Serein1

同样是黑客通过 THORChain 洗钱，为什么上次 RUNE 暴涨，这次却暴跌？

核心区别：上次市场交易的是手续费增长，这次市场交易的是监管和安全风险。

此前 Bitget 黑客事件期间，大量资金通过 THORChain 跨链兑换，带动交易量和手续费暴增，市场将其视为协议收入利好，RUNE 随之上涨。

但 Binance 被盗事件带来了完全不同的局面：

- FBI 直接介入：FBI、美国特勤局和 IRS-CI 联合要求 THORNode、RPC 节点及 DeFi 服务商拦截与朝鲜黑客相关的资金流。

- 无许可模式遭遇挑战：THORChain 的核心卖点是 Permissionless，但如果拒绝配合拦截，可能面临更大的监管压力；如果选择配合，又可能动摇协议的中立性。

- 安全事故叠加：以太坊 Reorg 导致 10 ETH 双重退款，触发协议暂停多条链交易。此前 THORChain 还曾遭遇约 1,070 万美元安全攻击。

- 收入质量受到质疑：黑客洗钱带来的交易量和手续费并不等于可持续增长。异常资金流一旦消失，协议能否依靠正常用户维持收入，才是关键。

最讽刺的是：

上次黑客越多，市场认为 THORChain 赚得越多；这次黑客越依赖 THORChain，市场反而越担心它成为监管和安全风险的中心。

RUNE 面临的真正问题，不只是交易量能不能恢复，而是 THORChain 能否在坚持无许可的同时，解决安全性与监管之间的冲突。

手续费可以带来短期繁荣，但安全和信任才决定协议能走多远。

$RUNE

Behind XPL’s flash crash, Hyperliquid’s liquidation vault became the buyer.

On November 1, XPL plunged 18% in one minute on Hyperliquid. Before the flash crash, 16 linked wallets had already withdrawn about $2.0386 million in margin.

On-chain data shows that these wallets had previously held a combined long position of about 269 million XPL, worth approximately $23.09 million.

Hyperliquid’s liquidation mechanism then kicked in, forcing HLP to take over about 160 million XPL. It lost approximately $555,800 in subsequent sell-offs.

Notably, this loss amounted to 0.33% of HLP’s total funds, but 55.6% of its own capital.

There is currently no evidence that the 16 wallets directly caused the flash crash or profited from it. However, the timeline of concentrated position-building, early withdrawals, and the liquidation has raised questions in the market about possible coordinated activity.

The risk was left with the liquidation vault, while the margin was withdrawn in advance? Is there a vulnerability in Hyperliquid’s liquidation mechanism that can be exploited?

$XPL

Events like this will only become more frequent, not less.

Set a few principles for yourself. They may be old advice, but it’s still important to stay extremely vigilant:

1️⃣ Hold core BTC and ETH for the long term.
2️⃣ Use a self-custody solution that you’ve tested with a small transfer and verified recovery. Minimize day-to-day operations, and don’t chase small gains.
3️⃣ Keep only the amount you actually need on exchanges, and set a maximum loss you can tolerate for each platform.

$BTC

Withdrawals on the BNB Chain aren’t available in the first phase? I just want to transfer the money out of my prediction account, and that’s not allowed either? A transfer isn’t a withdrawal. Shouldn’t transferring from a prediction account to a spot account be treated as a deposit?

$BNB

This shows that the ability to liquidate assets is just as important. 😂

I suspect the attackers had automated transfer and laundering scripts, but their priority in the batch laundering process was to get the funds out quickly;

They probably only checked the token values, without rechecking liquidity for each token, chain, and pool.

They made a huge mistake!

$PROM

Binance Latest Withdrawal Resumption Update:

The first phase of withdrawal services will resume from 14:00 to 17:00 Beijing time on November 1 (06:00 to 09:00 UTC).

The first batch will support networks and assets including BTC, ETH, BNB, TRX, SOL, XRP, ZEC, DOGE, TON, POL, AVAX, ARB, BASE, OP, and SUI.

$BNB

U.S. tech stocks and gold are accelerating their decline.
Even if all the bearish news in crypto has been priced in, we still need to remain cautious given the broader environment.

$PAXG

It has been 18 years since the Bitcoin white paper was published.

On October 31, 2008, someone named Satoshi Nakamoto published “Bitcoin: A Peer-to-Peer Electronic Cash System” on a cryptography mailing list.

The nine-page paper proposed a peer-to-peer electronic cash system that did not rely on banks or financial intermediaries.

With no backing from traditional financial institutions and no centralized administrator, it relied solely on cryptography, proof of work, and a distributed network to try to solve the double-spending problem that had plagued digital currencies for years.

Eighteen years later, Bitcoin has grown from a geeky experiment into an asset that global financial markets can no longer ignore.

From a nine-page white paper to a trillion-dollar market.

Thank you, Satoshi Nakamoto.

Happy 18th Birthday, Bitcoin. ₿

$BTC

U.S. stocks are repricing the AI frenzy.

Alphabet’s shares plunged nearly 12% at one point after its earnings report, wiping out nearly $500 billion in market value. Intel plunged 28.58% in a single day, its worst one-day performance since the 1970s. The U.S. government’s stake in Intel lost about $12 billion on paper in a single day.

But the two companies face different problems.

Alphabet’s problem is this: revenue is still growing rapidly, but the market is beginning to worry that AI infrastructure spending is too high, and question whether profitability and free cash flow can keep pace. The growth story in its AI business is still intact, but investors are no longer willing to pay for growth alone.

