Binance News

Binance co-CEOs Yi He and Richard Teng said the exchange has already covered about 80% of the roughly $6.3 billion lost in its security incident and will absorb the full cost itself. In a letter to users dated Friday, October 30, they said Binance’s hot wallets were compromised at about 20:05 UTC on October 29.
“Binance will absorb the financial impact of these stolen funds, not our users,” they wrote.
About 80% Already Covered
Binance will cover all stolen funds through its Secure Asset Fund for Users (SAFU) and its corporate treasury, the co-CEOs said. The exchange has set aside more than $6.34 billion, $5 billion of which is held in the exact tokens that were stolen, including USDC, USDT, BTC, ETH and BNB. That covers about 80% of the loss, and Binance is buying the remaining tokens through market and over-the-counter channels.
What Binance Has Done So Far
Since identifying the incident, Binance has:
Contained the compromised infrastructure, revoked affected authorizations and added controls to prevent further unauthorized activity.Frozen about $3 billion on-chain with help from law enforcement, blockchain intelligence firms, asset issuers and industry partners.Strengthened security checks across affected systems.Paused withdrawals for security reviews, while keeping deposits and other unaffected services running.
What the Investigation Has Found
Binance’s initial investigation pointed to a compromised laptop, and further work has uncovered additional points of breach. The exchange said it has found no evidence that wallet private keys were leaked. It is working with internal and external security experts to map the full attack sequence and expects to share further verified technical findings in about 48 hours.
Withdrawals and Proof of Reserves
Binance said in Friday’s letter that it aimed to start resuming withdrawals within about 34 hours, in phases, once security checks are complete. It also planned an initial Proof of Reserves snapshot within 12 hours, with results by Monday, November 2, so users can verify their balances and how they are backed.
The exchange will also publish a post-mortem report covering what happened, lessons learned and new safeguards. “We take full responsibility for addressing this security incident, strengthening our security infrastructure, and ensuring our users are protected,” the co-CEOs wrote.

Binance CEO Yi He said on Friday, October 30, that the exchange’s own crypto holdings already match most of the tokens affected by its security incident, so only a small portion needs to be bought through on-exchange and off-exchange channels. The incident involved about $6.3 billion in assets, she said, and about $3 billion has been frozen with help from industry partners. Binance will use its own funds to match the affected assets in full.
Most Affected Tokens Already Covered
Yi He explained that Binance’s daily revenue and assets are held mostly in crypto, matching the majority of the tokens taken. That means Binance does not need to put the full $6 billion-plus into the market to buy new tokens. The exchange said earlier that $5 billion of its $6.34 billion reserve is already held in the exact tokens affected. Yi He thanked industry partners for their help in freezing assets.
Withdrawals to Resume Within 42 Hours
Withdrawals, paused for nearly a day to protect remaining assets, are expected to resume within the next 42 hours, Yi He said. The team is rebuilding the security environment and wallet settings and conducting security reviews. Withdrawals will reopen only once the environment is confirmed secure and user assets are protected.
Proof of Reserves Update Coming
Binance will update its Proof of Reserves in the coming days so users can verify their assets, Yi He said.
Investigation and Next Steps
The security and technology team’s review so far shows the incident was a complex, multi-faceted attack, Yi He said, and Binance will proceed with extra caution. The exchange plans to publish a detailed technical security audit report and invite industry participants to help build shared security standards. Yi He said Binance will not stop pursuing the attackers, and will work with law enforcement worldwide to investigate the attack team and trace the stolen funds, while increasing its investment in security.

