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$14 billion in Bitcoin: the U.S. is going after it. But among the 45 targets named this time, not a single wallet address appears.
On November 5, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions against 4 individuals and 41 entities.

🕐 最新解读群里更新

The Treasury Department said these individuals and companies were fronts for Prince Group executives, helping them conceal assets and evade two rounds of sanctions imposed in October 2025 and June 2026.
Prince Group is a Cambodian conglomerate accused of operating scam compounds that use trafficked workers to run cryptocurrency investment and romance scams.
This time, the list includes companies in the British Virgin Islands and Hong Kong, nominees, and He Yujing, the wife of senior executive Chen Bo. After the previous round of sanctions, Chen Bo transferred his Tokyo mansion into her name.
Also named is a person called Visal Pang, who controls 11 Cambodian companies spanning construction, logistics, hotels, and a super-app.
On the same day, Malaysian national Chui Kok Wa was also sanctioned. The Treasury Department said he led a team in Madagascar that used cryptocurrency to defraud Americans of more than $400,000.
The really big number is elsewhere: the U.S. is seeking to seize about $14 billion in Bitcoin linked to Prince Group.
In the U.K., authorities froze a London penthouse worth about $12 million that allegedly belonged to the group’s financial controller, Thet Li.
The group’s chairman, Chen Zhi, was arrested in Cambodia in January this year and subsequently extradited. Cambodia had previously revoked his citizenship and sent a bank owned by the group into liquidation.
Prince Group denies all the allegations.
What stands out to me is that the focus of sanctions has shifted ⚖️
None of the 45 targets is an on-chain address. They’re all companies, nominees, family members, and administrators.
That’s because addresses can be changed. One person can generate thousands of wallets overnight, but changing company registrations, bank accounts, property records, and passport names takes years.
Law enforcement is shifting from tracing coins to tracing people—targeting the channels used to launder illicit proceeds into legitimate assets.
The scale of those channels can also be measured. The Department of Justice’s Scam Center Strike Force has reported $580 million in cryptocurrency assets seized and frozen. In September, the Financial Crimes Enforcement Network linked about $12.7 billion in financial activity to scam compounds in Southeast Asia.
As for the market, these $14 billion are unlikely to have much impact in the short term. These coins have been dormant for years and aren’t part of the circulating supply.
But they represent a pool of dormant supply. If they really end up in government wallets, whether they’re later auctioned off or held long-term will become a new variable 🦖
One more detail worth remembering: among the 41 sanctioned entities are an airline, an insurance company, a wine business, and a lending company.
Scam groups are no longer just a few people at keyboards. They’re a cross-industry corporate network 💰
Join the conversation: do you think the $14 billion will ultimately be auctioned off or locked away in reserves for the long term? 🔒
Every day, I bring you the latest in crypto regulation and on-chain fund flows—not just what’s happening in the news, but the logic and opportunities behind it 👀🚀

#美股一夜蒸发超2万亿，多家对冲基金面临清算
$3.7 trillion evaporated in a single day—and the first to hit the sell button wasn’t an institution 🦖

📣 盘面异动群里喊

Bloomberg reviewed Thursday’s U.S. stock selloff.
In the first half hour after the open, retail investors took profits first. Hedge funds and long-only institutions followed later.
The Nasdaq 100 posted its biggest one-day drop since March 2020, while the fear gauge VIX surged from 16.6 to nearly 28.

Vanda Research data showed that retail investors’ net selling of individual stocks that day was the second-largest on record, surpassed only by the two days during the March 2020 pandemic shock.
Its strategist, Viraj Patel, put it more bluntly: while retail and systematic investors were actively selling, institutional buyers were stepping away.
The order book wasn’t a battle between bulls and bears. It was a one-sided retreat.

What really amplified the losses was rules, not emotion.
Nomura’s Charlie McElligott estimated that, based on Thursday’s intraday negative gamma exposure, every 1% drop in stocks would trigger options dealers’ hedging activity to generate an additional roughly $7 billion in selling pressure.
Volatility-control funds needed to cut around $61 billion in stocks, about $25 billion of which was still being executed as of Thursday.
Leveraged ETFs’ end-of-day rebalancing was expected to bring another roughly $47 billion in selling.
Commodity trading advisers sold around $13 billion in S&P 500 and Nasdaq futures.
Goldman Sachs’ trading desk estimated that fundamental long-short funds lost about 1.3% that day, technology-focused funds fell more than 4%, and a basket of AI hardware stocks dropped 12% to 15%.

That same night, the crypto market was being swept up by the same mechanisms 💥
CoinGlass data showed $1.05 billion in liquidations across the market over the past 24 hours. Long positions accounted for $930 million, or 88.2%, while shorts made up just $125 million.
Bitcoin plunged to a low of $74,780, its lowest since August 21 and a 77-day low. It’s currently around $75,800 📉
Bitcoin liquidations totaled $267 million, 88.9% of them longs. Ethereum liquidations totaled $167 million, 81.1% of them longs.
The Fear & Greed Index fell to 28, close to extreme fear, after being neutral a week ago.

Here’s something that’s easy to misread ⚠️
The liquidation figures look alarming, but they’re not the cause—they’re the result. Leverage gets forcibly closed out after prices fall, pushing prices even lower.
In U.S. stocks, negative gamma and volatility-targeting strategies are selling. In crypto, liquidation engines are selling. Essentially, it’s the same thing: rules are making decisions on people’s behalf.
This kind of selling pressure has a timetable. It stops once positions are reduced to their targets; it won’t continue indefinitely.
The next thing to watch isn’t how much further prices fall, but whether spot buyers can absorb the selling once the mechanical pressure runs its course.