Intel faces a different kind of predicament: the PC market’s recovery is weaker than expected, and its fourth-quarter revenue guidance of just $15 billion to $16 billion is below the market expectation of $17.1 billion. Adjusted earnings per share are also just $0.25, far below the expected $0.43. Add in supply chain disruption caused by an incident at its Israeli wafer fabrication plant, and the pressure on its fundamentals has intensified.

One is spending too much on AI, prompting the market to demand returns; the other is under pressure in its traditional business, with its transformation yet to deliver.

This reflects the most important shift in U.S. stocks today: the market is no longer buying the AI story unconditionally. Instead, it is starting to demand commensurate returns for every dollar of capital expenditure.

In the past, the larger the AI investment, the easier it was to command a valuation premium. Now, the bigger the investment, the more companies need to prove they can make money from it.

The long-term AI trend may not have changed, but the valuation logic in U.S. stocks is shifting. In the next phase, the market may no longer reward whoever is most willing to burn cash, but whoever can truly turn AI into profits.

$GOOGL

The entire process of Binance's $6 billion hack, visualized

$BNB

Guys, stop staring only at crypto—wake up, your tech stocks are getting crushed too!

Earnings reports from several giants have missed expectations in quick succession, and all of the Magnificent Seven closed lower;

Memory chip, semiconductor, and emerging cloud service stocks plunged. Reddit fell 26%, and Bitcoin dropped more than 5%.

The cracks may not be connected, but when there are enough of them, will the road eventually collapse?

$BTC

A chart that explains the scale of the Binance hacker’s money laundering.

12 million TRX, worth approximately $38.78 million, is being split up, moved, split up again, and moved again.

The on-chain map of the funds’ movements is densely packed with addresses, like an ever-expanding spiderweb: starting from the original source of funds, passing through multiple hops, and ultimately flowing to hundreds of different addresses.

This is no simple transfer—it’s an automated on-chain fund-splitting game. The attacker is trying to break the links between funds by routing them through layers of addresses, making them harder to track and freeze.

But every on-chain transfer leaves a trace. Addresses can be split endlessly, but the movement of funds may never truly disappear.

$TRX

Half the crypto world is now caught up in a race to freeze funds and stay one step ahead—

1⃣ Tether froze over 1.567 billion USDT, 37 minutes after the stolen funds reached the attacker’s primary Ethereum wallet.

2⃣ Circle froze approximately 823 million USDC, 3 minutes after Tether.

3⃣ Ripple and WLFI joined the freeze efforts one after another.

The hackers have also fought back:

1）They converted some stablecoins into ETH, which cannot be frozen, accepting a 12% to 26% discount to market price.

2）A linked wallet deposited 60 million USDT into Aave as collateral and borrowed 19,762 WETH (worth about 44.6 million), cashing out through DeFi lending.

3）They moved 120 million TRX and have continued splitting transfers to evade fund tracking.

The hackers still control around 3.23 billion in unfrozen assets, spread across dozens of addresses and including BTC, ETH, XRP, and TRX. They are accelerating their money laundering.

$ETH

Is this the Intel CPU in my computer?

Holy shit.

It just dropped by a third.

If only my short position hadn't been liquidated.

It's too late now.

$INTC

As expected, the hacker knows how Binance thinks and knew the exchange would buy back the stolen tokens right away.

The altcoins that hacker-linked addresses are currently long on include major Ethereum tokens like PEPE and ENA.

I don't remember North Korean hackers pulling a move like this before. This time, they're playing at a high level.

$PEPE

The Binance hacker dumped approximately 7.77 trillion PEPE, cashing out over $31 million and sharply reducing the unrealized gains associated with Justin Sun.

The Binance hot wallet hack continues to weigh on PEPE. On-chain monitoring shows that the attacker has sold all approximately 7.77 trillion PEPE transferred from Binance’s hot wallet, receiving about 14,049 ETH. Based on estimated execution prices, the sale netted approximately $31.9 million, at an average selling price of about $0.0000041 per token.

The sell-off briefly drove PEPE’s price down by approximately 12.33%. Despite concentrated selling pressure of over $30 million, on-chain activity showed persistent buying interest: after some large sell orders were filled, purchases of a similar size appeared shortly afterward. The buyers’ identities have not been confirmed, so it is not yet possible to determine whether they were market makers, institutional bots, or the platform itself accumulating tokens.

The sell-off also affected addresses associated with Justin Sun: since October 17, they have transferred out a cumulative total of approximately 11.8 trillion PEPE, at an average withdrawal price of about $0.000004114. Unrealized gains have shrunk to approximately $4.45 million, down from a peak of about $18.55 million last night.

As the hacker sells in bulk, a whale’s unrealized gains are rapidly shrinking. PEPE’s on-chain liquidity is undergoing a real stress test.

$PEPE

Whoa, MRVL is in the final stages of acquiring LITE.

Trying to vertically integrate the most supply-constrained bottlenecks... with lasers.

If it pulls this off, it’s a seriously big-brain move, and other laser-related players will suddenly become much more strategically valuable.

$MRVL

Hyper has barely fallen in this situation—it's practically a miracle. So, is bad news for CEXs good news for DEXs?

$HYPE

Investors who only hold large-cap stocks like INTC, MRVL...

Have finally gotten a taste of what high-beta investors have been enduring for the past 3 months.

$INTC

With this kind of panic selling, I'm personally still willing to buy a little, but please don't follow me. This is not investment advice.

BUYING THE FUCKING DIP

NO INVEST ADVICE

$BTC