bloomingbit

Binance freeze tally expands to $3 billion
Alphabet’s 13% plunge hits Kospi head-on
U.S. tech stocks, South Korea’s equity market and cryptocurrencies were rocked by back-to-back shocks on Oct. 30. Alphabet slumped more than 12% in New York trading, followed by a multibillion-dollar hack at Binance, the world’s largest cryptocurrency exchange. After South Korean markets opened, Samsung Electronics Co. and SK Hynix Inc. also tumbled, dragging the Kospi down more than 5% intraday.
Concerns over returns on artificial intelligence spending were already weighing on tech shares. The crypto market was then hit by fresh anxiety over exchange security. Setbacks that rattled growth expectations and market confidence piled up within hours, quickly chilling investor sentiment.
Binance Loses More Than $5.9 Billion, Says All Losses Will Be Covered
Estimated losses from the Binance hack have topped $5.9 billion. Blockchain analytics firm Chainalysis said assets drained from Binance in the attack totaled about $5.9 billion. Large transfers of Bitcoin, Ether and stablecoins were detected from wallets linked to the attacker.
Binance said on its official X account that the amount confirmed as frozen had risen to about $3 billion on Oct. 30. That was about $460 million more than the previously disclosed $2.54 billion. The company said it was working closely with law enforcement agencies, issuers, blockchain analytics firms and industry partners, and would continue tracing and freezing additional assets. It also said it would cover all losses and temporarily suspend deposits and withdrawals while it conducts security checks, freezes funds and coordinates with investigators.
The attacker has been swapping the stolen coins into other assets. On-chain analytics firm Lookonchain said the attacker sold seven tokens — UNI, ENA, PEPE, LINK, AAVE, ONDO and WLD — and accumulated 70,480 Ether. That was worth about $158.25 million at the time of the trades.
The fallout from the breach was quickly reflected in cryptocurrency prices. Bitcoin fell as low as $77,646, its weakest level in six weeks. Ether slid to $2,238.76, its lowest in two months. BNB, which is tied to the Binance ecosystem, dropped more than 8% over 24 hours.
Alphabet Shock Spreads to Samsung, SK Hynix
Alphabet’s third-quarter revenue rose 25% from a year earlier, but failed to meet market expectations. Capital expenditures reached about $51.4 billion, while free cash flow showed a deficit of about $9.1 billion. Investors focused less on revenue growth and more on the burden of investment and the pace of cash burn.
Unease over spending by U.S. big tech spread to South Korean chipmakers. Big tech and data-center operators are key buyers of high-bandwidth memory, or HBM, and server memory. If their funding burden rises and capital spending slows, that could affect orders and earnings outlooks for South Korean semiconductor companies.
Samsung Electronics was trading at 219,750 won, down 12,250 won, or 5.28%, from its reference price. SK Hynix fell 126,000 won, or 8.26%, to 1.4 million won. During the session, it also slipped below the 1.4 million won level.
The Kospi stood at 5,658.30 at the same time, down 279.36 points, or 4.70%, from the previous session. Its intraday low was 5,629.55, taking the decline past 5%. Just two days after surging 6.63% on Oct. 28 and reclaiming the 6,000 level, the index had fallen back into the 5,600 range.
Flows were also a drag. In the main Kospi market during the 10 a.m. hour, foreign investors were net sellers of 553.8 billion won and institutions sold a net 241 billion won. Retail investors bought a net 709.4 billion won, but that was not enough to reverse the decline. With chip stocks that had rallied on AI spending expectations and cryptocurrencies that traded on trust in platform security both under pressure at the same time, caution toward risk assets broadly was growing.

As South Korea moves toward imposing taxes on virtual assets in 2027, the system needs to be refined to address issues including the lack of loss carryforwards and fairness in taxing overseas transactions, according to a speaker at a seminar.
Choi Hee-kyung, a specialist adviser and certified public accountant at law firm Bae, Kim & Lee LLC, made the remarks at a seminar held on Oct. 30 at the National Assembly Members' Office Building in Yeouido, Seoul, under the title "2027 Virtual Asset Tax Deferral: When Should It Take Effect?"
Choi stressed that authorities should assess how prepared both the government and the industry are before taxation of virtual-asset income under current law begins on Jan. 1, 2027. Corporate tax and inheritance and gift tax already apply to virtual assets, he said. What remains deferred is income tax on individual investors' capital gains and related income from virtual-asset transfers.
He also said the government's preparations are already well advanced. Referring to the Organisation for Economic Co-operation and Development's Crypto-Asset Reporting Framework, or CARF, Choi said South Korea is part of the schedule to begin information exchange in 2027. Still, he added, accurately identifying transactions conducted through overseas exchanges, personal wallets and decentralized exchanges, or DEXs, remains a challenge.
Choi cited the absence of a loss carryforward system as a key issue. Under the current tax framework, investment losses cannot be carried over to the following year and deducted from profits. Citing tax practices in major economies including the U.S., Germany and the U.K., he said authorities need to consider whether losses should also be properly recognized if profits are to be taxed.
He argued that the scope of taxable income also needs to be clarified. The planned regime focuses on transfers and lending of virtual assets, but standards for taxing income generated through staking, airdrops and hard forks have not been sufficiently established. He also identified as a major point of debate whether it is appropriate to begin taxation before a basic digital-asset law is enacted, given delays in legislation.
Choi also compared the case for implementation with the case for another delay. Supporters of moving ahead cite the principle that income should be taxed wherever it arises and argue that repeated postponements undermine policy credibility. Those favoring another deferral say more preparation is needed because of fairness issues between domestic and overseas transactions, the lack of loss carryforwards and insufficient investor-protection rules.
He also introduced alternatives including a transaction tax and a separate tax regime for virtual-asset investment income. "Beyond the question of whether to impose the tax or delay it, the discussion should also consider different types of income and the burden on taxpayers," Choi said. "I hope the tax debate will also take into account growth in the virtual-asset industry alongside regulation."

