The latest updates: a few major stories to catch up on.
On crypto security, this is no small matter. Binance has covered the $6 billion in losses caused by this security incident. About $6.3 billion in funds were affected, so most of the shortfall has been made up, but the aftermath still warrants attention. Even more explosive, the FBI has officially identified North Korean hacking group TraderTraitor as responsible for the attack. It’s the same group behind last year’s roughly $1.5 billion Bybit theft. The two largest crypto heists in financial history were carried out by the same group, leaving little doubt about who’s responsible. Two cross-chain bridges in the SOON ecosystem, svmBNB and SOON Mainnet, also saw abnormal withdrawals. The team has suspended services and launched an investigation. Bridge risks are not something to take lightly. THORChain co-founder Chad Barraford responded that the information held by node operators is public and available in real time, so law enforcement can cooperate with an investigation without a subpoena.
On the macro front, Trump commented on the Binance theft, saying it’s not yet clear whether North Korea was involved, and that the U.S. would communicate with them if its involvement is confirmed. He has previously said publicly several times that he gets along well with Kim Jong Un. It’s worth watching how this develops.
In the markets, $ETH has stronger rebound momentum than $BTC . The ETH/BTC exchange rate is up 0.79% over 24 hours, currently at 0.02921. $ETH is currently at $2,273, up 1.28% over 24 hours, while BTC is currently at $77,816, up 0.51%.
South Korean chip exports continue to surge amid the AI boom. October exports rose 93.7% year over year, or 76.1% after adjustment for working days, to $115.3 billion.
Which do you think will affect the market first: the fallout from the security incident, the direction of the regulatory investigation, or the strength of ETH’s recovery relative to BTC?
On crypto security, this is no small matter. Binance has covered the $6 billion in losses caused by this security incident. About $6.3 billion in funds were affected, so most of the shortfall has been made up, but the aftermath still warrants attention. Even more explosive, the FBI has officially identified North Korean hacking group TraderTraitor as responsible for the attack. It’s the same group behind last year’s roughly $1.5 billion Bybit theft. The two largest crypto heists in financial history were carried out by the same group, leaving little doubt about who’s responsible. Two cross-chain bridges in the SOON ecosystem, svmBNB and SOON Mainnet, also saw abnormal withdrawals. The team has suspended services and launched an investigation. Bridge risks are not something to take lightly. THORChain co-founder Chad Barraford responded that the information held by node operators is public and available in real time, so law enforcement can cooperate with an investigation without a subpoena.
On the macro front, Trump commented on the Binance theft, saying it’s not yet clear whether North Korea was involved, and that the U.S. would communicate with them if its involvement is confirmed. He has previously said publicly several times that he gets along well with Kim Jong Un. It’s worth watching how this develops.
In the markets, $ETH has stronger rebound momentum than $BTC . The ETH/BTC exchange rate is up 0.79% over 24 hours, currently at 0.02921. $ETH is currently at $2,273, up 1.28% over 24 hours, while BTC is currently at $77,816, up 0.51%.
South Korean chip exports continue to surge amid the AI boom. October exports rose 93.7% year over year, or 76.1% after adjustment for working days, to $115.3 billion.
Which do you think will affect the market first: the fallout from the security incident, the direction of the regulatory investigation, or the strength of ETH’s recovery relative to BTC?