The crypto XRP is going through a difficult period, but American crypto ETF investors do not seem in a hurry to reduce their exposure. On October 29, the token was trading around $1.29, nearly 25% below the funds’ estimated average acquisition price. Yet, their monitored holdings decreased by only 0.26% between October 23 and 28. Six spot ETFs still held approximately 1.17 billion XRP.
In brief
XRP is trading roughly 25% below the ETFs’ estimated acquisition price.
The monitored funds’ holdings fell only 0.26% over three sessions.
Bitwise concentrates most withdrawals, but its positions rose on October 29.
XRP ETFs Maintain 1.17 Billion Tokens
The latest figures from XRP Insights reveal unusual resistance. Between October 26 and 28, the crypto funds monitored by the platform recorded a net decrease of 2.96 million XRP, about 3.9 million dollars.
The decline remains limited. In early October, XRP ETFs had already experienced 3.28 million dollars in withdrawals concentrated in Bitwise. The total value of their assets then dropped by 37 million dollars, mainly due to price effects.
The current situation shows similarities. As of October 28, the six American spot XRP ETFs held about 1.17 billion tokens, representing 1.56 billion dollars in assets. Adding the XRP held in the diversified Bitwise 10 Crypto Index Fund (BITW), exposure reached 1.19 billion tokens.
That represents nearly 1.2% of the 100 billion XRP created. However, flow data require clarification. The calculation of 2.96 million XRP includes BITW but excludes Grayscale GXRP due to a historical interruption in data collection.
Grayscale’s holdings are nevertheless counted in the total tokens held. These movements therefore do not allow us to affirm that all crypto ETF holders refuse to sell. They simply indicate that observed aggregate positions have decreased very little.
Bitwise Concentrates Crypto Fund Withdrawals
Most of the movement comes from Bitwise. Its XRP ETF held about 416.61 million tokens on October 23. Three days later, this total had dropped to 413.82 million.
Nearly 2.79 million XRP thus disappeared from its holdings. Franklin Templeton and 21Shares, on the other hand, recorded no changes over the three sessions studied. On October 28, the monitored funds even added about 174,140 XRP, breaking two consecutive days of net withdrawals.
The movement remains modest, but more recent data deserve attention. According to holdings published by issuers, Bitwise held 416.05 million XRP on October 29, about 2.23 million tokens more than its previous report.
The fund therefore recovered much of the tokens withdrawn a few days earlier. However, the complete data for all crypto ETFs for this session were not yet consolidated.
Flows remain irregular. On October 8, XRP ETFs were already attracting capital despite weak prices. However, weekly inflows had significantly slowed.
Another caution: fluctuations in a crypto ETF’s reserves do not automatically correspond to buys or sells made by investors on the stock market. Creations and redemptions of shares, fees, or certain rebalancings can also change holdings.
XRP Remains Far From the ETFs’ Average Price
Holdings’ resistance does not protect funds against the crypto market decline. XRP Insights estimates their average acquisition price at about $1.71 per token. This calculation is based on the funds’ initial positions and daily holdings changes since December 2025.
With XRP close to $1.29 on October 29, the gap was about 24.6%. This is not a 25% loss recorded by each investor. Crypto ETF shares are bought and sold on different dates, sometimes at prices very distant from this theoretical average cost.
The XRP decline continued. On October 30, around 8:32 UTC, the token was trading around $1.255 on Binance. Compared to the estimated average cost of $1.71, the gap now reached about 26.5%.
Price pressure thus remains. At the end of August, XRP ETFs had nonetheless attracted $110.49 million in one week, their best weekly performance of the year at that time. The amounts observed today are significantly lower. To measure a true buyers’ return, upcoming data will need to show net share creations over several sessions. Reserve stability remains encouraging for holders but is insufficient to announce an XRP rebound.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
David Schwartz, chief architect of the XRP Ledger and Ripple’s CTO Emeritus, has firmly rejected one of the XRP community’s most requested features. Schwartz said he is “not a big believer” in native staking, and his explanation goes to the heart of why XRP is not a security.