Alphabet Earnings Shock Hits Chip Stocks
Samsung Electronics Down 5%, SK Hynix Falls 9%
Foreign, Institutional Investors Net Sell 780.2 Billion Won
South Korea’s Kospi sank more than 5% intraday on October 30, sliding back to the 5,600 level. Selling in Samsung Electronics and SK Hynix intensified after weak results from Google parent Alphabet fueled concerns over the profitability of artificial intelligence investment. Foreign and institutional investors sold in tandem, overwhelming bargain buying by retail traders.
The Kospi was at 5,642.16, down 295.50 points, or 4.98%, from the previous session. The index opened at 5,760.35, down 3%, and fell as low as 5,629.55 during the session. After rebounding 6.63% on October 28 to recover the 6,000 mark, it slipped back to the 5,600 range two days later.
Losses were steepest among large semiconductor stocks. Samsung Electronics was trading at 219,750 won, down 12,250 won, or 5.28%, from its reference price. SK Hynix fell 136,000 won, or 8.91%, to 1.39 million won, dropping below the 1.4 million-won level. Pressure on the index mounted as the two stocks that had underpinned the domestic market fell together.
On the benchmark market, foreign investors were net sellers of 527.8 billion won, while institutions sold a net 252.4 billion won. Their combined net sales totaled 780.2 billion won. Retail investors bought a net 697.8 billion won, but that was not enough to pull the index out of the red. Program trading also showed net selling of 331.4 billion won.
Selling was not confined to chip shares. Decliners on the Kospi outnumbered gainers 667 to 196, more than a three-to-one margin. Weakness in large-cap stocks was spreading caution across the broader market.
The pressure on South Korean equities followed an overnight drop in U.S. technology shares. The Nasdaq Composite fell 1.38% in New York on October 29. The S&P 500 and Dow Jones Industrial Average also slipped 0.30% and 0.25%, respectively. Alphabet dropped more than 12% after reporting earnings that missed market expectations and stoked concerns that AI spending could weigh on cash flow.
The shock spread to semiconductor stocks. The Philadelphia Semiconductor Index fell 1.42%, while Micron and SanDisk dropped 4.98% and 5.32%, respectively. After the close, Amazon and Intel also fell in after-hours trading on disappointment over their earnings outlooks, adding pressure to South Korea’s market.
The investment burden facing AI companies is closely tied to demand for South Korean memory chips. If Big Tech and data-center operators slow the pace of capital spending, orders for high-bandwidth memory, or HBM, and server memory could also be affected. Even with near-term earnings improving, doubts over whether investment and demand can be sustained are weighing on share prices.
“Recently, volatility in semiconductor shares has been driven not only by corporate earnings, but also by foreign fund flows and shifts in investor sentiment,” Seo Sang-young, an executive director at Mirae Asset Securities, said. Intraday trading by foreigners in both stock-index futures and cash equities is important, he added.
The Kosdaq market was also weaker. The Kosdaq index was at 726.93, down 26.30 points, or 3.49%, from the previous session. Foreign and institutional investors were net sellers of 67.2 billion won and 43.2 billion won, respectively, while retail investors bought a net 119 billion won. Losers totaled 1,418, far outnumbering the 255 gainers.

Rep. Min Byung-deok of the Democratic Party reiterated that tax fairness and related infrastructure should be thoroughly reviewed before South Korea moves ahead with taxation of virtual assets.
At a seminar held on October 30 at the National Assembly Members' Office Building in Seoul's Yeouido titled "2027 Virtual Asset Tax Deferral: When Should Implementation Begin?" Min said in a video message that he agrees with the principle that income should be taxed. But, he added, policymakers should take seriously criticism that in South Korea, legislation moves slowly while taxation moves quickly.
Under current law, taxation of income from virtual assets is scheduled to begin on Jan. 1, 2027. Min said a sober review is needed before implementation, including whether tax fairness has been secured, whether the necessary infrastructure is in place and whether the timing is appropriate.
He also argued that the same tax standards should apply to both domestic and overseas virtual-asset transactions. Virtual assets are traded across borders, he said. Data from domestic exchanges is relatively easy to verify, but properly tracking transactions involving overseas exchanges and private wallets will require an international information-sharing system.
Min also referred to South Korea's participation in the schedule to begin information exchanges from 2027 under the Crypto-Asset Reporting Framework, or CARF. He said the government should clearly explain when it will actually be able to obtain overseas transaction data once taxation begins and how that data can be used for tax verification.
He also called for improvements to deductions for losses on virtual-asset investments. If gains are taxed, losses should also be properly recognized, Min said. He noted that the current system does not allow loss carryforwards, which would let investors carry losses into the following year for deductions.
If an investor loses 10 million won in the first year and earns 10 million won the following year, there is no actual net profit over the two years, he said.
Min also stressed that the virtual-asset tax regime and investor-protection rules should advance together. Proper tax collection and proper investor protection must go hand in hand, he said, adding that implementation should come only after the systems and infrastructure needed for taxation are in place.

