Crypto News

Circle’s USDC circulation fell by about $790 million in the week to October 29, 2026, to roughly $69.97 billion, as $11.71 billion in redemptions exceeded $10.92 billion in new issuance. The rounded figures show a weekly decline of about $800 million. It was the second consecutive weekly drop, bringing the two-week decrease to about $1.3 billion. The broader trend also points to net contraction: redemptions exceeded issuance by about $3.12 billion over 30 days and $5.05 billion over 365 days. Circle reported approximately $71.41 billion in reserves, above the USDC in circulation. The reserves include short-term US Treasuries, overnight reverse repurchase agreements and bank deposits. This reported cushion provides backing context, but does not guarantee the price of every USDC trade on secondary markets. The redemptions reduce USDC supply but do not, by themselves, show that the dollar peg is under pressure. The data does not reveal who redeemed USDC or whether the funds left crypto, moved to other stablecoins or remained in bank accounts. A smaller USDC float could affect liquidity and collateral availability, and may reduce Circle’s reserve-related interest income. Traders can monitor issuance, redemptions and reserve composition for signs of changing stablecoin demand; the current decline remains modest compared with USDC’s roughly $70 billion circulation.

The Polymarket hack drained about $2.73 million from 737 user accounts on October 29, according to blockchain analytics firm Bitquery. Investigators traced 985 unauthorised withdrawals made through the platform’s official transaction relayer. The largest reported account loss was about $358,000. Polymarket said malicious code was inserted into a third-party website script, targeting users with the platform open. The incident involved valid wallet approvals, not a confirmed flaw in Polymarket’s smart contracts. Investigators said rapid approvals and withdrawals were consistent with automated activity. The breach was linked to a compromised DebugBear monitoring integration on Polymarket’s international website. The company removed the script, reset active sessions and temporarily suspended trading and relayer operations. Trading resumed after about an hour. Polymarket later said 95% of affected wallets had been fully refunded and that total reimbursements would reach $3.9 million. It referred the incident to UK law enforcement, though a final loss figure and reimbursement schedule were not provided in the earlier update. Most traced funds were converted to Polygon’s POL token and spread across wallets, with some moving towards Ethereum. The Polymarket hack highlights the risks of third-party website integrations and wallet permissions, even when smart contracts are not known to be compromised. Traders may want to review wallet approvals and connected services.

Binance says it has recovered or replaced about 90% of the roughly $6.3 billion in cryptocurrency stolen in a major security breach. The remaining shortfall is mainly less-liquid tokens, which may take longer to source. Binance says it will cover the losses with funds from its corporate treasury, Futures Insurance Fund and SAFU, and will not pass them on to customers. It reports full reserve coverage for BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. About $3 billion in attacker-linked crypto has been frozen, but that does not mean it has been recovered or returned. Withdrawals remain suspended while security checks continue; Binance expects to resume them on November 1, subject to confirmation. A Proof of Reserves snapshot was taken on October 31, with zero-knowledge verification expected by November 3. The reserve replenishment supports customer coverage, but the remaining shortfall and withdrawal uncertainty remain risks for Binance users and market confidence.

Chainalysis disclosed a cybersecurity incident after an external attacker accessed some internal systems and tools. Customer data exposed included user IDs, full names, email addresses and organizational role labels. The company has not said how many customers were affected or identified the attacker. Chainalysis said its investigation found no evidence that investigative records, passwords, authentication credentials, multifactor authentication secrets or session tokens were accessed. It has hired outside cybersecurity experts, notified customers and urged them to watch for suspicious password-reset requests and authentication prompts. The company said the incident was unrelated to a separately reported $6.3 billion Binance breach. The incident adds to cybersecurity concerns across crypto firms, including analytics providers as well as exchanges. The investigation is ongoing, and the scope of the exposure remains unclear. For traders, it highlights potential data-protection and phishing risks, but no direct compromise of sensitive investigative material or credentials has been reported. Chainalysis has not reported a direct impact on cryptocurrency prices.

