【11.4 Late-Night Recap | The $6.3 Billion Hack: A Tug-of-War Between Trust and Recovery】

Binance disclosed the full attack chain: hackers planted malware through fake job interviews, compromised the devices of three engineers, then used internal AI tools to access the wallet-signing system. The FBI attributed the attack to TraderTraitor, a group linked to North Korea. About 95% of the losses were covered by Binance’s own reserves and SAFU, leaving users with no losses. CZ said AI must be used to fight AI.

But rebuilding trust takes time: Binance saw $5.3 billion in net outflows, $BTC spot ETFs recorded net outflows of $116 million for three consecutive days, and $ETH ETFs bled assets for seven straight days.

Positive signals are also emerging: the midterm elections are behind us, and BTC staged a V-shaped rebound, surging toward $78,000; on-chain tokenized stocks on $SOL hit a record $657 million in single-day trading volume; and the SEC issued a no-action letter determining that Canton is a digital commodity. Oil prices fell below $95 amid the US-Iran standoff, easing macroeconomic pressure somewhat.

Late-night takeaway: the worst of the black-swan event may be over, but volatility remains high. Keep positions limited and wait on the sidelines.

NFA | DYOR

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