Binance Hit by Suspected $5.7 Billion Coin Outflow
Bitcoin Falls 4%, Ether Drops 4.5%
$2.54 Billion Frozen as DeFi Also Comes Under Strain
The cryptocurrency market is reeling after a major hack at Binance, the world's largest digital-asset exchange. Outside estimates put the suspected outflow at about $5.7 billion. Bitcoin and Ether fell, while Solana and XRP each slid more than 6%. Binance has moved to freeze assets and conduct emergency security checks, but the fallout has spread into the DeFi market, hurting investor sentiment.
CoinDesk reported on Oct. 30 that Arkham, the blockchain analytics firm, estimated wallets believed to be tied to the attacker held about $5.7 billion in assets. Hyperdash had earlier put the estimated outflow at about $5.6 billion. The final loss is still being calculated, but based on outside estimates alone, the incident ranks among the largest hacks on record.
The crisis emerged after a large amount of assets moved from Binance's hot wallet to a new address. A hot wallet is connected to the internet to process customer deposits and withdrawals. A large volume of coins first left the Ethereum network. Fund transfers were then detected on Bitcoin and Tron, pushing the estimated outflow sharply higher.
Bitcoin Breaks Below $78,000 as Liquidations Mount
The hack added another blow to a crypto market that was already under pressure. As of 8:48 a.m. on Oct. 30 in Korea, Bitcoin was trading at $78,058.23 on Binance's USDT spot market, down 4% from a day earlier. At one point, Bitcoin fell below the $78,000 level. Ether dropped 4.50% over the same period to $2,252.40.
Losses were steeper among altcoins. Solana traded at $95.79, down 6.41% from 24 hours earlier, while XRP fell 6.68% to $1.2368. Ether at one point slipped to $2,233 and Solana to $95. Selling spread from the largest tokens to major altcoins, weighing on sentiment across the market.
The selloff triggered forced liquidations among leveraged traders. Data from CoinGlass showed about $627.7 million in derivatives positions were liquidated in the hour when concerns over the hack spread. Long positions accounted for about $606.6 million of that total. Falling prices and forced selling combined to deepen the market shock.
$2.54 Billion Frozen as Shock Spreads to DeFi
Binance said in an official statement that "the total amount verified as frozen currently stands at $2.54 billion." The company added that the amount could rise because it is tracing additional assets with law enforcement, stablecoin issuers and blockchain analytics firms.
Service restrictions also widened. Binance initially described some withdrawal disruptions as a technical error. It later said it was conducting security checks and would resume withdrawals once the security issue is fully resolved. Binance Alpha trading, including token purchases using spot wallet funds and instant Alpha trades, was also temporarily suspended.
The attacker moved funds into decentralized finance to avoid asset freezes. Stablecoins that issuers could freeze were exchanged for Ether or posted as collateral to borrow other assets. Decrypt reported that one wallet tied to the attacker deposited about $60 million in USDT into Aave and borrowed about 19,762 Ether.
Odysseas Lampridis, founder of Phylax Systems, said the fallout from the Binance hack is spreading into DeFi. That means financial protocols outside centralized exchanges could also face risks as stolen assets are used as loan collateral. Aave blocked new deposits and borrowing in its Ethereum mainnet V3 market, while Kamino temporarily suspended borrowing in its SOL and BTC markets as a precaution.
The adequacy of Binance's user protection fund, known as SAFU, is also being tested. Binance disclosed in February that the fund held 15,000 Bitcoin. Assuming that amount has been maintained and using a price of $79,000 per coin, the fund would be worth about $1.185 billion, a wide gap from outside estimates of the outflow. Depending on the final loss and the outcome of asset recovery efforts, Binance may need to tap resources beyond the fund.
Binance has repeatedly said user funds are safe. Founder Changpeng Zhao also said Binance appears to have been hacked, and that as a shareholder he expects users to be fully reimbursed. Market attention is now focused on blocking further outflows, recovering frozen assets and detailing how losses will be covered. To restore trust in the world's largest exchange, Binance will need to back its assurances with actual asset recovery and service restoration.

Recovery followed Bitfinex and Binance breaches
Bitcoin set a new record three months after the Bybit hack
The cryptocurrency market has been rattled by the Binance hacking incident, bringing renewed attention to Bitcoin’s history of bouncing back from past shocks. Hacks and bankruptcies at major exchanges have triggered sharp short-term selloffs, but Bitcoin later surpassed its previous peaks in subsequent bull markets. The time needed for recovery has ranged from months to years.
One of the best-known examples was the 2016 Bitfinex hack. News that about 120,000 Bitcoin had been stolen sent the cryptocurrency down more than 20% in a single day. The shock, however, did not derail the longer-term rally. By late 2017, Bitcoin had climbed to nearly $20,000, setting what was then a record high.
The 2014 collapse of Mt. Gox also shook the market. When the then-major exchange halted withdrawals and went bankrupt, distrust spread over the safety of Bitcoin held on exchanges. Even so, Bitcoin later recovered and joined the 2017 bull market.
Binance went through a similar episode. After news of a hack broke in May 2019, Bitcoin fell as much as 4.2% intraday to around $5,700. But by late June, about seven weeks later, it had risen to the $13,800 range. That marked a gain of about 140% from its post-hack low.
Some recoveries took longer. Around the collapse of FTX in November 2022, Bitcoin fell to about $15,500. It later rebounded and rose above $73,800 in March 2024, setting a new record. That was about 4.8 times its low. The shock tied to FTX, however, reflected not only a hack but also the misuse of customer funds, a liquidity crisis and bankruptcy.
Bitcoin also reset its peak after last year’s Bybit hack. After about $1.5 billion worth of Ethereum was stolen on Feb. 21, 2025, the market turned weak. About three months later, on May 21, Bitcoin broke above $109,400. That rebound was also driven by easing tariff concerns, renewed appetite for risk assets and broader institutional acceptance of cryptocurrencies.
In the latest Binance incident, the market’s focus is on how long the shock will last. Binance has stressed that user funds are safe while it conducts security checks. Tether and Circle have frozen combined assets worth about $2.4 billion. The amount ultimately recovered, how losses are compensated and the speed of restoring normal withdrawals will be key factors in determining trust in the exchange.

