Thursday nightโs breach of Binance is now the largest crypto theft on record. Tether and Circle froze their tokens within the hour, but roughly $2.4B in Bitcoin and Ether remains with the attacker. Investigators attribute the attack to North Koreaโs TraderTraitor group.
#BฤฐNANCE Binance announced that it has allocated more than $6.34 billion in company funds to cover the security incident, including $5 billion already held in the affected currencies.
The platform is continuing to buy the remaining currencies through the market and over-the-counter deals to cover the shortfall in the same assets, not just their dollar value.
This amount is separate from around $3 billion in frozen funds that they are still trying to recover. Binance also said that public verification of user balances would be provided through proof of reserves.$
These are the most important Bitcoin levels. After breaking $83,000, the next likely target was $75,000, as we explained in our last video updating you on Bitcoin and the chart.
Regardless of the Binance events, the hack, and everything else going on, reaching these levels was expected, whether or not there were any catalysts.$BTC #BTCโ #bitcoin
And the opportunity comes around again with two stocks worth having in your portfolio:
$COIN $CRCL
$CRCL is especially strong, and the company's USDC stablecoin is considered the sixth-strongest currency, alongside tokenized CRCL shares worth approximately 300M$ million.
$COIN, the stock of the Coinbase platform, is considered good, especially since the platform is making decent profits.
Yesterday, Ripple and its subsidiary received final approval from the Office of the Comptroller of the Currency (OCC) to become a national trust bank in the United States to manage their stablecoin, RLUSD. This is a very significant development.
Their stablecoin has reached a market cap of nearly $2 billion.
But the coin hasnโt shown even the slightest movement in response to this news because whales control more than 68% of the available coins. Even so, Iโve noticed whales accumulating it.
We might see a slight upward movement, but we donโt expect a strong rally because the coin has been misunderstood for a long time ๐
Just imagine losing 27M$ million dollars while seeing it right in front of you every day, but being unable to access it for the rest of your life โ ๏ธ
This is what happened with the Akutars project.
In 2022, they launched an auction for their NFT project, with 5,500 NFTs for sale.
To participate in the auction, you had to pay 0.5 ETH at the time. There were a huge number of participants, but a problem with the projectโs contract caused 11,539 ETH to be locked in the auction contract forever, with no way to recover it. Even the team has no access to or control over the contract ๐
Today, 11,539 ETH is worth more than 27M$ million dollars. You can see the contract address belowโthe funds are locked forever ๐
On October 29, 2026, attackers drained an estimated $6.3 billion in crypto from Binance hot wallets across multiple blockchains (mainly Ethereum and Bitcoin). This is the largest crypto theft on record.
A compromised DevOps engineerโs laptop allowed the attacker access to an internal system, enabling unauthorized withdrawals. Additional breach points were later found. No private keys were leaked.
Partners (Tether, Circle, and others) quickly froze about $3 billion. The remaining funds (mostly BTC and ETH) are still with the attackers. North Korean groups (TraderTraitor) are widely suspected.
Binance will cover all losses using the SAFU fund (~$1B+) plus company money. Withdrawals paused for security upgrades; deposits are working normally again.
Withdrawals are expected to resume within 45โ48 hours. Investigation continues. Detailed post-mortem and updated Proof of Reserves coming later.
What happened at Binance from the beginning until now?
It started on the evening of Thursday, October 29, when large, suspicious transfers appeared from Binance wallets. The platform announced that it was investigating a security incident and halted withdrawals on several networks as a precaution. According to tracking by TRM Labs, most of the transfers took place over about 20 minutes and involved wallets across 10 networks.
As the investigation progressed, Binance announced that the affected assets were estimated to be worth around $6.3 billion and that, working with its partners, it had managed to freeze around $3 billion on the blockchain. But itโs important to distinguish between freezing funds and actually recovering them, because these figures are not an announcement of the final net loss.
So, how did the breach happen?
Binanceโs initial investigation points to the possibility that an operations engineerโs laptop was compromised and used to access an internal service and send unauthorized withdrawal requests. The platform said that, so far, it had found no evidence that walletsโ private keys had been leaked. But this is only an initial explanation, and the final technical report has not yet been released.
Richard Teng later clarified that the attack was more complex than simply using one employeeโs credentials or carrying out a single click, and confirmed that the investigation had not yet attributed responsibility to any individual.
As for who carried out the attack, TRM Labs attributed it, with a high degree of confidence, to the TraderTraitor group, which is linked to North Korea. This is the assessment of a blockchain analytics and investigations firm.
One of the most frustrating coins in the market is $XRP
Yesterday, Ripple and its affiliated bank received final approval from the Office of the Comptroller of the Currency (OCC) to become a national trust bank in the U.S. to manage their RLUSD stablecoin, which is a very big deal.
The stablecoin has reached a market cap of nearly $2 billion.
But the coin has barely moved in response to this news, due to whales controlling more than 68% of the supply. Even so, Iโve noticed whales accumulating it.
We might see a slight upward move, but weโre not expecting a strong rally because this coin has been unpredictable for a long time ๐
๐ฆ The Fed begins its meeting today, with a rate decision tomorrow. Expectations point to rates being held steady, despite Waller hinting at the possibility of a hike later on ๐ Wall Street rebounds: S&P 500 +0.7% and Nasdaq +1.1% ๐ข๏ธ Oil prices fall ๐ผ Earnings today: Visa, Boeing, Coca-Cola, and UPS; tomorrow: Microsoft and Alphabet ๐จ๐ฆ Trump may eliminate some tariffs on Canada ๐ค Anthropic files for an IPO As I said two weeks ago, the Fed will hold rates steady. I expect the markets to finish their correction today or tomorrow, God willing. Best of luck