Binance said unauthorized withdrawals began around 20:05 UTC on October 29 after its global hot-wallet infrastructure was compromised. The exchange valued the affected tokens at about $6.3 billion and suspended withdrawals for security checks. Binance later said it had secured more than $6.34 billion in company resources to cover losses, including about $5 billion already held in relevant tokens. It said roughly 80% of the affected amount had been replaced and it was sourcing the remainder through market and over-the-counter purchases. Separately, about $3 billion in assets had been frozen on-chain through coordination with token issuers and investigators; frozen assets are not the same as recovered cash or completed reimbursements. Binance said investigators had found no evidence of leaked wallet private keys, but the precise cause remains unresolved, with multiple possible intrusion points under review. The exchange targeted a phased withdrawal restart after security checks, further technical findings within about 48 hours, and an updated proof-of-reserves report by November 2. The recovery commitment may limit direct user losses, but the breach and withdrawal pause could weigh on confidence in Binance and keep traders alert to security-related volatility.

Intercontinental Exchange (ICE), owner of the New York Stock Exchange, plans to offer US traders Hyperliquid-based perpetual contracts through Trade[XYZ], subject to regulatory approval. No launch date has been announced. ICE’s earlier proposal described a US-regulated venue for crypto and stock perpetuals with 24/7 trading and KYC and anti-money-laundering controls. Trade[XYZ] already offers perpetual contracts outside the US across crypto, equities and commodities, using Hyperliquid. ICE has also called on US regulators to address concerns around Hyperliquid. If approved, the plan could broaden US access to Hyperliquid perpetuals and bring more institutional exchange infrastructure to the market. Traders will be watching regulatory developments and a confirmed launch timeline; effects on Hyperliquid adoption, trading volume and the HYPE token price remain uncertain.

The Coinbase Bitcoin Premium Index remained negative for 38 consecutive days, reaching -0.2434% on 31 October, compared with -0.1259% on 26 October. The index tracks the price difference between Bitcoin on Coinbase Pro and Binance; a negative reading means BTC is priced lower on Coinbase and may signal weaker US buying or heavier selling pressure. The index had turned positive at 0.0052% on 24 August for the first time since 19 May, ending a 97-day negative streak. The Coinbase Bitcoin Premium Index is a sentiment indicator, not proof that institutions are withdrawing. Over-the-counter and Coinbase Prime trades may not appear in public spot-price differences, so traders should also monitor ETF flows, trading volume and broader risk sentiment. Past negative periods have sometimes lasted for months, and historical patterns do not guarantee a recovery.

Anthropic, the company behind Claude, has reportedly filed an S-1 registration statement with the US Securities and Exchange Commission as it prepares for a potential Nasdaq listing under the ticker ANT. Retail investors cannot yet buy shares directly, and the company has not confirmed its IPO terms or valuation. Its latest private funding round reportedly valued it at about $965 billion, while speculation puts its potential public-market valuation as high as $2 trillion. Investor expectations remain uncertain. The summaries cite historical IPO volatility, Anthropic’s substantial net losses and prediction-market activity around possible post-listing valuations. Traders will be watching for S-1 updates, an IPO price range, roadshow dates, regulatory decisions and signs of investor demand. The Anthropic IPO timing and final valuation are not confirmed.

Anthropic’s IPO filing highlights the scale of its AI infrastructure spending: about $417 billion in firm minimum commitments, while broader obligations bring the total toward $900 billion. An earlier filing estimate put multiyear commitments at $637 billion, many reportedly non-cancelable. The company also expects $125 billion to $150 billion in additional capacity costs from 2028 to 2031. Major commitments include $161.2 billion to Broadcom, at least $114.5 billion to Google, $110 billion to Amazon and $45 billion to Microsoft, underscoring supplier concentration. Anthropic reported $16.3 billion in first-half 2026 revenue, up from $1.16 billion a year earlier, including a record $11.6 billion in Q2. About 80% of revenue comes from customer use of Claude. It posted a first quarterly GAAP operating profit of $974 million, but a first-half net loss of $80.7 billion, which the filing attributes largely to non-cash accounting charges. The company is planning a Nasdaq IPO under the ticker ANT, with a reported potential valuation of $1.5 trillion to $2 trillion. Investors will weigh rapid AI revenue growth against infrastructure costs, long-term commitments and reliance on a small group of suppliers. These are not direct crypto-market signals, but the IPO could influence broader sentiment toward AI-related assets.