Bitcoin has now fallen below both its 50-day moving average of 79,756 and its 200-day moving average of 76,497. In September, it was still above 87,000.
My view is that sentiment has played a smaller role in this selloff than it might seem, while mechanical selling has played a larger one.
Mechanical flows arrive fast and disappear fast, but they won’t give you a pretty bottom. They’ll just keep sweeping prices back and forth within a range.
For a genuine reversal signal, I’d rather watch two things: whether volume picks up as volatility subsides, and whether spot buyers are still there once liquidations end.

Were you among those swept out over the past couple of days, or among those buying the dip?
Let’s talk in the comments.
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Every day, I bring you the latest macro and crypto market developments—not just what’s happening, but the logic and opportunities behind it 👀🚀

3 robbers, a £10,000 reward, and hundreds of thousands of pounds’ worth of crypto stolen 🦖
On the evening of December 13, 2025, three people broke into a home in Solihull, England

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They didn’t want cash. They wanted the wallet on his phone

The homeowner tried to fight back. A hammer came down on his face, head, and ribs
His seven-months-pregnant wife was pinned down on the sofa, her face covered with a pillow
She kept shouting, “I can’t breathe”

The robbers didn’t know how to use the wallet 🔨
So they opened FaceTime and let someone on the other end talk them through it, step by step
The person said, “Show me everything on his phone. Let me see what apps he has installed”
When they spotted the crypto wallet, the threats escalated
“Transfer it now, or I’ll stab your wife in the stomach and kill your baby”

The money was transferred to the wallet on the video call, and only then were the two victims released
Before leaving, the robbers also made off with several Rolex watches

Let’s look at the numbers
Police are offering a £10,000 reward for information leading to the robbers’ arrest. All three are around 20 years old
The victim says he lost hundreds of thousands of pounds—almost his entire net worth
He started buying crypto as a hobby in 2020, and by 2023 had made enough to quit his job and trade full-time
Now he has to look for work again

This isn’t an isolated case ⚠️
According to Chainalysis, by June this year, crypto assets worth $30 million—about £22.6 million—had been stolen in violent robberies
This year is on track to be the worst on record
The US, Brazil, and Thailand are hotspots for these kinds of cases
France has the most cases. One reason is that tax authority data leaks have exposed the locations of wealthy crypto holders

To put it another way
On-chain transfers are irreversible. That’s both a strength of crypto and the reason people are targeted
Hackers have to find vulnerabilities in a network. Robbers just have to find you
Once your address is linked to your real identity, even the longest private key can’t stop a hammer
The real line of defense isn’t in your wallet—it’s in how you manage information
Don’t post your holdings on social media. Don’t make your address and holdings easy to find together. Use multisig and timelocks for large assets
But these measures can only reduce the odds; they can’t stop someone who’s already at your door

My take
These cases will become more common as crypto prices rise. Clearance rates are low, and recovery rates even lower
For ordinary holders, the most important habit to change is keeping your crypto assets completely separate from your everyday identity
For the industry, this is a lesson in privacy: reusing addresses and publicly showing off your holdings is like painting a target on yourself

Would you publicly share your holdings on social media?
Let’s talk in the comments
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Your home address, bank card, and wallet address may already be in someone else's hands 🦖

📈 进群一起分析行情

On November 6, the founder of open-source asset tracking tool Rotki publicly said he had received a notification from Gnosis Pay.
The notice said that the consumer card system had been accessed without authorization on November 3.
The leaked information included his home address, bank card details, and information related to his wallet.
Three days passed between the incident and its public disclosure.

What really sends a chill down your spine isn't the bank card.
It's that the home address and wallet address were included in the same leaked data.
A leaked bank card can be replaced. A leaked home address combined with a wallet address directly links a person to their on-chain assets.

This is not on the same scale as an account leak from an ordinary website.
Withdrawing from an exchange requires identity verification, and issuing a payment card does too.
Names, addresses, ID documents, bank accounts, and wallet addresses were supposed to be spread across several places.
A single crypto payment card brings them all together in one database.
What attackers get isn't a password—it's a complete profile of a person ⚖️

There's another line in the notice worth paying attention to:
Enterprise projects were not affected by this incident.
That suggests the systems were segmented, but the segmentation was designed to protect enterprise customers, while the consumer side was breached first.
That trade-off makes sense from a business perspective, but it's hard for users to accept.

Put this in the context of this month's timeline, and it looks even more alarming:
October 29: $6.3 billion was stolen from a leading platform. Security firms said hackers had accessed its systems eight weeks earlier.
November 4: An on-chain analytics company admitted that all users' names, usernames, password hashes, and active tokens had been leaked.
November 6: This payment card exposed users' home addresses and bank card details.
What all three incidents have in common is that none involved a smart contract being breached—the boundary between people and systems was broken first 💥

My take: self-custody wallets solve the problem of asset control, not identity anonymity.
As long as you spend with a card, someone has to store your real identity.
The real questions aren't whether it has been hacked, but how much data it stores, how long it keeps it, and how quickly it notifies users when something goes wrong.

There's not much you can do right now.
Check whether you've received a similar notice. If you have, replace your card first, then separate your everyday wallet from any wallet you've used for identity verification.
Don't keep large amounts of assets in a wallet that's frequently connected to a payment card.

Have you used a crypto payment card? Would you connect it to your everyday wallet? Share your thoughts in the comments.
Every day, I bring you the latest crypto market stories—not just what happened, but the logic and opportunities behind them 👀🚀

A $10 trillion retirement pool is now just one final review away 🦖

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Bloomberg reported on November 6 that the final version of a U.S. Department of Labor rule has been sent to the White House Office of Information and Regulatory Affairs for final review.

The rule would allow 401(k) retirement plans to include alternative assets such as cryptocurrencies and private equity.

The news itself may not seem huge, but $10 trillion is a big number.