A hacker tied to the Binance breach is converting stolen assets into Ether to evade asset freezes. The attacker has gone beyond direct stablecoin swaps, also posting them as collateral to borrow Ether. Decentralized finance, or DeFi, protocols have begun restricting lending markets to block further fund movements.
Assets believed to have been drained from wallets linked to Binance total at least $5.5 billion, Decrypt reported on October 29. The attacker has been using decentralized exchanges including Uniswap to swap stablecoins for Ether.
The push to convert assets stems from the freeze functions built into stablecoins. Tether and Circle can block suspicious addresses and halt the movement of USDT and USDC. The two companies have frozen more than $2 billion tied to the incident. Ether, by contrast, has no central issuer that can freeze assets at specific addresses in the same way.
Transactions also showed the attacker using lending protocols as a workaround. One wallet tied to the attacker deposited $60 million of USDT on Aave as collateral and then borrowed about 19,762 Ether. That let the attacker obtain an asset that is harder to freeze without selling the stablecoins outright.
The activity has fueled concern that the risk could spread to DeFi lending markets. If stablecoins posted as collateral are frozen, lending protocols could face disruption when trying to liquidate that collateral. Odysseas Lampridis, founder of Phylax Systems, said contagion is spreading across DeFi.
Aave has since moved to block additional borrowing by restricting new deposits and loans. Kamino, a Solana-based lending protocol, also temporarily suspended lending in Solana- and Bitcoin-related markets as a precaution.
Ripple's dollar-pegged stablecoin RLUSD was also used to move funds. The attacker is believed to have swapped about $36 million worth into Ether. Binance co-Chief Executive Officer He Yi said the Ripple team helped freeze about $200 million in assets and that user funds are safe.
Jack McDonald, Ripple's senior vice president for stablecoins, said the company is actively freezing affected assets and will cooperate on measures to protect users.

Estimated asset outflows exceed $5 billion
Bitget, CoinDCX also suffer fresh breaches
Binance, the world’s largest cryptocurrency exchange, is facing allegations of a major hack. On-chain analysis detected signs that more than $5 billion in assets may have flowed out, and concern deepened as some users also reported difficulty withdrawing funds. With security incidents repeatedly hitting major exchanges in South Korea and abroad, the market is increasingly focused on whether platforms can keep customer assets safe, not just offer trading convenience.
Data from Hyperdash on Oct. 29 showed estimated outflows from wallets linked to Binance at about $5.6 billion. Fund movements were detected across several blockchains, including Ethereum, Bitcoin and Tron. The assets included 18,270 Bitcoin, about 197,170 Ether, and stablecoins such as USDT and USDC.
Stablecoin issuers moved to freeze funds. Tether Chief Executive Officer Paolo Ardoino said more than 1.567 billion USDT had been frozen in connection with Binance’s potential hack. Circle also froze about $823 million. Combined, the two freezes totaled about $2.4 billion.
Binance said it was aware of reports of a potential security issue and was investigating. User funds are completely safe, it added.
The concern also rippled through prices. Data from CoinGlass showed about $627.7 million in cryptocurrency derivatives positions were liquidated in the hour when the hacking allegations spread. Long positions, or bets on gains, accounted for about $606.6 million of that total. Bitcoin at one point fell below $79,000 for the first time in about 40 days.
The latest incident follows a string of major hacks at other exchanges. Bitget lost about $388 million after its wallet system was attacked on Sept. 24. The company’s investigation found that the attacker exploited a vulnerability in an external security product, gained a high level of internal access, and then sent fake withdrawal instructions. Bitget made customers whole, but did not fully restore its suspended withdrawal service until Oct. 2.
At Indian exchange CoinDCX, about $15.99 million in USDT was drained from an older wallet on Oct. 21. Some user deposits had continued to flow into the wallet even after it was taken out of service following a hack last year, and funds accumulated there after an automated transfer process meant to move them to a new wallet failed to work properly. CoinDCX said the company absorbed the loss and that its active wallets and trading systems were unaffected. The episode showed how operational gaps left behind after an earlier breach can lead to additional losses.
South Korea has not been exempt. Upbit suffered a hack on Nov. 27, 2025, in which Solana-network digital assets worth about $32.2 million were transferred to an external wallet. According to materials submitted to financial authorities, user losses totaling about $27.9 million were fully covered with company funds. Upbit also suffered an Ether outflow incident in 2019.
Even cold wallets kept offline do not guarantee safety throughout the management process. Bybit lost about $1.46 billion in an attack targeting a cold wallet in February 2025. According to security firm CertiK, the attacker made the transfer appear legitimate on the wallet management screen while actually inducing staff to sign a malicious transaction. The system required approval from multiple personnel, but it failed to screen out the manipulated transfer.

Tech Selloff Spreads After Earnings Disappointment
Semiconductor Index Falls for First Time in Five Days
Alphabet's earnings shock swept through Wall Street. Doubts deepened over whether massive artificial intelligence spending can translate into profit, sparking a selloff in technology shares. All three major indexes closed lower, with the Nasdaq posting the sharpest decline.
On Oct. 29, the Nasdaq Composite fell 365.13 points, or 1.38%, to 26,184.72. The S&P 500 dropped 23.59 points, or 0.30%, to 7,720.39, while the Dow Jones Industrial Average lost 132.54 points, or 0.25%, to 52,342.56.
At the center of the selloff was Google parent Alphabet. Its shares plunged 12.64% after third-quarter revenue and adjusted earnings per share both missed market expectations. With spending on AI continuing to rise while results failed to meet expectations, investor concern over cash burn intensified.
The anxiety spread to other technology stocks. Fortinet and ServiceNow, which also reported earnings, each tumbled more than 20%, while Marvell Technology fell more than 13%. The moves underscored growing investor skepticism that lofty valuations can be sustained on AI growth expectations alone.
Semiconductor stocks also lost momentum. The Philadelphia Semiconductor Index fell 1.42%, ending a four-session winning streak. Micron Technology dropped 4.98%, AMD fell 2.08%, and American depositary receipts of SK Hynix slipped 1.58%.
Drugmakers with improving earnings, by contrast, drew buyers. Eli Lilly jumped 6.63% after raising its full-year revenue forecast on stronger sales of its weight-loss treatment. Merck also rose 3.83% on solid results. Small-cap stocks, unlike technology shares, also attracted buying interest.
Macroeconomic data offered no clear direction. The advance estimate of U.S. third-quarter gross domestic product showed annualized growth of 3.4%, above expectations and confirming the economy remained in expansion mode. But the personal consumption expenditures price index, the inflation gauge closely watched by the Federal Reserve, accelerated from the previous month. Tension over the path of monetary policy persisted even after the Fed held rates steady a day earlier, with inflation pressures yet to fade.