Bitdeer reported mining 294.2 BTC in the week through 16 October and selling all of it. In its later update, the Bitcoin miner said it produced 265.5 BTC in the week ended 30 October 2026 and again sold the entire amount. Bitdeer’s reported Bitcoin holdings remain at zero, excluding customer deposits, with no net additions. The latest output was 28.7 BTC lower than the earlier weekly figure. For traders, the sales represent a modest source of miner-related BTC supply, while the repeated zero-balance reports suggest Bitdeer is continuing to sell newly mined Bitcoin rather than build a corporate treasury position.

US Senator Cynthia Lummis says the CLARITY Act could have helped authorities respond more quickly and effectively to the Binance theft. She argues the bill would classify Binance as a covered digital-asset service provider, while a savings clause would preserve existing financial and sanctions laws. Her comments answer Better Markets policy director Amanda Fischer, who said the bill could not have prevented the theft and that freezing assets would require a court order. Lummis also criticised lawmakers who opposed the bill. The CLARITY Act passed the House 294–134 in July 2025 and the Senate Banking Committee 15–9, but a full Senate procedural vote failed 49–50 on September 15, 2026, leaving it stalled. The dispute highlights continuing uncertainty over US crypto regulation and the legal powers available during security incidents. Since the bill has not become law, the remarks do not change Binance’s current regulatory position.

US stocks closed lower as the sell-off in AI stocks and technology shares deepened. An earlier snapshot highlighted CoreWeave, down 11.91%, and Twilio, down 10.62%; the later report showed Twilio’s loss widening to 15.24%, alongside declines of 10.93% for Astera Labs and 10.88% for AMD. Dell and Marvell also fell more than 10%. The updated figures put the Dow down 1.09%, the S&P 500 down 1.82% and the Nasdaq down 2.86%, while the VIX rose 12.91%. The broad weakness in AI stocks may point to softer risk appetite, a sentiment signal crypto traders often monitor, although the reports provide no direct cryptocurrency price data.

Blockchain data provider Allium says historical data shared through Snowflake, BigQuery and Databricks has passed verification checks across all chains and regions. This recovery milestone follows Allium’s discovery of unauthorized access to some systems on Oct. 25, disclosed on Oct. 28. The company has not said how the access occurred, what information was reached, or whether customer data or API keys were exposed. Allium restricted access, notified affected customers and hired an independent cybersecurity firm to investigate. Allium restored its main app, Explorer and APIs on Oct. 28, revoking existing API keys as a precaution. The app was unavailable for about 61 hours and data delivery paused for just under 24 hours. As of Oct. 30, some features remained offline and the status page still showed partial outages. Allium customers include Visa, Stripe and Coinbase, but there is no indication that those companies’ own systems were accessed. The security investigation and incident response are ongoing; no direct impact on crypto assets has been reported.

Bitcoin’s rebound above 78,000 USDT, reported at 78,003.4 USDT with its 24-hour loss narrowed to 4.28%, was followed by a lower OKX quote of 77,010.9 USDT. In the later update, Bitcoin remained above 77,000 USDT, but its daily loss widened to 4.51%. The change points to renewed weakness after the initial recovery, rather than a confirmed trend reversal. Traders may watch whether BTC holds 77,000 USDT and whether trading volume supports a rebound; the reports do not provide volume data or explain the move.

Coinbase CEO Brian Armstrong, board member Frederick Ernest Ehrsam III and President and COO Emilie Choi have adopted Rule 10b5-1 plans covering up to 13.59 million Class A shares. Valued at about $2.18 billion at Coinbase’s October 29 closing price of $160.59, the prearranged sales could begin between November 2026 and January 2027, subject to plan terms and price conditions. The plans cover about 8.17 million shares for Armstrong, 3.87 million for Ehrsam and 1.56 million for Choi, with some shares linked to equity awards. Coinbase said the plans were adopted during an open trading window and comply with company policies; they do not guarantee that all shares will be sold. Coinbase also repurchased 37,995 shares in the third quarter at an average price of $139.91, with about $1.96 billion remaining under its buyback authorisation. Third-quarter net income was about $719 million, up from $432.6 million a year earlier, while revenue was about $1.22 billion, down 35% year over year. Transaction revenue fell 43% to just over $590 million. Prediction markets generated more than $200 million, and prediction markets and derivatives together contributed at least 25% of transaction revenue; subscriptions and services accounted for 49%. Operating expenses fell 17% to $1.15 billion. Net income included roughly $715 million in unrealised gains on crypto investments. COIN closed at $160.59 and dropped nearly 5% in after-hours trading to $152.98. Coinbase insider stock sales may weigh on sentiment toward the company’s shares, but the plans are scheduled well in advance and are conditional. They do not directly indicate a change in cryptocurrency market fundamentals or guarantee near-term selling.