First, let’s look at what the rule actually changes.
The rule was developed under Executive Order 14330, signed in 2025.
At its core, it gives fiduciaries of plans covered by retirement laws a process-based safe harbor.
Fiduciaries who follow a process to assess six factors—performance, fees, liquidity, valuation, benchmarks, and complexity—would be presumed to have fulfilled their duty of prudence.

Of those six factors, liquidity and valuation are the hardest to get right.
401(k) accounts calculate their net asset value daily, and contributions and withdrawals are subject to specific windows.
Crypto assets trade 24/7, including on weekends, and a single bout of extreme market volatility can cause a huge gap between valuations and trading prices.

The timeline is also worth noting.
The regulatory office completed its review of the proposed rule in March this year, and the Department of Labor subsequently published the proposal.
The public comment period ended on June 1.
Now the final version is back at the White House, where it will typically go through the publication and effective-date process.

My take is that this news will have a limited immediate impact on prices, but it’s a long-term variable for the structure of capital flows 🏦
The safe harbor addresses whether fiduciaries dare to act, not whether they should.
It won’t lead millions of people to start buying crypto in self-directed wallets tomorrow.
A more likely path is for target-date funds and packaged products to add a small allocation, held and valued on investors’ behalf by institutions.
Capital will most likely enter through products and default investment options, bypassing individual wallets.

In other words, $10 trillion isn’t a floodgate—it’s a very long pipeline ⏳
First come the processes, then the products, and only then the money 📊
The rule is not yet in effect. Whether to allocate and how much to allocate will still be up to each plan.
That’s why it’s worth watching, but not something to get excited about tonight.

If your retirement account could allocate 1% to Bitcoin in the future, would you open that door? Let’s talk in the comments.

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Every day, I’ll keep you up to date on crypto trends—not just what’s happening, but also the logic and opportunities behind the headlines 👀🚀

Dormant for over a year, then woke up and bought 3,009 Bitcoin worth $228 million 🐋
On November 6, on-chain monitoring platform Lookonchain recorded the purchase

🚨 行情变了群里说

A wallet that had been inactive for over a year bought a total of 3,009 Bitcoin that day.
At a value of $228 million, the average cost was about $75,700.

The market was moving in the opposite direction that same day.
The U.S. added 165,000 nonfarm jobs in October, more than twice the market expectation of 65,000.
After the data was released, Bitcoin fell from $75,946 to $75,633.
The 24-hour decline was about 5%.
More than $1.26 billion in positions were liquidated across the market, most of them longs 💥
Crypto ETFs saw net outflows of more than $540 million in a single day.

That’s what makes this purchase so interesting.
It’s not leveraged, so it won’t be liquidated if the price falls a few more percentage points.
It’s a spot wallet buying up coins while others are forced to hand theirs over.
$228 million sounds like a lot, but it’s less than one-fifth of the total liquidations that day.
So it shows that someone is willing to build a position at this price, but it’s not enough to reverse the selling pressure from ETF outflows.

Now look at the cost.
The average price of $75,700 landed right in today’s high range.
If Bitcoin continues to hover around $75,000, this position will soon be sitting on an unrealized loss.
But the biggest difference between a spot whale and leveraged longs is that it can wait.
What’s really worth watching isn’t this one purchase, but the next three days.
Will this wallet keep buying? Will net inflows to exchanges turn into net outflows?
If both happen, then someone is systematically accumulating.
If this is just a one-off purchase today, it’s more like an isolated attempt to buy the dip.

One more detail: being inactive for over a year suggests it’s not a short-term trader.
When a wallet like this becomes active again, it’s usually for one of three reasons:
a custody transfer, using assets as collateral, or actually starting to build a position.
The first two don’t change supply and demand; only the third does.
It’s too early to draw conclusions, but the direction is worth noting 🦖

Do you think this is a whale buying the dip, or catching a falling knife?
Let’s discuss in the comments.

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#非农就业数据推升加息预期
165,000 jobs, when only 65,000 were expected 🦖
U.S. October nonfarm payrolls just came in at 165,000—two and a half times the market consensus.

⚡ 有大动静群里说

The previous reading was also revised up from 29,000 to 60,000. Unemployment fell to 4.1%, below the 4.2% expected.
This is the hottest topic right now: the jobs data has boosted rate-hike expectations.

In the first minute after the data came out, U.S. short-term interest rate futures plunged.
Traders immediately ramped up their bets on a Fed rate hike in December.

The timing of this report could hardly be worse.
Just the day before, the Nasdaq 100 plunged 6.36% in a single day, its worst session since March 2020.
The S&P 500 fell 4.36%, the Philadelphia Semiconductor Index tumbled 12%, and the VIX fear index jumped 11.5 points to 28.

The crypto market is already bleeding 💥
Bitcoin is now at $75,627, down 4.96% over 24 hours.
Ethereum is down 6.66% to $2,226; XRP is down 9.51%, and BCH is down 8.64%.
More than $1 billion in long positions were liquidated over the past 24 hours.
Crypto ETFs saw net outflows of more than $540 million on Thursday.

My take is straightforward: good news has become bad news ⚠️
Strong employment should normally boost confidence. Now it’s done just one thing: given the Fed more ammunition to hike rates again in December.
Goldman Sachs expects another 25-basis-point hike in December, taking rates to 4.00%–4.25%.
Before the data was released, the market-implied odds of a December hike had fallen from 83% to 70% at one point.
After the release, those bets quickly bounced back.

Now, consider another overlooked figure.
The U.S. announced 43,994 layoffs in October, down 71% year over year and the lowest level since 2023.
Initial jobless claims are near a 57-year low.
The labor market simply isn’t loosening—and that’s what gives the Fed confidence to keep tightening.