Signs of 18,270 Bitcoin Leaving Binance
Assets that flowed out of global cryptocurrency exchange Binance are estimated at $5.6 billion, with more than half not subject to emergency freezes, according to an analysis. Stablecoin issuers moved quickly to freeze funds, but more than half of the assets, including Bitcoin and Ether, appear to have remained unfrozen.
Andy, founder of crypto media outlet The Rollup, wrote on X on Oct. 29 that estimated outflows tied to the Binance hack had topped $5.5 billion. A chart he shared showed total outflows across the Ethereum, Bitcoin and Tron networks at $5.6 billion.
By asset, USDT accounted for the largest share at $2.29 billion. Bitcoin outflows totaled 18,270 tokens, worth about $1.45 billion, while USDC accounted for $823 million. Ether outflows were estimated at about 197,170 tokens worth $451 million.
The total also included Ripple's stablecoin RLUSD at $88.6 million, liquid staking token wBETH at $75.3 million, and gold-linked token XAUt at $50.5 million. Fund movements were also detected in Uniswap's UNI, Ethena's ENA and PEPE.
Of the total, about $2.38 billion in crypto assets has been frozen. That figure combines roughly $1.56 billion in USDT frozen by Tether and $823 million in USDC frozen by Circle. It amounts to about 43% of the estimated total outflow.
The remaining roughly $3.2 billion appears to be unfrozen. That includes Bitcoin and Ether, as well as about $730 million in USDT.
Binance has maintained that customer funds remain safe as it investigates the security issue and works to fix withdrawal errors affecting some users. The outflow figure is based on on-chain estimates from Hyperliquid and other analysts, and does not represent Binance's final disclosed loss.

Binance, the cryptocurrency exchange, said it has received reports of a potential security issue and is investigating. The statement was the exchange’s first official response after allegations of a hack surfaced.
Binance said in a post on its official X account on October 29 that it was "aware of reports regarding a potential security issue" and was "actively investigating." Its security team is urgently reviewing the relevant information, it added.
The exchange said it would provide updates promptly through official Binance channels once details are confirmed.
Binance also urged users to be on alert for scams and not to trust unofficial links, messages or requests for account information.
Earlier, Binance founder Changpeng Zhao, known as CZ, said "it appears Binance was hacked." In response, Tether and Circle reportedly froze about $971 million and $823 million, respectively.

The European Central Bank left its three key policy rates unchanged.
After a monetary policy meeting in Frankfurt on October 29, the ECB kept the deposit rate, its benchmark policy rate, at 2.50%. It also left the main refinancing rate unchanged at 2.65% and the marginal lending rate at 2.90%.
That kept the gap between the ECB’s deposit rate and South Korea’s benchmark rate of 3.00% at 0.50 percentage point. The spread with the U.S. policy rate of 3.75% to 4.00% stood at 1.25 to 1.50 percentage points.
The ECB had previously raised policy rates twice this year, in June and September, by 0.25 percentage point each time.
In a statement, the ECB said “the full impact of the energy shock continues to unfold,” adding that underlying inflation has remained broadly stable and wages have not shown a clear response at this stage.
It also said prices could rise while growth slows if the energy shock becomes larger and more prolonged, taking into account indirect and second-round effects. The statement did not rule out additional rate increases.

Intercontinental Exchange Inc., the parent of the New York Stock Exchange, plans to launch Hyperliquid-based perpetual futures in the US.
Bloomberg reported on October 29 that ICE is working with Trade.xyz, a provider of perpetual futures infrastructure within the Hyperliquid ecosystem, to launch the new product.
As part of the partnership, ICE will also take an equity stake in Trade.xyz. The size of the investment was not disclosed.
The perpetual futures contracts will use Hyperliquid's blockchain infrastructure. ICE plans to tie the products to Trade.xyz prices for stocks, equity indexes, commodities and currencies.
Perpetual futures are derivatives with no expiration date. They allow investors to trade price moves without directly holding the underlying asset. They are typically available for round-the-clock trading and can be used with leverage. Trade.xyz is credited with expanding Hyperliquid's perpetual futures market into traditional assets such as crude oil and stock indexes.
Neither Hyperliquid nor Trade.xyz currently offers services to US users. ICE selected Trade.xyz as its partner to launch perpetual futures under the US regulatory framework.
In the US, the Commodity Futures Trading Commission this year allowed domestic companies to launch perpetual futures, prompting a series of related product rollouts. Kalshi and Coinbase, which recently began offering perpetual futures trading, are among the notable examples.

