange. Pump.fun uses part of its fees to buy PUMP on the open market and burn the tokens. PUMP has a fixed maximum supply, but the CoinJar listing itself does not change its tokenomics or the platform’s activity. CoinJar also flags risks including smart contract vulnerabilities, regulatory changes, project failure and data-source issues.

The crypto market faced heightened security concerns after Binance estimated losses of about $6.3 billion in a security incident, while saying roughly $3 billion in assets had been frozen. Binance said it would cover losses through its SAFU fund and corporate funds, and temporarily suspended deposits and withdrawals as it investigated. The reported scale and cause remain subject to the company’s ongoing investigation. Polymarket also paused trading after a breach at a third-party service provider. The platform said affected users would be fully reimbursed; blockchain analytics firm Bubblemaps estimated that more than 700 users lost about $2.7 million. The incidents may prompt traders to reassess exchange, wallet and platform risks. Price action was mixed. HYPE rose more than 13% to above $90 despite reports that a large holder had sold 694,310 tokens worth about $53.3 million over five days. Bitcoin climbed above Strategy’s 2026 purchase-cost level of $78,900, but remained below the estimated $90,600 cost basis for its purchases since 2025. Separately, ZachXBT said AXIS insiders had sold tokens linked to a sharp 40% decline; Axis Robotics denied that team or investor allocations were sold. Institutional and regulatory developments offered a longer-term counterpoint: ICE plans to work with Trade.xyz on a US derivatives platform, subject to CFTC approval, and Galaxy Digital applied to establish a federally regulated trust bank. Overall, security risk is the immediate trading concern, while adoption initiatives may support the crypto market over the longer term.

MistTrack has launched KYA Batch Screening and Tracing Canvas to support crypto compliance and on-chain investigations. KYA Batch Screening lets teams upload wallet addresses in bulk, review risk scores and suspicious transaction reports, and export results. Addresses are grouped into Severe, High, Moderate and Low risk categories to help prioritize reviews. Tracing Canvas maps upstream and downstream fund flows in an interactive graph. Its AI Smart Tracing feature filters paths by criteria such as transaction amount, date, tracing depth and links to exchanges or entities. Path Finder searches for visible fund paths between specified addresses within selected networks, time ranges and search depths. MistTrack cautions that not finding a path does not rule out other connections. The update adds workflow tools for risk screening and blockchain forensics, but the announcement does not report adoption figures, revenue or changes to any cryptocurrency. Its direct implications for crypto prices and trading activity are therefore limited.

The PREDICT TGE and claims for the Season 1 airdrop have been postponed, according to an announcement by predict.fun on X. The delay follows the postponement of PREDICT’s Binance Alpha and spot trading launch. The project said it will announce a new claim date and time once confirmed, and apologized to users. Until then, traders and airdrop recipients have no confirmed timeline for the PREDICT token launch or claims.

Blockchain investigator ZachXBT said the attackers behind the Binance security incident may be North Korea-linked Lazarus Group. He made the comment on X in response to a question about the attackers’ identity. The attribution remains unconfirmed, and the report provides no further evidence or details about the incident. The possibility of a state-linked hacking group being involved adds to security concerns around Binance and could weigh on trader confidence until more information is available.

Bitget has listed perpetual contracts for Fortinet (FTNT), the iShares MSCI Brazil Small-Cap ETF (EWZS) and Pfizer (PFE). The USDT-settled contracts support leverage of up to 20x and trading 24 hours a day, seven days a week. Bitget now offers 392 stock contract markets. The new Bitget stock perpetual contracts expand access to leveraged trading in individual equities and an ETF, but the announcement does not specify trading volumes or user demand.

Bitcoin fell below $78,000 on October 30, reaching a six-week low of $76,675 and trading near $76,994, down 5.01% over 24 hours. The sell-off came amid weakness in US technology stocks and rising security concerns around Binance, which said it was investigating unusual fund activity and had suspended some deposits and withdrawals. The confirmed frozen assets were reported at about $3 billion, while the actual scale of any theft or loss remained unclear. Forced liquidations intensified the move. CoinGlass data showed about $1.5 billion in crypto liquidations over 24 hours, affecting 237,194 traders. Bitcoin futures activity also far exceeded spot trading, underscoring the market’s exposure to leverage. Ether fell to a two-month low of $2,238.76, while BNB’s 24-hour decline at one point exceeded 8%. Bitcoin’s near-term levels to watch are the recent low of $76,675 and support around $76,500. A recovery above $80,000 would be an important signal for traders. US spot Bitcoin ETFs had recorded about $424 million in net inflows over three sessions from October 26 to 28, but those inflows did not prevent the subsequent decline. Exchange-security uncertainty, forced liquidations and broader risk-asset weakness are keeping Bitcoin volatility elevated.