Stacks co-founder Muneeb Ali warns that Bitcoin could face a “risky era” if it lacks a credible quantum-resistance plan by 2028. His proposed timeline allows roughly two years for protocol upgrades and another two for users to move coins to quantum-resistant addresses. He says AI could accelerate quantum development, potentially bringing the expected transition forward from 2030 to 2029, but cites no hardware evidence for that forecast. Quantum computers have not cracked Bitcoin keys, yet the lack of a clear upgrade roadmap may already make risk-conscious institutions cautious about large BTC purchases. Bitcoin quantum resistance is therefore a long-term confidence issue, not evidence of an imminent attack. NIST guidance calls for US federal systems to transition digital signatures by 2031, while Bitcoin has no equivalent mandated schedule. StarkWare has also reported lowering the estimated cost of an experimental quantum-resistant Bitcoin transaction from about $320 to $67, though the method is non-standard, requires direct miner submission and does not protect coins with exposed public keys. Developers continue to see a protocol-level upgrade as the lasting solution. Ali separately argues that AI-driven analysis of public transaction histories makes Bitcoin privacy a concern for institutions. The later update also mentions BTC rewards being reinvested into stBTC and a three-month Stacks incentive offering 3 BTC for Bitcoin deployed through Bitflow and Zest; these are ecosystem developments, not evidence that Bitcoin’s protocol has changed. For traders, a credible roadmap could support confidence, while delays or disputes could sustain a risk premium and weigh on BTC sentiment.

Polymarket odds around ETH’s $2,400 October threshold tell different stories because the summaries describe contracts with opposite settlement rules. An earlier report put the chance of ETH dipping to $2,400 or below at 84%, up 34 percentage points over 24 hours. A later report said the probability of ETH reaching $2,400 or above during the rest of October was 3%, down 42% over 24 hours, according to PPP data. The first contract uses the low of any one-minute Binance ETH/USDT candle; the second uses the high. Prices on other exchanges and trading pairs do not count. These ETH $2,400 prediction-market odds reflect positioning on separate outcomes, not confirmation of ETH’s spot-price direction.

A 1kx Capital report forecasts blockchain revenue of about $100 billion in 2026, down 28% year on year as crypto prices and trading activity weaken. The decline broadly tracks an estimated 30% fall in average crypto prices, even as on-chain transaction counts are projected to rise 18% and monthly active users remain near 200 million. The latest figures point to a shift in blockchain revenue towards institutional adoption and real-world applications, which are expected to provide 30% of the total. In the third quarter, revenue from real-world uses—including tokenised real-world assets, payments and prediction markets—reportedly surpassed blockchain infrastructure revenue for the first time. Tokenised equities and prediction markets are among the faster-growing sources, while infrastructure revenue is forecast to fall 39% and transaction fees to roughly halve. DeFi and financial services remain the largest sector, accounting for about 66% of revenue; infrastructure contributes around 22%. Listed companies’ share of blockchain revenue has risen to 16%, from 7% in 2022. A dividend-token index is reported to have gained 82% year to date, highlighting the growing role of distributions and buybacks in crypto valuations. For traders, the data suggest that blockchain revenue is increasingly tied to applications, institutional activity and cash flows, but remains exposed to crypto prices and market liquidity.

Stanley Druckenmiller has confirmed an investment in trade.xyz, a derivatives platform built on Hyperliquid, and said he expects to use its products. The investment amount was not disclosed. Separately, Intercontinental Exchange (ICE), the New York Stock Exchange’s parent, plans to invest in trade.xyz and establish a US-regulated exchange and clearing system for perpetual markets. Hyperliquid will provide the technology, while trade.xyz develops the markets; its offshore platform will continue operating. The US launch remains subject to regulatory approval, and contract details and timing have not been announced. The news adds to institutional interest in Hyperliquid. A filing showed Druckenmiller’s Duquesne Family Office held about 2.94 million shares of Hyperliquid Strategies (PURR), worth roughly $23.15 million as of 30 June 2026. This is a separate equity holding, not a disclosure of his trade.xyz investment or a direct HYPE purchase. trade.xyz has reportedly processed more than $650 billion in cumulative volume across tokenised stock, index, commodity and foreign-exchange perpetuals. HYPE climbed from about $79 to above $97 on 29 October, then traded above $90 after a sharp market disruption the following day. A separate market snapshot put HYPE near $92.96, up about 17.9% over 24 hours, with roughly $3.63 billion in trading volume. Hyperliquid’s perpetual volume reached $17.44 billion on 29 October, alongside about $252 million in liquidations. The reports also cite $1.21 billion in protocol fees and $1.19 billion worth of HYPE buybacks. For traders, the proposed US venue could expand demand for on-chain derivatives and strengthen Hyperliquid’s institutional profile. But regulatory approval, execution, and whether new-market fees will support HYPE buybacks remain uncertain.