Binance CEO Richard Teng said the exchange will cover all losses from its security incident with company funds, having reserved more than $6.34 billion, $5 billion of which is already held in the exact tokens affected, including USDC, USDT, BTC, ETH and BNB. In a video message to users posted on X on Friday, October 30, Teng said customer funds were not affected, and shared new details about how the attack was carried out.
“I want to be clear: we are committed to covering all hacked losses through our company funds,” Teng said. “Your assets are safe.”
Built for the Long Term
Teng said Binance can absorb a loss of this size immediately because of how it manages its own earnings. “Binance has always been built for the long term,” he said. “Most of what we earn from day-to-day operations is held in crypto assets. We have kept a lot of them in the company, and reinvested them — into the business, and into security. Because we believe in crypto, and in the long-term value of this industry.”
That is why most of the affected tokens are already covered, Teng said. Binance is buying the remaining amount through market and OTC channels, and “the good news is that we are recovering stolen assets for users.”
Customer Funds Were Not Affected
Teng addressed the question many users have been asking: how Binance can show their assets were not affected. “We never use any customer funds, so they are not impacted,” he said. “What was affected in this incident was Binance’s own hot wallet.”
Under Binance’s security setup, most user assets are held in cold wallets and moved to a hot wallet only when a user makes a withdrawal. Teng encouraged concerned users to check their account balances and contact customer service with any questions.
How the Attack Was Carried Out
Teng said the attack was complex and not carried out by one person. Binance’s first findings pointed to a compromised laptop, and further investigation has uncovered additional points of breach.
The attackers used EIP-7702, an Ethereum standard that lets a wallet delegate its execution to smart-contract code, to obtain on-chain execution approval over a Binance hot wallet. “That delegation did not pass through our normal approval controls,” Teng said. “That’s why we need to pause the withdrawal service to investigate, rebuild and retest the entire infrastructure system.”
The attackers also used a self-destruct mechanism that “destroyed tooling and traces as they went,” he said, making the investigation harder. Binance is working with law enforcement, blockchain intelligence firms, token issuers and other exchanges to trace and recover the stolen funds, and about $3 billion has already been frozen with partners’ help. “We will do everything within our power to ensure that these bad actors will be held accountable,” Teng said.
Withdrawals Expected Before Sunday
Binance is rebuilding its withdrawal service and will not switch it back on until it passes rigorous testing. “We are very hopeful that users will be able to withdraw prior to our Sunday deadline, which is on track to be within 40 hours,” Teng said.
At the same time, Binance is running a full security review across the company, covering “endpoints, cloud, key management, signing. Everything.”
Proof of Reserves by Monday
Once the remaining token purchases are complete, Binance will verify user assets through its Proof of Reserves. A full report is due by Monday, with an initial view possibly before then.
Teng thanked industry partners, law enforcement and, “most of all,” users for their patience. “We will weather this storm,” he said. “Thank you for the support, and stay safe.”

Microsoft reported on October 30 that North Korean hacking groups are using AI to generate dozens of phishing files within minutes. According to PANews, three of the eight groups monitored by Microsoft have integrated AI across their attack processes, reaching the highest level in the company’s maturity model; the groups use AI to create customized PDF lures, write malicious code and impersonate people to infiltrate businesses.

Suspected North Korea-linked attacks accounted for nearly 89% of reported crypto hacking losses this year, Chainalysis data showed. According to ChainCatcher, the average loss per such attack has risen to $185.65 million, about 3.7 times the 2021 level.

Two Texas brothers, Raymond Christian Garcia and Isiah Angelo Garcia, were sentenced to 180 and 186 months in prison, respectively, for kidnapping a Minnesota family at gunpoint in September 2025 and extorting cryptocurrency. According to Foresight News, the U.S. Department of Justice said the men pleaded guilty in June 2026 and were sentenced on October 29.
Court documents say the brothers entered the victims’ home on September 19, 2025, restrained family members with zip ties and held them at gunpoint for more than nine hours while demanding access to the victims’ cryptocurrency accounts. After the initial transfer fell short of their expectations, they took one victim to a cabin in northern Minnesota to retrieve additional crypto storage devices and complete further transfers. The pair forced the victims to transfer more than $8 million in cryptocurrency before fleeing after the victims’ son called 911. They were later arrested near Houston, Texas.

Recall announced it is entering liquidation after the foundation’s board decided to shut down the organization. According to Odaily, the foundation said it made the decision after assessing protocol adoption, operating costs and growth prospects, and that it was not prompted by a hack or security incident. The foundation plans to burn about 359 million RECALL tokens, approximately 35.86% of the total supply; token holders will receive no distribution, redemption or buyback. Its remaining approximately $3.7 million will be used to repay creditors and cover liquidation costs. The app.recall.network website is scheduled to become read-only starting November 30, and the liquidation is expected to be completed in the first quarter of 2027.