Netanyahu, Eisenkot Camps Set to Fall Short of Majority
Coalition Talks Face Hurdles as Uncertainty Grows Over Iran Policy
Rising Oil Prices and Rate Pressure Stoke Downside Risks for Crypto
With no clear winner emerging from Israel's general election, uncertainty in the Middle East is becoming a new variable for digital assets such as Bitcoin.
The New York Times reported on October 28 that, with about 90% of the vote counted from the Israeli election held a day earlier, Prime Minister Benjamin Netanyahu's bloc was projected to win 54 seats and the camp led by former military chief Gadi Eisenkot 49. Neither side was on track to secure the 61 seats needed for a majority in the 120-seat Knesset, raising the risk of a political impasse.
The count of regular ballots is nearly complete, and the tally is effectively set to wrap up by the afternoon of October 29. Official results are due on November 4 because absentee ballots from diplomats and other voters still need to be counted separately.
The digital-asset market also swung after exit-poll results from the election were released a day earlier. Bitcoin rebounded from around $80,000 to about $81,200 as reports indicated the anti-Netanyahu camp held a narrow lead. The rally then lost momentum as projections showed neither side would likely win a majority, though prices later bounced again and continued to fluctuate.
Middle East Uncertainty Persists as Israel Election Result Draws Scrutiny
The election is drawing attention because the next Israeli government's policy toward Iran could shape the broader Middle East outlook. Netanyahu has long stressed the need for a hard-line military response to Iran and for regime change. Eisenkot agrees on the need for military action to block Iran from developing nuclear weapons, but has been skeptical about using force to bring down the regime. He has also argued that diplomacy should be pursued if necessary.
Still, neither camp is projected to win the 61 seats needed for a majority, a result that could prolong coalition negotiations. Under Israel's system, President Isaac Herzog names a candidate to try to form a government after the official election result is announced. That candidate gets up to 42 days, including any extension, to negotiate. If those talks collapse, another candidate can be given the chance to form a coalition. If that also fails, Israel could head to another election, meaning it may take months for a new government to take office.
A prolonged political deadlock in Israel could deepen uncertainty over any military response to Iran. Whether Israel resumes attacks on Iran and the direction of future operations could depend on the shape of the eventual coalition. The Times of Israel reported that if Netanyahu fails to form a coalition and remains caretaker prime minister, it could become harder for him to resume attacks on Iran. Commerzbank analysts, by contrast, said that if Netanyahu returns to power, he may seek regime change in Iran and that the election outcome will have an important effect on the course of any war with Tehran.
As uncertainty in the Middle East persisted, oil prices rebounded after one day of declines. December Brent crude settled at $115.32 a barrel in London trading on October 28, up 1.26% from the previous session. December West Texas Intermediate rose 2.88% to $102.78 a barrel on the New York Mercantile Exchange. Both contracts had fallen the previous day, down 1.67% and 1.83%, respectively.
Prolonged Middle East Conflict Could Raise Rate-Hike Odds, Adding Pressure on Bitcoin
Analysts said investors should watch how the Middle East outlook shaped by Israel's election affects crude prices and U.S. monetary policy. If military tensions intensify and oil rises, inflation pressure could build. That could limit the Federal Reserve's room to cut rates or increase the odds of further tightening, weighing on the crypto market.
Kim Min-seung, head of research at DigitalX, said Israel's political situation does not directly move prices of digital assets such as Bitcoin, but the Middle East conflict ultimately affects oil, which then feeds into U.S. inflation and interest rates. A deeper regional conflict driven by Israeli politics and higher oil prices could become a bearish factor for Bitcoin by lifting expectations for higher U.S. inflation and further rate increases.
Jung Min-kyo, an analyst at Presto Research, said the election result itself matters less for the crypto market than the possibility that geopolitical uncertainty in the Middle East could drag on. Uncertainty over Israel's Iran policy may persist through coalition talks. If oil remains elevated, as it is now, rate pressure could continue and weigh on risk assets broadly, including Bitcoin.