In plain English, the market isn’t worried that the economy is weak. It’s worried that the economy is too strong.
Strong enough that the Fed can’t find a reason to stop.
And the AI trade has just collapsed, wiping more than $2 trillion off U.S. stocks overnight.
Put those two things together, and you have the most painful combination.

Keep an eye on two levels next 📉
First, the December Fed meeting: whether the Fed hikes or holds will determine the direction into year-end.
Second, whether Bitcoin can hold above $75,000.
If $75,000 breaks, the next stop could well be a test of $72,000.
On the other hand, if the market digests this jobs report and rate-hike expectations ease, BTC could recover to $78,000.

Do you think this blowout jobs report will make the Fed actually hike in December, or will it once again talk tough but go soft?
Let’s discuss in the comments.

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#比特币
👉 👥 邀请您加入小恐龙的粉丝群
$2.696 million in revenue turned into $509 million in net profit—a 189-fold difference
On November 6, Nasdaq-listed Bitcoin treasury company Strive filed its third-quarter report with the SEC.
Net profit was $509 million, compared with a $207 million loss in the same period last year. But $534 million of that came from unrealized gains on Bitcoin 💰
Revenue was only 0.5% of net profit. Almost all of the profit came from the mark-to-market revaluation of its holdings.

More importantly, consider the purchase price.
In the third quarter, Strive bought 8,136 bitcoins at an average price of $78,885 each.
As of September 30, the company held a total of 28,000 bitcoins, with a fair value of about $2.34 billion.
Today, Bitcoin is trading at $75,702, down 4.88% in 24 hours.
At current prices, those 28,000 bitcoins are worth only about $2.12 billion—a drop of roughly $220 million in just over a month 📉
The batch bought in the third quarter alone is already sitting on an unrealized loss of about $25.9 million.

Where did the money come from?
In the third quarter, the company raised about $783 million in total through common and preferred stock offerings.
In October, it completed another preferred stock offering, raising about $609 million net.
That comes to $1.392 billion, with the main move being to convert it into Bitcoin.
This strategy acts as an amplifier when Bitcoin prices rise, but becomes reverse leverage when prices fall ⚠️

My take
These profits say nothing about operational strength. They only show that the company holds enough Bitcoin for its financial statements to move with the price.
The two figures to really watch are the discount of its market cap to the net value of its Bitcoin holdings, and the pace of share issuance.
Once the discount widens, continuing to issue shares to buy Bitcoin dilutes existing shareholders.
If Bitcoin stays in the $75,000–$76,000 range in the fourth quarter, the company will have to book an impairment loss of about $220 million—enough to wipe out 40% of its third-quarter profit.

For ordinary investors, the takeaway is straightforward: don’t just look at these companies’ net profits. Check how much comes from unrealized gains and where their average purchase price sits.
Companies that bought Bitcoin at a high cost are more vulnerable in a downturn than miners. Miners still have electricity and machines; these companies have only coins and a share price 🦖

Do you think these Bitcoin treasury companies amplify Bitcoin’s moves—or are they ticking time bombs for the next downturn?
Let’s talk in the comments.

Every day, I bring you the latest on Bitcoin and institutional capital flows. It’s not just about what’s happening in the news—I’ll help you understand the logic and opportunities behind it 👀🚀

$124 million has already been converted into Bitcoin—and doubled overnight 💥

💬 你站哪边？群里说

On November 6, blockchain analytics firm Elliptic reported that around 1,650 Bitcoin linked to the theft, worth approximately $124 million, had moved into new Bitcoin addresses—nearly double the amount from the previous day.

The route has changed once, too.
On November 2, around 233 million XRP was split across six new addresses. About 42 million XRP, worth roughly $50 million, has already been moved out. The remaining 192 million XRP, worth about $226 million, is still where it was.
Most of the new Bitcoin came from XRP being swapped directly for Bitcoin through the cross-chain exchange protocol THORChain. A small amount of Ethereum took the same route on the evening of November 5.

What’s worth watching isn’t the amount—it’s the pattern.
Stablecoins can be frozen by their issuers on command. In the major $6.3 billion case on October 29, around $3 billion had already been blocked on-chain. But Bitcoin has no issuer, and no one can make it disappear with the push of a button 🦖
So the attackers are doing something very simple: swapping assets that can be frozen for assets that can’t.
And they aren’t dumping everything at once. They’re swapping in batches, then slowly dispersing the Bitcoin. Every step is visible on-chain, but seeing it doesn’t mean you can stop it 📉

The market wasn’t cooperating that same day, either. Bitcoin was at $76,096, down 4.53% over 24 hours; Ethereum was at $2,240, down 6.40%; and XRP was at $1.19, down 8.41%.
In other words, they’re not selling at the best possible prices. It looks more like they’re moving their funds into a safer container.

My take: what really matters next isn’t those 1,650 Bitcoin, but the 192 million XRP and the larger amounts of other tokens—and whether they’ll keep moving into Bitcoin.
Once the transfers are complete, recovery will become even harder, because the gate controlled by stablecoin issuers simply doesn’t exist on the Bitcoin side.
That makes exchange deposit monitoring the only point where the funds can be intercepted. That’s why platforms have recently been tightening their address screening.

On-chain tracking can reveal every step, but tracking and recovery are two different things.
Bitcoin that’s already been swapped out can remain an untouchable string of addresses—as long as it doesn’t enter an account tied to someone’s identity.