Stellar is now the default network in the MetaMask mobile app and browser extension. According to Odaily, each existing MetaMask account will automatically receive a Stellar address derived from its existing recovery phrase, with no additional setup required. Users can hold, manage, send and receive XLM, Trustline assets and Soroban tokens, and swap between Stellar and other supported networks. Existing Stellar users can also import their accounts using a recovery phrase.

Global markets swung sharply in the week to Friday, October 30. Precious metals fell hard, US tech stocks sold off on worries about AI spending, and the Federal Reserve held rates without ruling out a December hike. Strong US growth and inflation data kept expectations of higher rates in place.Gold and Silver SlumpSpot gold closed Friday at $3,876.89 an ounce, down 6.7% for October, while silver closed at $49.13, down more than 18% for the month. Stronger-than-expected US data reinforced expectations of high interest rates, and rising real rates weighed on both metals, according to the summary. Brent crude found support from Middle East supply risks.Tech Stocks Sell OffThe Nasdaq and S&P 500 fell for a third straight week as enthusiasm for AI trades cooled. The Nasdaq lost 5.3% in October, its worst month since March 2025. Alphabet fell as much as 13% intraday on concerns about capital spending and cash flow, and Intel plunged 28.58% on Friday, its worst day since 1974. Apple closed with a market value of $5.03 trillion, ahead of Nvidia’s $4.93 trillion, to reclaim the title of the world’s most valuable listed company.Fed Holds in a Split VoteThe Federal Reserve voted 10-2 to keep rates unchanged, with two officials favoring a 25 basis point hike. Chair Kevin Warsh said the US economy is growing strongly but inflation has run above target for nearly six years, and future decisions will depend on incoming data. Data released the next day supported the hawkish case: third-quarter GDP grew at a 3.4% annualized rate, above the 3.2% forecast, and core PCE inflation rose to 3.1% in September from 3.0%. CME FedWatch shows a 75% chance of a 25 basis point hike in December.AI Spending Under ScrutinyThe cost of building AI infrastructure became a central market concern. Meta announced an equity financing plan of up to $97.5 billion, SpaceX raised about $40 billion through equipment leasing, and Oracle said it expects to need up to $20 billion in outside financing by fiscal 2030. Anthropic publicly filed for an IPO, disclosing revenue of $16.3 billion for the first half of 2026 and about $637 billion in long-term computing and infrastructure commitments.Chipmakers Post Strong ResultsAI demand continued to lift chipmaker earnings. SK Hynix’s third-quarter operating profit jumped 632% from a year earlier, and SanDisk’s revenue rose 378% in its first fiscal quarter of 2027. Even so, the week’s sell-off showed investors are focusing more on whether AI spending can turn into real profits and free cash flow.

Binance released Security Incident Update #2 at 3:33 AM on October 31 (UTC+8), disclosing two key upcoming timelines.According to the announcement, the company plans to complete its first Proof of Reserves snapshot within 12 hours of the announcement and publish the results by November 2; meanwhile, the tech team aims to begin resuming withdrawal services in phases within approximately 34 hours. In specific terms, this means completing the snapshot by 15:33 (UTC+8) on October 31 and starting the resumption of withdrawals by 13:33 (UTC+8) on November 1, with actual progress depending on the completion of security checks.Binance previously stated that it has set aside more than $6.34 billion in company funds, of which approximately $5 billion in equivalent impacted token assets are already in place, covering roughly 80% of the stolen assets, with the remainder being purchased through market and OTC channels. In addition, approximately $3 billion of the impacted assets has been frozen on-chain.

Japanese listed company Iole plans to sell all 151.21 Bitcoin it holds, expecting a loss of about 254 million yen. According to Odaily, the company plans to sell on the market through cryptocurrency exchanges from October 30 through the end of November, possibly in installments. Iole intends to prioritize using the proceeds for AI data centers, AI computing services and its Neo Cloud business. The company said it will continue holding Hyperliquid (HYPE), which it began acquiring in July 2026.

Crypto may have peaked earlier than the US stock market this cycle, crypto trader Ansem said on Saturday, October 31, in a post shared on X. Because risk appetite this cycle has been driven largely by AI and US stocks, he argued, the two markets may top out at different times. If crypto’s recent rebound is only a counter-trend rally and stocks are just beginning a larger correction, crypto could face another leg down. Even so, Ansem said bitcoin may bottom before the broader stock market if both keep falling. He said he is not certain this scenario will play out and will watch how prices react at key levels.Bitcoin set its record above $126,000 in October 2025 and is now about 38% below it, while the Nasdaq 100 peaked on October 6 this year and has since fallen more than 7%.