Binance says it has committed more than $6.3 billion to cover losses from its October 29 security breach and has begun replacing stolen cryptocurrencies in matching token amounts. The exchange already holds about $5 billion in affected assets and is buying the rest through open-market and over-the-counter (OTC) trades. Binance says it will use its SAFU fund and company reserves, including BTC and ETH; limited liquidity and OTC settlement could slow purchases. It has not disclosed how much it has bought so far or whether it may sell BTC or ETH to fund the effort. Separately, about $3 billion in assets has been frozen with help from industry partners and authorities; those funds are excluded from the replacement calculations. Chainalysis linked the attack to North Korea-associated TraderTraitor and reported automated laundering activity. Binance says it can cover the losses independently, despite an offer of liquidity support from its Thai partner Gulf. The Binance hack could create buying demand for affected altcoins, but the scale of any market impact remains uncertain. The episode also keeps crypto security and exchange reserves in focus for traders.

Polymarket briefly restricted trading on its international platform on October 29 after a third-party website supplier was compromised. Trading resumed about an hour later, and the platform said it had identified and fixed the vulnerability, referred the matter to law enforcement and would reimburse affected users. It also paused relayer activity during its investigation. Researchers linked the incident to a monitoring script on the trading website that reportedly tried to access active users’ trading clients and signers, then sell positions or transfer assets. Trader Car said about $800,000 was missing from his account and his positions had been sold. Other users reported losses, while blockchain estimates varied, with some approaching $2.7 million. Polymarket has not confirmed individual claims or published a final loss total, reimbursement schedule or details on how it will value unauthorised sales. Its notice concerned the international platform and did not say whether the separate US exchange was affected. The breach highlights third-party software and account-permission risks for Polymarket users. A similar, separate vendor-related incident in June had also led to a refund pledge. For traders, the key near-term issues are confidence in Polymarket security and clarity on compensation; there is no confirmed evidence of broader crypto-market disruption.

Binance’s investigation into its security incident has found more breach points than the initially suspected compromised laptop. The exchange described the attack as complex and is working with law enforcement and partners to trace it and freeze affected assets. Binance said about $3 billion in assets had been frozen, while an earlier estimate put the total impact at around $6.3 billion. It said user funds are safe and it will cover all losses with its SAFU fund and corporate funds. Deposits remain available, but withdrawals are suspended; Binance expects to restore them about 45 hours after its October 30 update, around the afternoon of November 1 in Taiwan. The exchange said the pause stopped funds from flowing out. The expanded breach findings add uncertainty around Binance’s security, while the asset freeze and funding commitment may help limit concerns among traders.

Standard Chartered digital assets researcher Geoffrey Kendrick says the $6.3 billion Binance hack could encourage traders to move activity to decentralized exchanges (DEXs), particularly Uniswap, once immediate market disruption eases. He maintained his $100 target for UNI by 2030 and said the Binance hack could support an even higher valuation, building on his earlier view that the target may prove conservative. Near term, prices remain under pressure. Bitcoin traded near $77,000, while BNB, UNI and AAVE fell. Kendrick cautioned that further declines are possible until investigators provide more details and frozen assets are dealt with. Binance said about $3 billion in affected assets had been frozen and pledged to cover customer losses. DEXs had already been gaining market share before the Binance hack. CoinGecko data showed that the top 10 DEXs’ spot volume equalled 23.5% of the top 10 centralised exchanges’ volume in Q2 2026, up 2.1 percentage points from the previous quarter. Uniswap led DEXs with $168.5 billion in volume. Separately, HYPE rose about 15% after ICE and Trade.xyz announced plans for a regulated US perpetual-futures market on Hyperliquid, subject to regulatory approval.