Do you think the hackers are positioning themselves ahead of the next market cycle, or simply moving stolen funds? Let’s talk in the comments 👀

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Registrations quadrupled, but the conference was still shut down in Shanghai 🦖

🕐 最新解读群里更新

On November 6, the Financial News, which is overseen by the central bank, reported that Solana’s Shanghai Accelerate event had been shut down.
The reason wasn’t the conference content, but that a domestic entity had promoted it on Solana’s behalf. An exterior billboard on a building in Lujiazui was specifically called out.
An unnamed central bank official said Solana had promoted its brand through a domestic entity and provided technical services supporting the issuance and trading of cryptocurrencies—activities classified as illegal financial activity under China’s current regulations ⚖️

This isn’t the first time.
Over the past two years, this is the second time a Solana event in mainland China has been disrupted.
The Shenzhen event in October 2025 ended early due to concerns about venue capacity and public safety.
There were hints in the timeline: on October 16, Solana Foundation President Lily Liu said on X that the Shanghai event had been postponed to comply with local requirements, after registrations suddenly quadrupled and exceeded the scale preregistered with local authorities 📈

That fourfold increase is significant.
It suggests that what triggered regulatory action wasn’t what was said on stage, but the size of the in-person gathering and the way domestic entities were involved.
In February this year, the central bank and several other departments reiterated restrictions related to crypto and added a new one: issuing stablecoins pegged to the yuan without approval is prohibited.
Put these developments together, and the logic is clear: the technology can exist, but fundraising, trading, and brand promotion aimed at the public within China cannot.

My take is that expanding overseas doesn’t mean you can freely market within China.
Billboards, registration pages, payment channels, and the legal entity organizing the event—any of these could be grounds for a determination.
The event being shut down doesn’t mean the protocol has been blocked, but it is a real cooling-off moment for the local community.
For traders, news like this usually causes only short-term sentiment swings. Today, SOL is at $90.6, down 4.9% in 24 hours; Bitcoin is at $76,192, down 4.56%; and Ethereum is at $2,243, down 6.58%. The broader market was already under pressure from the AI sell-off, and this news has simply added another layer of uncertainty for Solana.
What’s really worth watching is what happens next: will the investigation name specific event organizers, and will other public blockchains cancel similar in-person events?

Where do you think the line should be drawn for projects holding in-person events within China? Let’s talk in the comments.

Every day, I bring you the latest in crypto regulation—not just what’s happening, but the logic and opportunities behind the news 👀🚀

#币安将恢复更多资产提现
$6.3 billion. It started with a fake video interview 🦖

🦖 小恐龙的群，进来坐

Security firm Security Alliance filled in the timeline yesterday: the hackers had already been inside the system for a full eight weeks before making their move.
The attack happened on October 29. The assets taken were worth $6.3 billion—the largest heist in crypto history.

The entry point wasn’t a zero-day vulnerability. It was a job interview.
A fake interview tricked an employee into installing malware on their own computer. Their credentials were stolen, opening the door to the wallet infrastructure ⚠️
Binance disclosed that another employee had been compromised back in June. The device was replaced at the time, but the attackers had already mapped out the team structure and wallet architecture.
So those eight weeks weren’t just a figure of speech. They had been moving around inside the system since September, undetected.

This number deserves more attention than the $6.3 billion 💥
Because the same playbook keeps repeating. Before another exchange was robbed of $388 million, attackers had lurked inside for about six weeks.
Cross-chain protocol LayerZero was probed for six weeks, ultimately leading to a $293 million loss for Kelp DAO.
The $24 million AFX heist had a dwell time of about three weeks.
At least four shell companies posed as recruiters, using high-paying jobs to collect both résumés and access to computers.
The FBI identified this as the long-running work of TraderTraitor, a North Korea-linked group.
Pandl of Grayscale called this a temporary setback for the crypto industry.

Withdrawals are being restored in stages, and Bitcoin has also been slowly climbing back after dipping below $76,000 over the past couple of days.
But in my view, the real test for exchanges isn’t whether they get breached—it’s how long it takes them to notice.
If it took eight weeks to piece together what happened, that means anomaly detection failed to catch the lateral movement. The money was being moved out bit by bit, but the monitoring systems never sounded the alarm.

For everyday holders, three things are clear:
Don’t keep large sums on an exchange long-term. Hardware wallets aren’t expensive.
If an interview asks you to install software, treat it as phishing first 🔍
Rotate your exchange API keys regularly, and especially don’t leave withdrawal permissions enabled.

The damage to trust across the industry from $6.3 billion is far greater than a few percentage points lost in price.
Do you usually keep your crypto on an exchange or in your own wallet? Let’s talk in the comments.

Every day, I bring you the latest in crypto security—not just what happened, but the logic and opportunities behind the headlines 👀🚀

35 cases, 100 transfers, $2.47 million—all siphoned off by the very investigator assigned to the cases 🦖
37-year-old Patrick Steven Yaroch was once an FBI agent in the Boston field office

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Starting in December 2024, he used private keys and credentials obtained during investigations to transfer crypto assets out of other people’s wallets, one transaction at a time
The U.S. Department of Justice announced on November 6 that he had pleaded guilty in federal court in Alexandria
The charges are wire fraud and money laundering, each carrying a maximum sentence of 20 years. Sentencing is scheduled for March 4, 2027
Prosecutors say he made about 100 fraudulent transfers using credentials from 35 separate FBI investigations ⚖️
Some of the wallets belonged to criminal groups, some to nation-state adversaries, and one had been set up by the FBI itself for an operation
The investigator took keys from case files and used them to unlock other people’s doors
After getting the money, he first converted it into other coins, then split it into multiple transfers to pay off credit cards, a car loan, and other loans
He asked ChatGPT where in the EU he should live and was advised to move to Portugal and buy a vineyard
He really did contact a Portuguese lawyer, sign a power of attorney, obtain a tax ID, and book a flight for September
On July 29, he contacted a former colleague at the Justice Department’s National Security Division and broke down, saying he had made a very bad decision
He then turned himself in at FBI headquarters, saying he acted on his own because his superiors wouldn’t pursue a certain adversary’s crypto account
At the time, he said he had transferred only 10 to 12 times, totaling less than $1 million
By the time he pleaded guilty, the amount had risen to $2.47 million—more than double 💥
When agents searched his home, they took a Trezor hardware wallet, three passports, and a piece of paper with a seed phrase on it
There was $188,600 in his account at one exchange, and another $933,800 in a lending protocol on the Sui blockchain
He said he chose that protocol simply because he liked its droplet logo
The Justice Department has already transferred about $925,000 out of those accounts. The remaining $165,600 was in U.S. dollars and couldn’t be transferred the same way
The most important thing to remember about this case isn’t the amount—it’s access
Once a private key enters a case file, it’s both evidence and a weapon. Whoever gets it can unlock the wallet
And because every on-chain transfer leaves a trace, he could move the money—but he couldn’t hide it
Custody gives you convenience; self-custody gives you control. Both require someone to follow the rules
Do you think insider cases like this should be prevented through technology or through institutional safeguards? 🔍
Every day, we bring you the latest in crypto crime and regulation—not just what’s happening, but the logic and opportunities behind it 👀🚀