USDC’s circulating supply fell by about 800 million over the seven days through October 29, while total circulation stood at 70 billion. According to Odaily, Circle issued about 10.9 billion USDC and redeemed about 11.7 billion during the period. Reserves totaled about $71.4 billion, including $32.9 billion in overnight reverse Treasury repurchase agreements, $27.5 billion in Treasury securities with maturities under three months, $10.4 billion in deposits at systemically important institutions, and $600 million in deposits at other banks.

Tether International, S.A. de C.V. released an assurance report prepared by BDO covering the third quarter of 2026, with data as of September 30. According to Odaily, Tether’s reserves totaled $191.5 billion at quarter-end, including $132.4 billion in direct and indirect U.S. Treasury holdings.
USD₮ issuance remained around $184 billion through the first three quarters, while cumulative net operating profit reached $4.5 billion. Third-quarter net operating profit was $1.5 billion, unchanged from the second quarter; U.S. Treasury securities and reverse repurchase agreements generated most of the revenue.
As of September 30, Tether reported total assets of $191.451 billion and total liabilities of $183.496 billion, leaving assets $7.955 billion above liabilities. Excess reserves increased to about $7.95 billion from $4.1 billion at the end of the second quarter.

World Liberty (WLFI) adviser Ogle shared a Blockaid security alert advising users to avoid the affected websites and not connect their wallets for now. According to Odaily, Blockaid detected an active front-end attack linked to the StepDrainer toolkit involving Kintsu, Flap and StonkBrokers. Malicious scripts were injected into the affected sites, and users who click “Connect Wallet” may be redirected to pages designed to steal assets. Blockaid is investigating and gathering information, with further updates expected.

BNB Chain said on Friday, October 30, that BNB Smart Chain, opBNB, BNB Greenfield and its bridge contracts were not affected by the Binance security incident, and that all services are operating normally with on-chain funds secure.

Australian Securities and Investments Commission Chair Sarah Court said at a parliamentary hearing that the regulator had received no applications from prediction market operators. According to Odaily, platforms such as Polymarket may face strict regulation in Australia, and applications for operating licenses would be closely reviewed.
Court said prediction markets use trading mechanisms similar to binary options, which are prohibited in Australia: outcomes are all-or-nothing, and the underlying events often have no connection to investments or financial markets. Australian users can access overseas platforms directly, but are not protected by local financial regulation and may lack access to dispute resolution and safeguards for customer funds.

Vitalik shared an essay titled “Digital Minimalism” on X, arguing that people should reconsider their relationship with digital tools as AI develops. According to Odaily, he said users should decide when and how to use digital services rather than be guided by social media algorithms, mobile internet and complex website interfaces.
Vitalik described three steps he has taken: using Firefly to manage X, Bluesky, Farcaster and Lens instead of relying on X’s native interface; keeping his phone in airplane mode by default for 100 consecutive days and connecting through Wi-Fi only when needed; and using command-line tools for tasks involving ENS, IPFS and privacy protocols rather than completing them through websites.
He said traditional websites and web applications can pose privacy risks and require users to trust their servers each time they visit. In his view, modular tools, local applications and AI can let people use natural language to perform tasks that previously required programming knowledge, reducing reliance on closed platforms and complex interfaces. He called the approach “digital minimalism” and said advances in AI, offline applications and software tools are making it possible to rely less on social media, the internet and web applications.

Short-term holders transferred more than 36,600 BTC at a loss to exchanges within 24 hours, reflecting pressure on the group. According to ChainCatcher, Darkfost reported the transfers.