On-chain analyst Dickson estimates that attackers stole about $6.28 billion from Binance hot wallets across eight blockchains. He says about $6.07 billion was moved in the first 55 minutes. At the time of his post, around $2.8 billion had reportedly been frozen by issuers and other parties, while roughly $3.27 billion remained freely transferable. The figures are on-chain estimates, not an official final loss total from Binance. Dickson says the attacker prepared by withdrawing funds from Tornado Cash and testing a sweeper contract, then exploited EIP-7702 authorizations signed by Binance wallets. Estimated losses included about $3.74 billion on Ethereum and 18,270 BTC, valued at roughly $1.47 billion, as well as assets on Tron, XRP Ledger, Solana, Arbitrum, Avalanche and Optimism. USDT and USDC were among the affected assets. An earlier estimate also said about $60 million in USDT was tied up as Aave collateral. The reported Binance hot wallet breach puts exchange wallet security, delegated account permissions and cross-chain asset management in focus. The scale of the reported losses and the amount still movable could weigh on sentiment toward affected cryptocurrencies and raise concerns about exchange security. Estimates may change as funds move or are frozen.

Binance says it will cover all user losses after hot wallets across eight blockchains were attacked on 30 October. On-chain researcher Dickson estimated the stolen assets at about $6.28 billion, while Binance said it had verified the freezing of around $3 billion. The attacker may still control substantial assets, particularly ETH and BTC, which cannot be frozen by a token issuer. Binance suspended deposits and withdrawals and has not provided a restart time. Spot trading remains active. Binance co-chief executive Yi He and chief executive Richard Teng said customer funds are safe and the exchange will absorb the losses. The company has not announced a claims process, warning users to treat unsolicited compensation links as scams. The incident has heightened exchange-security concerns and could fuel short-term volatility, although Binance’s pledge to cover losses may help limit fears of direct customer losses. Traders are watching for updates on frozen funds, withdrawal services and any further selling by the attacker.

Coinbase and Deribit have completed internal security reviews and report that their assets are safe, with no related risks identified. Lin Chen, Deribit’s Asia-Pacific business lead, shared the update on X. The statement may reassure traders, but it provides no further details about the reviews or the risks assessed.

Crypto commentator Seven Research says the Binance hack could disrupt market makers and quantitative trading firms that keep much of their capital and margin on Binance. If withdrawals are suspended, firms may be unable to move funds to meet margin calls at other venues, potentially forcing them to unwind positions elsewhere. The commentator suggests this liquidity squeeze may help explain why SOL and other altcoins saw sharp moves, despite the stolen assets being Ethereum-related. The proposed link is an analyst’s view, not a confirmed cause of the price action.

Binance.US CEO Steve Gregory said customer funds are held separately and were not affected by the reported Binance hack. He said Binance.US and Binance are independent entities with no shared asset custody arrangements. The statement aims to reassure Binance.US customers, although the article provides no further details about the incident or any independent verification of the custody arrangements.

Google Cloud has previewed a multi-party computation (MPC) service for institutional digital-asset custody. The pre-general-availability service uses threshold signing to distribute signing authority, so a complete private key is not held in one operational location. It also offers transaction policy controls and enterprise governance features. The documentation lists secp256k1 signing for Bitcoin and Ethereum-style networks, while Ed25519 support for Solana is marked as coming soon. Availability and blockchain coverage remain limited. Google Cloud has also expanded Bitcoin security rules to assess transaction amounts, destination address types and change outputs. The documentation references an October 2026 API and a migration path, but Google has not confirmed a full launch timeline. The preview follows Google Cloud’s MPC Symposium in New York on Oct. 28, 2026, with expected speakers from Morgan Stanley, Citi, Wells Fargo and crypto exchange OKX. MPC custody may help institutions manage risks such as key theft, signing interruptions and key loss, but it cannot reverse completed transfers or remove risks linked to approvals, credentials, recovery processes and third-party components. Adoption will depend on wider availability, security assessments and integrations with regulated custodians. For traders, the market effect is indirect: improved custody could lower an adoption barrier, but the preview alone does not signal new demand for BTC, ETH or other tokens. Watch for a general launch, customer integrations and disclosed security evaluations.