All trading suspended. Customer assets moved to cold storage. The timing? The day Bitcoin fell 5% 🦖

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November 6: A South Korean exchange announced that it was suspending all trading services
and moving all customer assets to cold storage.
The platform said the move was a precautionary measure in response to a recent string of security vulnerabilities and data leaks at financial institutions.

To be clear, this is not a suspension of withdrawals, nor is it limited to a particular coin.
The entire platform’s trading functionality has been switched off.
With Bitcoin down 5% in 24 hours, that move takes on a very different meaning.

First, let’s look at the market.
Bitcoin is around $76,000, down 5.1% in 24 hours.
Ethereum is at $2,237, down 7.3%.
XRP is down 9%, and SOL is down 6.7%.
There’s almost nowhere to hide across the market.

Now, why did it do this?
South Korean law already requires exchanges to keep at least 80% of customer assets in cold storage.
After a leading platform was hacked for $6.3 billion on October 29,
the Financial Services Commission held an emergency meeting and called for cold storage ratios to be raised further.
Some platforms are already at 99.17%, others at 94.76%, and a third at 85%.
There’s less than one percentage point of room to go higher.

But what happened on November 4 shows that cold storage can’t block another kind of risk.
Blockchain analytics firm Chainalysis acknowledged that the names, usernames, password hashes, and active tokens of all its users had been leaked.
An organization that specializes in tracking hackers’ funds became an entry point itself.
Its customers include the compliance and risk-control departments of exchanges.

So the exchange’s reasoning is easy to understand:
if you can’t guarantee nothing will go wrong, lock assets in cold storage before it does.
The problem is that security and liquidity are inherently at odds ⚖️
The higher the cold storage ratio, the slower withdrawals and the heavier the operational burden.
In extreme market conditions, suspending trading can become a new trigger for a run.

Here’s my take:
Suspending trading protects the platform, not its users.
Users may find the sell button disabled just when they most need to sell.
That damages trust more than slow withdrawals do.
What should really be made public are three things: how long the suspension will last, what conditions must be met for trading to resume, and whether users can demand redemption in the meantime.
If those three things aren’t clear, this so-called precautionary measure simply shifts the risk from the platform to its customers 😮‍💨

Let’s discuss in the comments: would you accept an exchange suspending all trading at any time in the name of security?
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A $15 fee moved $2.5 billion 🦖
At around 20:20 UTC on October 29, a hacker used a transaction with a fee of about $15 to grant a proxy authorization to a Binance hot wallet on Ethereum

📢 ⏰ 消息群里第一时间说

Three and a half minutes later, that same authorization transferred about $2.5 billion in one go—40% of the $6.3 billion stolen in the heist

What really sends a chill down your spine comes next
By the time the funds were transferred, the platform had already detected the breach and disabled withdrawals
But there was nothing it could do on-chain 💥

Bloomberg’s postmortem lays out what happened
The target was Binance’s hot wallet, code-named Binance 14. Think of it as an online cash register: it routinely held large amounts of Ether, stablecoins, and dozens of other tokens
If the hacker transferred the funds one transaction at a time, each one could have been blocked by risk controls, so they took a shortcut

That shortcut was EIP-7702, which went live in May 2025
It was designed to make wallets easier to use, allowing them to authorize a piece of code to act on their behalf and bundle multiple actions into a single execution
On-chain analysis by security firm Blockaid shows that the hacker first spent about $15 to authorize this code to act for the wallet
That transaction itself didn’t move any funds. It simply told Ethereum that the code could carry out the wallet’s actions from then on

Once the authorization took effect, the sweep took just one transaction
167,464 Ether, plus more than 60 other tokens, the largest chunk of which was $1.6 billion in USDT
Blockchain intelligence firm Elliptic estimates that the same authorization was later reused repeatedly, transferring a total of about $3.6 billion—including another $823 million and four additional sweeps ⚠️

The deadly flaw was that this authorization was recorded on-chain, not on the platform’s servers
Disabling withdrawals or shutting down the hot wallet couldn’t revoke it, while the deposit channel kept sending funds to that address—effectively replenishing the attacker’s ammunition
A Binance spokesperson confirmed to Bloomberg that EIP-7702 played a significant role in the incident. The spokesperson said the affected delegated authorizations had been revoked, the affected wallet infrastructure rebuilt, and signing and monitoring mechanisms updated. User funds are safe, and the platform will bear the losses itself

My take is that this attack never touched the private keys
What was stolen wasn’t a password, but the boundaries of authorization
As wallets become more like banking apps, the permissions a single click can grant keep growing. Users can’t see that line of code—or whether it has been revoked 🔑

We used to worry about our seed phrases being exposed
Now we need to worry about what we’ve signed
For everyday users, it’s worth regularly checking your wallet’s authorization records and revoking delegations you no longer use, especially those for DApps you interacted with just once

Let’s talk in the comments: when was the last time you checked your wallet authorizations?