U.S. spot XRP and ZEC ETFs recorded combined net outflows of $5.0679 million on October 30. According to Odaily, citing SoSoValue data, XRP ETFs had a net outflow of $496,500, while ZEC ETFs saw $4.5714 million in net outflows.
Canary XRP ETF (XRPC) recorded a net inflow of $922,000, bringing its cumulative inflows to $485 million. Grayscale XRP Trust ETF (GXRP) had a net outflow of $725,000, with cumulative inflows of $145 million. As of the report, XRP spot ETFs had $1.419 billion in net assets, a net asset ratio of 1.79%, and cumulative inflows of $1.809 billion.
Zcash ETF (ZCSH) was the only ZEC ETF to record an outflow, totaling $4.5714 million. Its cumulative inflows stood at $222 million. ZEC spot ETFs had $725 million in net assets, a net asset ratio of 3.45%, and cumulative inflows of $222 million.

Two addresses recently sold about 1.21 million HYPE, earning a combined profit of more than $26.5 million. According to Foresight News, Lookonchain monitored the transactions: an address beginning with 0x2685 sold 912,383 HYPE 6 hours ago, making more than $10 million after buying the tokens one month ago. An address beginning with 0x648F sold 296,705 HYPE 8 hours ago, earning $16.5 million after purchasing the tokens 11 months ago.

Polymarket has launched 15-minute up-or-down prediction markets for gold and silver, expanding its offerings beyond cryptocurrency. According to Odaily, Chainlink said the markets are part of Polymarket’s expansion into other asset classes, with more commodities, stocks, and foreign exchange markets planned. Polymarket also named Chainlink its official oracle partner for the fast-paced up-or-down markets.

Bitcoin News reported on X that Foundation said attackers are sending a new wave of phishing emails through compromised domains belonging to other companies. According to Odaily, the emails are not sent from Foundation’s official domain.

HKDAP, a Hong Kong dollar stablecoin, will launch on Solana with native minting and redemption. According to ChainCatcher, Solana said on X that Anchorpoint Financial Technology, a licensed Hong Kong stablecoin issuer established by Standard Chartered, HKT and Animoca Brands, is bringing HKDAP to the blockchain in its first public-chain collaboration.
The companies signed a memorandum of understanding covering HKD payments, products and tokenized assets. The Solana Foundation will join Anchorpoint’s Tokenised Money Adoption Programme as a strategic partner, alongside PwC.

Flap said on X that its official website was experiencing a DNS hijacking incident and redirecting visitors to an unauthorized site. According to Odaily, the team urged users not to visit the website, connect wallets, or sign transactions while it addresses the issue, and said it would provide an update once the site is confirmed safe.

DeFi researcher Ignas said HYPE and ZEC are showing price moves independent of Bitcoin, while structural opportunities remain in the crypto market. According to Odaily, Ignas wrote that calls to “buy the dip” have become rare during the current market decline.
Some market participants view Bitcoin holding between $77,000 and $80,000 as a bullish sign, but Ignas said many crypto traders may already hold large token positions. Some investors prefer to wait for prices to confirm an uptrend rather than buy during a period of fear. Ignas said assets decoupled from Bitcoin, conviction tokens such as ZEC, and revenue-generating assets such as HYPE remain attractive.
He also said potential buying demand is limited. Retail investors who previously favored crypto are facing volatility in AI stocks, gold and quantum computing-related assets, while crypto ETFs have recorded net outflows over the past 30 days.

Binance Wallet announced on X that PREDICT Alpha trading has been postponed. The updated trading start time will be shared in an official announcement.

Chainlink Reserve added 427,600 LINK in October, spending more than $5.3 million and bringing its total holdings to 6.4751 million LINK. According to Odaily, Chainlink said the reserve is intended to support the network’s long-term growth and sustainability.

Developers have submitted a draft Ethereum Improvement Proposal that would let externally owned accounts (EOAs) permanently disable EIP-7702 delegation while retaining their addresses and ability to make standard transactions.
According to ChainCatcher, the operation would be irreversible. The draft has not been merged and has not received an EIP number.

Ondo has expanded its smart portfolio product line to Solana. According to Foresight News, all seven portfolios are now available to eligible investors outside the United States and can be traded through major Solana wallets and apps. Three portfolios use strategies developed for Ondo by BlackRock, while the other four are Ondo-designed on-chain portfolios built around popular market themes, including large-cap technology companies and AI.

ICE's official account has deleted a post about its partnership with Trade.xyz but still retains a repost of Trade.xyz promotional content. According to Odaily, the companies plan to launch perpetual futures products on Hyperliquid for regulated U.S. markets, subject to regulatory approval. The markets would have separate clearing, customer identity verification and anti-money laundering systems, and the products would be linked to stock indexes, commodities and currency prices.