The Federal Reserve’s October Federal Open Market Committee meeting was viewed as less hawkish than expected, but the altcoin market has struggled to mount a rebound. High oil prices, the inflation pressure they bring, the upcoming U.S. midterm elections and regulatory uncertainty have combined to keep sentiment weak. Over the past week, about 270 of the top 300 cryptocurrencies by market capitalization fell, extending losses across the market.
About 270 of Top 300 Tokens Fall as Altcoin Weakness Spreads
Weakness has dominated the broader altcoin market, with gains limited to a handful of tokens backed by coin-specific catalysts.
According to CoinMarketCap data on Oct. 29, about 270 of the top 300 cryptocurrencies by market capitalization fell over the past week, while only 30 rose. The simple average weekly return was estimated at about negative 7%, showing that losses spread across the market regardless of size.
Declines were also pronounced among larger altcoins. Worldcoin (WLD) fell 24.1% over the past week. The token came under pressure as a large amount of WLD was moved to exchanges from a wallet believed to be linked to the team, with a token unlock adding to the weakness.
Aerodrome Finance (AERO) dropped 16.2% despite the launch of multichain exchange Aero, after news emerged that BitMEX co-founder Arthur Hayes had sold AERO. LayerZero (ZRO) also lost 13.8%, with analysts attributing the decline to an Oct. 20 unlock equal to about 5.9% of circulating supply.
By contrast, Memecore (M) rose 29.3% on news that it would support bridging between BNB Chain and Base through integration with LayerZero and Stargate. Pepe (PEPE) gained 11.7% after a wallet linked to Justin Sun was estimated to hold 2.82% of total supply, drawing investor attention.
Volatility was even sharper among mid-cap tokens. QuarkAI (Q) plunged 61.1% over the past week, rapidly giving back recent gains. Q had soared more than 260% on Oct. 27 alone before tumbling more than 70% the following day. Some market participants have suggested a large share of the trading volume at the time may have been wash trading. Starknet (STRK) fell 15% after total value locked in its decentralized-finance ecosystem dropped about 74% over several days. Sonic (S) also remained weak after the foundation said it would transfer 13 million S tokens over the counter.
Among smaller-cap tokens, some names posted stand-alone rallies on coin-specific developments. STONK rose 13.8% as the number of holders increased and token buybacks funded by trading fees continued. USD.AI (CHIP) gained 6.4% over the past week after deploying $1 million to buy back about 22.3 million CHIP. Even so, many smaller altcoins weakened alongside the broader risk-off mood despite the absence of clear token-specific negative news.
Searching for Direction After the FOMC as Rates, Regulation and Midterms Loom
The altcoin market remains volatile and has yet to establish a clear direction. Risk appetite is still present, but uncertainty over interest rates, inflation, regulation and politics is limiting any further rebound.
Altcoins have also shown less rebound momentum than Bitcoin. In a recent weekly report, crypto exchange Bitfinex said altcoins have fallen more than twice as much as Bitcoin in the latest pullback. It said that even if a rebound emerges, Bitcoin is likely to rise first and altcoins may follow later. If the market declines again, altcoins could fall about twice as much as Bitcoin. Bitfinex also said the recent correction had flushed out a substantial amount of leverage in altcoins, reducing the risk of further liquidations compared with earlier periods.
In the external environment, interest rates, high oil prices, and regulatory and political uncertainty remain the main variables. The Fed kept its benchmark rate unchanged but said inflation remains elevated, maintaining its guard against further price pressures. At the same time, major global investment banks judged the latest FOMC to be less hawkish than expected because Fed Chair Kevin Warsh did not deliver a clear signal of additional rate increases.
At the same time, Senate discussion of the CLARITY Act, a U.S. crypto market structure bill, has been delayed, while the U.S. Treasury Department continues to work with authorities including the Securities and Exchange Commission and the Commodity Futures Trading Commission to address regulatory gaps. Some analysts also say volatility in equities ahead of the Nov. 3 U.S. midterm elections could spill over into digital assets.
Some analysts say investors should remain alert to the possibility of another correction. Crypto analyst Benjamin Cowen said that while the Fed left rates unchanged, producer prices recently came in stronger than expected and rising oil prices could push inflation higher again. If the Personal Consumption Expenditures price index due later on Oct. 29 also comes in strong, long-term Treasury yields could rise again and increase downside pressure on crypto markets. He added that even if Bitcoin rebounds, it could still revisit its lows in the fourth quarter. Recent gains alone, he said, are not enough to conclude that downside risks have faded.
Others argue that risk appetite has not fully broken down. Crypto market maker Wintermute said the recent pullback in equities appeared to reflect a rotation out of artificial-intelligence-related stocks into other assets rather than a complete collapse in demand for risk. Still, Bitcoin has been closely tracking the Nasdaq and interest-rate moves, making the market’s short-term direction difficult to call with confidence. Investors need to remain cautious until Bitcoin reclaims the $82,500 level.
Kang Min-seung, Bloomingbit reporter minriver@bloomingbit.io

Fed Pauses Rate Increases Ahead of U.S. Midterm Elections
‘Need More Data Before Setting Policy Path’
Rate-Setting Meetings to Be Reduced From Eight a Year to Seven, Then Six
‘I’m More Interested in Korea’s Economy Than You May Think’
Calls BOK Governor Shin ‘A Very Capable Person’
The Federal Reserve left its benchmark interest rate unchanged at 3.75% to 4% at its Federal Open Market Committee meeting on Oct. 28. The decision followed a quarter-point increase last month and marked a pause in the rate-hike cycle. Fed Chair Kevin Warsh said at a press conference that the FOMC will gradually reduce the number of rate decisions starting next year.
‘U.S. Economy Expanding at a Strong Pace’
The decision to hold rates was approved by 10 of the FOMC’s 12 members. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack supported another quarter-point increase. In its policy statement, the committee said U.S. economic activity is “expanding at a strong pace.” That was stronger language than in its September statement, which described the economy as expanding at a “solid pace.”
The statement also offered an upbeat assessment of the broader economy. It said domestic spending continues to recover despite elevated geopolitical uncertainty. Productivity growth is strong and capital investment remains solid. The committee also said job gains are keeping pace with growth in labor supply, leaving the unemployment rate little changed. The message underscored the Fed’s priority on inflation over employment and added to market expectations for a December rate increase.
Still, the statement included new language saying that “the accumulation of additional information” will help guide future policy decisions. The change suggested the Fed will calibrate its pace after reviewing both economic and inflation data. Warsh said the recent rise in short-term inflation expectations reflects consumers taking a hard look at reality. Over a longer horizon, most households, businesses and financial markets remain confident that the central bank will restore price stability, he added.
Warsh also announced changes to how the Fed conducts monetary policy decisions, including the introduction of FOMC meetings with no rate vote starting next year. The committee now meets eight times a year, and Warsh said that remains an appropriate frequency. But policymakers do not need to make a rate decision at every meeting, he said. Next year, one of the FOMC’s eight meetings will be devoted solely to broader monetary policy strategy, with no vote on rates and no policy statement. By 2028, the number of rate-setting meetings will be reduced to six.
Warsh Highlights Interest in Korea’s Economy
Market reaction was muted. Stocks closed slightly lower after weak earnings from Google parent Alphabet weighed on sentiment. The yield on the 10-year U.S. Treasury briefly fell below 5% after the Fed decision before returning to around 5%. Some criticism also emerged over the decision to hold rates ahead of the U.S. midterm elections on Nov. 3. The probability of a quarter-point increase at the December FOMC meeting rose to about 80%.
Warsh also drew attention by expressing strong interest in South Korea’s economy, which is closely tied to the semiconductor industry. Asked by the Korea Economic Daily about the impact of balance-sheet runoff on offshore dollar markets such as South Korea’s and on institutions that hold U.S. Treasuries, Warsh said he is “more interested in Korea’s economy than you may think.”
He said much of the supply chain tied to the recent rapid expansion in technology comes from South Korea and Japan, with some also coming from Singapore. Looking at the Korean economy also helps show what kinds of goods are flowing into the U.S., he said. His comments suggested that growth in artificial intelligence and capital spending in the U.S. are closely linked to conditions in South Korea.
Warsh also spoke about his ties with Shin Hyun-song, governor of the Bank of Korea. “He is a very capable person and a good friend,” Warsh said. “I’m glad he has that job.” He recalled having extensive discussions with Shin 20 years ago during the global financial crisis about how central banks could use their balance sheets. On balance-sheet reduction, Warsh said the issue is being handled by a dedicated task force. The group will deliver its conclusions and recommendations to the FOMC early in the first quarter next year, he added.
Sang-eun Lee in Washington / Jung-soo Hwang in New York, Korea Economic Daily correspondents selee@hankyung.com

