Most altcoins fall more than BNB, with SUPER down 22.06%
Most major and mid-cap altcoins posted steeper losses than BNB following the Binance security incident. BNB traded at $708 after briefly falling below $700, with a 24-hour decline of about 5.34%. Market data showed SUPER losing 22.06%, while LDO, CRV, YFI and IMX each lost more than 10%.
Global technology stocks fall as US earnings intensify AI spending concerns
Technology shares declined worldwide on Friday as disappointing US earnings increased investor concerns about funding AI infrastructure. Japan's Nikkei 225 lost 2.5%, while Nasdaq 100 futures fell 2.2% ahead of the Wall Street opening. Alphabet shares dropped 13% on Thursday, erasing a record $500 billion in market value after Alphabet reported another quarter of cash burn. Intel shares fell 22% in post-market trading after Intel issued a sales forecast below expectations because of slowing demand in Intel's core PC chips business.
Binance faces apparent hack with estimated losses of around $6.3 billion
Binance experienced an apparent hack on Thursday, with a company spokesman putting the estimated total impact at around $6.3 billion. Binance said the exchange had halted all deposits and withdrawals. The spokesman said Binance would cover every loss. The nature of the attack remained unclear.
The Bank of Japan kept its benchmark rate at 1.25% on Friday, matching expectations. The central bank indicated that underlying inflation has now reached its 2% target, creating scope for a December rate increase.
Gemini co-founder says Zcash needs no governance redesign
Gemini co-founder Cameron Winklevoss said Zcash should retain its governance mechanism rather than redesign it. Winklevoss identified privacy, not governance experimentation, as Zcash's central mission and urged the termination of Zcash Community Grants. Separately, the Winklevoss brothers' Winklevoss Asset filed an S-1 registration statement for the Winklevoss Zcash ETF. The proposed ETF would hold ZEC directly and plans a Nasdaq listing under WINK, with a 0.25% fee rate.
Opinion: Binance hack may mark final major low before strong crypto rally
Trader Killa believes the Binance hack could mark the final major low before cryptocurrency prices rise significantly. Killa said Killa continues to hold a BTC long position opened near $76,400. Bitcoin is currently about 13% below its high, and Killa expects the current pullback to remain below 20%.
On-chain analyst The Data Nerd said the Binance hacker sold approximately $158.25 million in altcoins and exchanged all proceeds for 70,480 ETH. The relevant address now holds none of the altcoins involved in those sales.
Stocks fall and bonds surge as investors fear inadequate returns from AI spending
Asian technology stocks fell on Friday as investors sought safer assets amid concerns that rising AI spending may produce insufficient returns. Alphabet shares lost 12.6% on Wall Street and declined further after hours, erasing $500 billion in market value as AI spending pushed cash flow below zero. South Korea's KOSPI dropped 5%, taking October's decline beyond 17%. The benchmark 10-year US Treasury yield fell more than 7 basis points to 4.91%, putting October on course for the largest monthly yield decline since December 2023. The Bank of Japan is expected to keep interest rates unchanged later on Friday.
CZ says funds are safe, praises pregnant He Yi's overnight security response
Binance founder CZ said user funds remain safe following a security incident. CZ said He Yi, who is pregnant, worked through the night alongside hundreds of Binance employees to address the incident. CZ said industry contacts and competitors provided much-needed assistance and expressed confidence that Binance will overcome the incident.
Cryptocurrency prices declined in the Asian morning session as markets reacted to news of a major crypto hack. Bitcoin, Ethereum and Ripple each lost more than 2% after Binance suspended transactions.
The Sandbox says the attack affecting Binance has not affected SAND in users' self-custody wallets. The Sandbox says the project is coordinating closely with Binance's team. The Sandbox advises users holding SAND on Binance to consult Binance's official updates.
Binance says suspected hack prompts crypto firms to freeze about $3 billion
Binance said on Thursday that a suspected hack prompted cryptocurrency firms to freeze about $3 billion in assets. Binance temporarily halted deposits and withdrawals during security checks and pledged to cover all losses. Tether CEO Paolo Ardoino said Tether froze more than $1.5 billion in USDT in response to the potential hack. Circle CEO Jeremy Allaire said Circle froze more than $800 million in USDC linked to the incident.
Allium has resumed blockchain data delivery after a security incident, but historical backfills remain unfinished across parts of the service. Allium says raw and enriched tables for 18 chains passed completeness and freshness checks on Snowflake and Databricks. Allium says historical backfills continue for all chains on BigQuery. Allium's recovery instructions require replacement API keys and new passwords, while uploads and access to previously uploaded data remain temporarily disabled.
On-chain investigator ZachXBT said Lazarus Group, a North Korean hacking group, may be responsible for the Binance security incident. ZachXBT offered the assessment in response to a question on X about the attacker's identity.
Cramer recommends Microsoft, says Alphabet carries too many risks
Mad Money host Jim Cramer recommended buying Microsoft after Big Tech earnings, while warning about Alphabet following two consecutive quarters of negative free cash flow. Microsoft generated $18.6 billion in positive free cash flow. Microsoft Chief Financial Officer Amy Hood said Microsoft expects free cash flow to stay positive through fiscal 2027. Cramer said analysts should lower estimates before Cramer buys more Alphabet. Cramer also recommended Amazon but wants to hear the earnings call first.
Bitcoin longs suffer largest losses as crypto liquidations reach $1.49 billion
Coinglass data shows traders suffered $1.49 billion in forced liquidations over the past 24 hours, with bullish Bitcoin positions suffering the largest losses. Long positions represented $1.29 billion, or 86.8%, of total liquidations. However, Hyperliquid rose 12.74% to $90.37 over 24 hours, and short sellers accounted for most of the token's liquidations. Binance is investigating a potential security issue, but a direct connection to the sell-off remains unproven. Binance has pledged to cover all losses and suspended deposits and withdrawals.
ICE plans US access to Hyperliquid markets, pending regulatory approval
Intercontinental Exchange (ICE), which owns the New York Stock Exchange, plans a regulated US venue for Hyperliquid markets, subject to approval. CoinGecko data showed HYPE gaining 19.9% over 24 hours to $95.89. Elon Musk, billionaire investor Stan Druckenmiller and Bitwise Chief Investment Officer Matt Hougan reacted to the deal on Thursday. Hougan argued that buyers remain early, claiming without a cited source that 99.9% of Americans do not know HYPE exists. The ICE venue has neither approval nor a launch date, and a previous HYPE rally following US-access news subsequently faded.
predict.fun announced that the PREDICT TGE and Season 1 airdrop claims will be delayed following the postponement of Binance Alpha and spot trading. predict.fun said a revised claim date and time will be announced after confirmation.
Binance announced a delay to the Predict (PREDICT) trading launch scheduled for October 30 at 18:00 Beijing time. Binance will announce the revised opening time separately.
Binance expects $6.3 billion in security incident losses, pledges full coverage
Binance said a security incident is expected to result in approximately $6.3 billion in losses. Binance said cooperation with blockchain partners has already frozen approximately $3 billion of affected assets on-chain. Binance pledged to cover all losses using the SAFU fund and company capital. Binance said preliminary findings suggest the incident may have begun with a compromised DevOps engineer's laptop. Binance has temporarily halted deposits and withdrawals as an emergency measure, according to the exchange.
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