A cryptocurrency address closed its ZEC long position and now holds no ZEC, after reducing about 8,000 ZEC in long positions. According to Odaily, the address’s contract account has accumulated about $21.9 million in profits. The report also cited a reduction of ZEC long positions valued at about $10.27 million. The address is 0xbf732ea04197942783e34730ed6e0f6099575d58.

Morgan Stanley spent more than $100 million to acquire about 1,302 BTC through its spot Bitcoin ETF, MSBT, earlier this morning, about seven hours ago. According to Odaily, Arkham data showed the purchase brought the firm's total Bitcoin holdings to 10,850 BTC.

Walmart-owned fintech app OnePay said users can send USDC directly to their OnePay accounts, with funds automatically added to their existing checking account balance for bill payments and transfers without first converting the stablecoin through an exchange. According to Foresight News, the banking services are provided by Coastal Community Bank or Lead Bank.

Uniswap, venture capital firm a16z and the DeFi Education Fund are seeking an exemption for decentralized finance activities under Illinois’ crypto tax rules. According to ChainCatcher, they argue that wallet withdrawals and cross-chain bridging should not be subject to taxes calculated based on asset value, and are calling for the removal of private-key recordkeeping requirements.

A Microsoft executive said the company’s broad voluntary separation plan is not intended to cut 60,000 jobs. According to Sina Finance, citing IT Home and Business Insider, Microsoft’s CFO Amy Hood said in an internal memo that the plan gives employees who want to leave the choice to decide how to do so, and that only a “very small number” were expected to accept. Microsoft later said no more than 3,000 employees, or 5% or less of those eligible, were expected to take the offer.
Earlier this year, about one-third of employees accepted a voluntary retirement plan based on age and tenure. Microsoft later conducted layoffs, and some employees who had declined the retirement offer were dismissed. In response to concerns about further cuts, the company said future staffing would depend on business needs and priorities.
Executives said the new plan differs from the earlier one: some departing employees’ roles may be filled by new hires rather than eliminated. Charles Lamanna, who oversees AI, Office and Word, made employees across his departments eligible to apply, with plans to hire for key vacancies. In Microsoft’s Cloud and AI division, the Azure hardware systems and infrastructure team and the cloud operations and innovation team did not participate. Most other teams offered eligibility, and some roles could be refilled.
An executive said replacing senior employees with less-experienced hires could reduce labor costs, but a Microsoft spokesperson said this was not the company’s official position. An anonymous executive also said the plan may address complaints from employees who were ineligible for the earlier offer, and that Microsoft did not intend to cut 60,000 workers or replace everyone with AI.
The U.S. government recently suspended Microsoft’s eligibility for a federal employer sponsorship program that allows companies to sponsor foreign employees seeking U.S. permanent residency. The White House accused Microsoft of laying off U.S. employees while hiring lower-paid foreign workers; Microsoft denied the allegation.

According to CNBC, Alphabet shares fell more than 12% to $285 after its Q3 2026 earnings report, wiping nearly $500 billion from its market value. Options trader Mike Khouw proposed a short-strangle strategy targeting a $250-$325 trading range through the Dec. 18, 2026, expiration, based on his view that downgrades and technical weakness could limit a near-term recovery. Alphabet reported 103% growth in Cloud revenue but missed earnings estimates, posting $2.12 per share versus the $3.02 estimate.

Starknet says account abstraction allows accounts to change their signature verification logic in place, enabling a switch to post-quantum signatures without a hard fork. According to Odaily, the network said in a post on X that this change would not alter an account’s address, balance, or history and would not require protocol modifications. Starknet noted that, as an Ethereum Layer 2, its settlement, data publication, and bridge functions still rely on Ethereum and elliptic-curve cryptography. Researching an independent Layer 1 could allow Starknet to set its own cryptographic approach and migration schedule. The independent Layer 1 remains a research direction; STRK remains the native token, and Starknet has no current plan to issue a new token. Any decision to migrate to Layer 1 would require a binding governance vote.

Bitdeer said it sold all 265.5 BTC produced this week, with no net change in its holdings. According to Odaily, as of October 30, Bitdeer held zero BTC, excluding customer deposits.