The London Metal Exchange is exploring a plan to tokenize metals stored in Hong Kong warehouses and use them for financing.
Reuters, citing multiple sources, reported on October 28 that the exchange had begun reviewing the proposal.
The initiative is understood to be linked to Hong Kong’s broader strategy to develop itself into a commodities trading hub. In a five-year economic blueprint released last month, Hong Kong outlined plans to expand commodities trading and financing businesses.
The LME told Reuters it is in the early stages of considering the tokenization of metal inventories that do not have warehouse warrants issued against them for business financing. The exchange added that it would consult stakeholders as it develops the plan.
The assets under review are off-warrant inventories. They do not include metal stocks with warehouse warrants, which can already be traded or used as collateral for loans based on documents proving ownership. The idea is to create digital assets backed by inventories without warrants, where standardized financing arrangements are limited, and use them as collateral for lending.
The LME plans to hold a private meeting with industry participants early next month to discuss the proposal. Sources told Reuters that metal-backed digital assets could attract investment from financial institutions and create a new source of revenue for the exchange.

US spot Bitcoin exchange-traded funds posted net inflows for a third straight trading day. US spot Ether ETFs, by contrast, recorded net outflows for a third consecutive session.
On-chain analytics firm Farside Investors said on October 29 that US Bitcoin ETFs took in net inflows of $137 million on October 28. That extended the inflow streak to three trading days.
BlackRock's IBIT led the inflows, attracting $136 million. Bitwise's BITB added another $1.3 million. The remaining ETFs recorded no net flows.
US Ether ETFs, meanwhile, posted net outflows of $21 million on October 28. That marked a third straight trading day of outflows.
BlackRock's ETHA saw the largest outflow at about $44.8 million. Fidelity's FETH and Morgan Stanley's MSSE recorded net inflows of $18.8 million and $1 million, respectively.
Grayscale Mini ETH also posted net inflows of $3.6 million. The remaining ETFs recorded no net flows.

Samsung Electronics reported third-quarter revenue of 195.2532 trillion won ($140.9 billion) and operating profit of 107.4405 trillion won ($77.5 billion). Its chip business accounted for about 99% of total operating profit, and the company also approved a quarterly cash dividend totaling 30 trillion won ($21.7 billion).
In a regulatory filing on Oct. 29, Samsung Electronics said consolidated third-quarter revenue rose 126.88% from a year earlier, while operating profit surged 783.11%.
The Device Solutions, or DS, division, which houses the semiconductor business, posted revenue of 147.1 trillion won ($106.2 billion) and operating profit of 106.5 trillion won ($76.8 billion).
Samsung Electronics' board on Oct. 29 approved a quarterly cash dividend of 4,601 won ($3.32) per common share and preferred share. The total payout amounts to about 30 trillion won ($21.7 billion), with payment scheduled for Nov. 27.
The dividend is part of this year's shareholder return plan announced in August. At the time, Samsung Electronics said it would return 90 trillion won to 110 trillion won ($65.0 billion to $79.5 billion) to shareholders this year, including the third-quarter cash dividend of 30 trillion won ($21.7 billion).
The remaining shareholder return amount and the specific method will be decided at a board meeting in January 2027 after the company finalizes its full-year earnings.

U.S. stocks rose for a third straight session as the Federal Reserve held interest rates steady and AI-related companies posted strong earnings. Oracle jumped more than 10% after laying out plans to ease the funding burden from its AI investments.
On Oct. 28, the Dow Jones Industrial Average closed up 0.19% at 52,475.10 on the New York Stock Exchange. The S&P 500 rose 0.28% to 7,743.98, while the Nasdaq Composite gained 0.27% to 26,549.85. The Philadelphia Semiconductor Index also advanced 1.75%.
The Fed left its benchmark rate unchanged. The vote was split 10-2, with 10 members supporting a hold and two favoring a rate increase. The central bank upgraded its assessment of economic activity to "strong" from "solid," but Chair Kevin Warsh gave no clear signal on whether there would be another increase in December, saying the decision would depend on incoming data.
Oracle surged 10.73% after unveiling growth targets and a funding plan at its investor day. The company set a fiscal 2030 revenue target of $225 billion and said capital expenditures would peak in 2027-2028, with free cash flow turning positive in the second half of 2028. It plans to generate more than $30 billion in annual free cash flow in 2029.
Additional external fundraising through 2030 will be capped at $20 billion, with half to come from debt and half from equity. Oracle also plans to reduce its own investment burden by using direct GPU supply from customers, customer prepayments and supplier financing.
Other AI-related stocks also gained after reporting earnings. SK Hynix ADRs jumped 13.30%, while Vertiv, a maker of power and cooling equipment for data centers, rose 16.48%. GE Vernova also raised its outlook on strong earnings and new orders.
Energy prices and long-term Treasury yields, however, remained a drag on sentiment. International oil prices climbed more than 3% after reports of Houthi attacks on facilities and a decline in U.S. crude inventories. The yield on the U.S. 10-year Treasury also remained above 5%.