Every day, we bring you the latest in crypto security and regulatory developments—not just what’s happening, but the logic and opportunities behind the headlines 👀🚀

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One upgrade permanently locked away $15 million
At 2:34 AM UTC on November 6, the privacy coin Zcash's NU7 upgrade officially activated at block 3,543,405 🔒

🚨 行情变了群里说

The upgrade was only meant to make private payments faster, but it also turned 12,224 ZEC in the old pool into numbers nobody can move
At the current price of about $1,292, those coins are worth nearly $15.8 million 🦖
The problem lies with the Sprout pool, Zcash's first privacy pool, launched in 2016, and the oldest layer of the system
NU7 implements ZIP 2003, directly rejecting v4-format transactions—and v4 is the only transaction format that can spend Sprout funds
In other words, the moment the new rules took effect, these coins were neither destroyed nor recognized by the network as transferable
The official documentation leaves a door open, saying a future upgrade might restore access, but the same document also states that the ability to spend Sprout funds may never be re-enabled ⚠️
More ironically, these coins weren't stolen by hackers, and their private keys weren't lost—the protocol itself left them behind on the old version during the upgrade
The upgrade did bring another welcome change: the block-time target was cut from 75 seconds to 25 seconds, tripling the speed
A network sustainability mechanism also went live: 60% of each transaction fee will be taken out of circulation and released again through mining rewards around February 2031
The 21 million coin supply cap and halving schedule remain unchanged, which is something of a reassurance for long-term holders
The market reaction has been subdued. ZEC is currently around $1,292, down just 1.77% in 24 hours. At the same time, Bitcoin is at $76,168, down 5.13% over 24 hours 📉

The fact that privacy coins are outperforming the broader market shows that capital is looking for a corner less tied to U.S. stocks and AI trading
My take is that the biggest selling point of privacy coins has always been that only you can move your money. This time, the protocol itself has made some money impossible for anyone to move
This wasn't a security breach; it was compatibility that was sacrificed, with the cost borne by the oldest users
For everyday holders, the real takeaway isn't to buy the dip on ZEC. It's that any network upgrade can change the boundaries of what assets can be used for—and money on-chain isn't inherently movable forever
Do you think there's still a chance this $15.8 million will be recovered? Let's talk in the comments

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#美股走弱，加密货币市场普遍承压
1.5 rate hikes have already been priced in by the market 🦖
On November 6, the strategy team at Indosuez Wealth Management publicly warned that markets are pricing in a much more hawkish path for Federal Reserve and European Central Bank rates than their base case

⚡ 有大动静群里说

Money markets are now betting on around 1.5 more Fed rate hikes and two ECB hikes over the next 12 months.
In other words, everyone has already treated the toughest path as the default scenario.
The reasoning is that economic growth will remain stable and inflation will gradually return to normal, limiting the central banks’ scope for further tightening.
But they also acknowledged that this scenario will only hold if enough data showing moderate core inflation and economic growth comes through. Until then, bond markets will remain volatile.
The subtext is clear: hawkish pricing won’t be overturned by a single report. It will gradually fade with time.
The backdrop is anything but easy. U.S. CPI has been above the 2% target for 67 consecutive months, and the 10-year Treasury yield fell to 4.845% yesterday, still near a nine-week low 📊
The bond market has effectively voted first. Yields haven’t surged along with rate-hike expectations, suggesting investors are buying safety, not growth.
The crypto market is already paying the price for tighter policy. Bitcoin is at $75,561, down 6.10% over 24 hours; Ethereum is at $2,226, down 8.04% 📉
More than $1 billion in positions were liquidated across the crypto market in the past 24 hours. Bitcoin has pulled back around 40% from its all-time high of $126,080.
What really matters isn’t today’s red candle, but the U.S. October jobs data due at 9:30 p.m. tonight ⏰
The market expects a 4.2% unemployment rate and 65,000 new nonfarm jobs.
If the data is soft, expectations for 1.5 rate hikes will be repriced, and risk assets will rebound first.
If the data is strong, the rate-hike narrative will be confirmed, and the $75,000 level will be tested again.
My view is that the market is treating rate hikes as a foregone conclusion, but the signals from bonds and stocks are inconsistent.
Yields are low, suggesting some investors are worried about growth rather than inflation.
This divergence won’t be resolved by a report. It will take a data release.
Do you think tonight’s nonfarm payrolls report will bring rate-hike expectations down, or lock them in? Share your thoughts in the comments.
Follow me for daily updates on Fed and crypto market developments. I’ll help you understand not just what’s happening, but also the logic and opportunities behind it 👀🚀
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55% volatility in exchange for 10% annualized returns — JPMorgan did the math on Bitcoin 🦖
On November 4, JPMorgan Asset Management included Bitcoin in its 2027 Long-Term Capital Market Assumptions

🕐 最新解读群里更新

It assigns a compound annual return of 10% and an annualized volatility of 55%
In the same assumptions, U.S. large-cap stocks are 7.5%, private equity 9.8%, a 60/40 stock-bond portfolio 7%, and gold 5.5%
In other words, Bitcoin is only 2.5 percentage points higher than U.S. stocks, but it has to carry 55% volatility 📉

Just as this assumption was being discussed, Bitcoin fell 6% in a single day, dropping from above $80,000 to $75,700
Over the past 24 hours, more than $10 billion was liquidated across the market, and the pace at which risk appetite faded outpaced any model

Grayscale research head Zach Pandl mentioned on November 4 that JPMorgan also calculated a correlation
The estimated correlation between Bitcoin and U.S. large-cap stocks is 33%
But JPMorgan did not include Bitcoin in its main portfolio model
The reason was very straightforward: the correlation is unstable, so they defined Bitcoin as a speculative asset