DeepSeek’s reported second funding round has grown from early reports of about 100 billion yuan ($15 billion) to 105.5 billion yuan (about $15.8 billion), valuing the Chinese AI company at roughly 615.5 billion yuan ($92 billion). The latest report says nearly 30 investors are participating, including Tencent, CATL and its chairman, as well as major technology, telecoms and financial firms. DeepSeek reportedly expanded its fundraising target amid rising prices for advanced Nvidia chips and concerns about an AI investment bubble. The financing strengthens DeepSeek’s position in the competition with US AI firms and highlights demand for China’s AI sector. It has no direct link to cryptocurrency prices, so any effect on crypto trading is likely to be indirect and limited.

Brent crude oil was previously reported at $110.05 a barrel, up 0.1% over 24 hours. In the later update, Gate data put Brent crude oil at $115.87 after a brief pullback, with its 24-hour gain reaching 0.9%. Neither report identified the reasons for the price movement. The updates provide no direct trading signal for cryptocurrencies, though oil price changes can feed into broader inflation and risk-sentiment concerns.

Mirae Asset Securities’ Hong Kong unit has privately issued six-month, US dollar-denominated floating-rate notes on Solana to eligible institutional investors. The notes are part of its $3 billion Guaranteed Structured Note Programme; the programme limit is not the size of this issuance, which was not disclosed. Marketnode acted as authorized distributor, while Mirae used its own technology to manage token issuance, payments and the notes’ lifecycle. The Solana tokenized notes apply blockchain infrastructure to a traditional securities product, but are not available to retail investors. The announcement did not disclose the issue size, coupon, investor identities or secondary-market liquidity. The transaction is an institutional adoption example, not a direct price catalyst for SOL. Traders can watch for repeat Solana tokenized notes issuances and measurable settlement activity to gauge whether the model can scale.

Robinhood CEO Vlad Tenev says the SEC’s proposed five-year innovation exemption is not enough to give major issuers confidence in tokenized stocks. He supports the initiative but says lasting growth in tokenized stocks will require a durable regulatory framework or legislation. The SEC proposal would require tokenized shares to retain the rights of conventional stock, including dividends and voting—unlike Robinhood’s current European products, which provide economic exposure without shareholder status. More than 10 public companies, including AMC and GameStop, have opposed third parties issuing tokens linked to their shares. The tokenized equities market was valued at about $4.43 billion in September; Binance Research’s base-case forecast puts it at $349 billion by 2030. Robinhood also faces near-term pressure from weaker crypto trading. The later account reports third-quarter crypto revenue down 55% year over year to $268 million and notional trading volume down 38% to $42.2 billion; an earlier account gave different figures, reporting $120 million in revenue and $50 billion in volume. Tenev says Robinhood is pursuing private-company stock tokens overseas while exploring a compliant US offering. For traders, tokenized stocks remain a long-term growth prospect, but unresolved rules and soft crypto activity are near-term headwinds for Robinhood.

South Korea’s KOSPI fell more than 4% intraday on 22 October 2026, then extended its decline to 5% by 30 October, according to Gate data. Semiconductor stocks led the sell-off: SK Hynix dropped from a loss of more than 6% to nearly 9%, while Samsung Electronics fell from more than 4% to over 5%. The reports did not identify a cause. The KOSPI decline may signal weaker sentiment and greater risk aversion in Asian equities, but neither report provides evidence of a direct effect on cryptocurrency prices.

Aave temporarily froze all DAO-operated markets on Aave V3 and V4 after a wallet linked to a Binance hot-wallet attack deposited about 60 million USDT and borrowed 19,762 ETH, then worth roughly $44.7 million. The freeze pauses new deposits and borrowing, while withdrawals and loan repayments remain available. Aave said its contracts were not compromised and the positions remained overcollateralised, so the incident had not created the same potential bad-debt risk as the Kelp DAO exploit. The wallet reportedly used Aave and Uniswap to convert stablecoins into ETH, which an issuer cannot freeze. Binance said it would cover losses and temporarily halted deposits and withdrawals during its investigation. Aave said it would reopen the markets when possible. AAVE was reported at about $118.16, down 11.9% in 24 hours, as traders reacted to the security concerns and market disruption.