To translate that: 10% is not a bullish signal, it is a pricing book ⚖️
Over the past decade, Bitcoin’s story was about doubling; now institutions are writing it as a story of beating inflation and U.S. stocks by a little
At 10% compound growth, a $75,700 Bitcoin today would be worth about $196,000 in ten years
That number is not low, but it also does not support using high leverage to bet on the short term 🧮
More importantly, 55% volatility means that a 30% to 40% drawdown in a year does not require bad luck — it only requires time
In the same assumptions, private equity is given 9.8%; the reported return is almost the same, but it is not marked to market every day
That is what Bitcoin looks like in institutional eyes: a product with returns close to private equity, but risk closer to risk assets
So don’t treat 10% as a positive signal — what it really says is that Bitcoin is being treated like a normal asset

For ordinary people, the implications are twofold
First, long-term holding expectations should be lowered — the narrative of 10x in a year no longer belongs to this stage
Second, position size and leverage matter more than the return rate, because in 55% volatility, one wrong call is enough for liquidation
JPMorgan also added that Bitcoin’s role in a portfolio is highly correlated with monetary easing
In other words, when liquidity is loose, it behaves like a risk asset; when liquidity is tight, it gets sold first

Do you think 10% over ten years is enough
Or in your mind, is Bitcoin still something that can multiply several times in a year
Let’s talk in the comments — would you still hold it for a 10% long-term return? 👀

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In just 5 days, the story went from only email addresses being leaked to every user's tokens being exposed

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Late at night on November 4, blockchain analytics firm Chainalysis updated its security notice, admitting that names, usernames, password hashes, and valid tokens belonging to all users had been exposed

The company's main business is helping exchanges, banks, and law enforcement trace where hackers' money goes 🦖

The first notice, on October 30, said only that user IDs, names, and email addresses had been leaked. It explicitly stated there was no evidence that authentication credentials or session tokens had been accessed

On November 2, the Reactor and Data Solutions products were proactively taken offline

At 9:50 a.m. on November 4, the company changed its story, admitting that a man-in-the-middle attack had exposed some customers' passwords

At 10:30 a.m. that day, KYT's user interface and API, along with other address-screening products and the login page, were taken offline

By 11 p.m., the notice had changed to say that every user's password hashes and valid tokens had been exposed

Over those 5 days, the story shifted from non-sensitive information all the way to all credentials ⚠️

What's even more worth noting is the company's position

Its customers aren't retail users. They're compliance departments at exchanges, risk-control teams at banks, and on-chain investigators

Every day, these people use KYT to decide whether an address should be blocked or allowed through

What do valid tokens mean? They mean someone could use them to view these decision rules, and even see which addresses had been flagged 🚨

The company says there is no evidence that investigative data was accessed or attribution data altered

But that only means they haven't found evidence so far—it doesn't mean it didn't happen 💥

An organization dedicated to tracking hackers' money had a copy of its own keys made first

Chainalysis has published figures showing that suspected North Korea-linked attacks accounted for 89% of reported crypto hacking losses this year. In 2021, that figure was 15%

The people tracking the money have become the ones being tracked. The division of labor across this industry is now crystal clear

For ordinary users, the immediate takeaway is simple: don't reuse the same password across multiple platforms, and especially don't use your email password to sign up for an exchange

For institutions, this is a supply-chain wake-up call: the risk-management tools you depend on are themselves accounts that need to be risk-managed

There are two things to watch next: first, whether there are any suspicious login records after KYT comes back online; second, whether API key rotation covers all subaccounts

Do you think a breach at a security company like this will make the industry more cautious—or embolden attackers? 👀

Every day, I bring you the latest in crypto security—not just what happened, but also the logic and opportunities behind the headlines 👀🚀

#美股走弱，加密货币市场普遍承压
$430.2 million pulled out in one day, yet only 6 of the 12 Bitcoin ETFs saw outflows 🦖
On November 5, U.S. spot Bitcoin ETFs recorded total net outflows of $430.2 million

📈 进群看今日思路

Fidelity’s FBTC alone saw $199.9 million leave—nearly half of the total outflows 💰

The other 6 ETFs didn’t appear on the outflow list
So this wasn’t all 12 funds rushing for the exits; it was money changing direction
So far in November, these ETFs have recorded cumulative net outflows of $869.8 million
They hold about 1.3 million bitcoins, with total assets of $98.54 billion
At $75,600 per coin, 1.3 million coins comes to about $98.3 billion—the reported figures aren’t inflated
1.3 million coins account for more than 6% of the 21 million total supply. This money stopped being about retail sentiment a long time ago
6 of the 12 reported outflows, meaning the other half held steady

Putting the dollar amount into Bitcoin terms makes it clearer
$430.2 million is roughly equivalent to 5,690 bitcoins
FBTC’s $199.9 million is equivalent to about 2,643 bitcoins
In a single day, more than 5,000 bitcoins changed hands in these funds

I’m more interested in the pattern than the total 📉
There were net outflows overall, but they were highly concentrated: one fund accounted for 46%
This looks more like a large account rebalancing than the entire market turning at once
To judge the trend, watch two things: whether FBTC sees another large outflow on day two, and whether the other 6 turn negative as well
If it’s still just one fund moving, that’s rebalancing
If all six turn negative, that’s when the trend has changed

The backdrop isn’t exactly reassuring either
Bitcoin is currently at $75,635, down 6.09% over 24 hours
U.S. stocks just had their worst single day since March 2020
The claim that weakness in U.S. stocks is weighing broadly on crypto has been repeatedly borne out over the past couple of days
But the ETFs still have $98.54 billion in total assets—far from a wave of redemptions

Do you think these $430.2 million in outflows are the start of an exit, or just part of a reshuffling?
Let’s talk in the comments 🦕

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