“What Is The Source Of The Yield?”
At Ripple Swell, Schwartz said there are many reasons native staking is a bad fit for the XRP Ledger, but the biggest is simple: where would the yield come from?
His answer reaches back to the long debate over XRP’s legal status. He argued:
Holding XRP does not make anyone an owner of the XRP LedgerXRP holders do not get to tax other people’s transactionsThe ledger is a public good that nobody owns“Staking is like, that’s how companies work. That’s how securities work,” Schwartz said. “That’s not how commodities work.”
In his view, a network that pays holders out of other users’ activity starts to look like a company paying dividends to shareholders. That is exactly the structure XRP was designed to avoid.
“We Drank The Kool-Aid On Be Your Own Bank”
Schwartz also criticised where much of the crypto market has gone. Crypto’s founding idea, he said, was “be your own bank.” Today, he believes, too many projects want to be someone else’s bank, making money by skimming fees off other people’s transactions.
“We drank the Kool-Aid on be your own bank and everybody constantly is like, I want to be somebody else’s bank,” Schwartz said.
The XRP Ledger was built on a different idea:
The people who use the network are its real stakeholdersFees stay low and throughput stays highUsers make money from the products and services they build, not from charging the network’s other usersHe compared it to running a normal business. A company does not profit from its payment system. It profits from what it sells, and the payment system should simply be cheap, fast and efficient.
Builders Can Still Charge Fees
Schwartz said nothing stops developers from building fee-earning businesses on top of the XRP Ledger. They can trade on its decentralized exchange, issue assets and serve their own customers. The difference, he said, is that “the ledger is not going to tax them for you.”
He acknowledged that sticking to the original vision while the rest of the market moved elsewhere makes the XRP Ledger better at some things and worse at others. The challenge now is to focus on where it has the edge.
“Crypto Was More Exciting 10 Years Ago”
Asked whether crypto was more exciting a decade ago, Schwartz said yes, at least for him. The hard technical problems that drew him in have largely been solved. What remains are problems of regulation, product-market fit and mass marketing.
He compared it to space travel: the thrill is going to the moon before anyone else has. Once the path is known, the challenge becomes funding and persuasion. Schwartz said that is why he now advises on technical questions instead of leading the work. He also said that new technical challenges remain, including defending against threats from AI and balancing privacy with security.
Story Ends Here
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Ripple CEO Brad Garlinghouse has outlined how XRP can simplify cross-border payments by acting as a neutral bridge between currency pairs, removing the need to route transactions through the US dollar. Speaking on Bloomberg TV, Garlinghouse emphasized the advantages of XRP’s efficiency for international money transfers, especially in an environment where most stablecoins remain closely tied to the dollar.
XRP as a Bridge Between CurrenciesGarlinghouse explained that over 90% of stablecoins are pegged to the US dollar, but this reliance does not always yield the most efficient method for global payments involving diverse currencies. Rather than facilitating transfers through dollar-converted stablecoins, Garlinghouse suggested that XRP’s neutral status allows for more direct, lower-cost transactions between currency pairs.
He stated that being “US dollar dominated, denominated, doesn’t actually solve that across different corridors,” and that XRP continues to serve as a bridge asset connecting foreign exchange transactions without first converting to US dollars.
He added that financial institutions can potentially use XRP as an intermediary, streamlining transactions that historically would pass through the US dollar before reaching the recipient’s currency.
Ripple’s Strategy for Global PaymentsGarlinghouse illustrated this point with the example of transferring funds from Australian dollars to Philippine pesos. In traditional systems, such payments usually undergo conversion to the US dollar before reaching the final currency. He argued that using a single, neutral asset like XRP can offer a simpler, more scalable alternative, with reduced costs for participants.
Garlinghouse described XRP’s low fees and scalability as key reasons it remains attractive for payment corridors connecting various currencies.
He noted, “having a neutral bridge asset that’s very, very, very low cost and very scalable is something we think will continue to be appealing to different corridors, different currency pairs.”
As central banks and financial institutions seek faster, cheaper ways to move money worldwide, Ripple continues to position XRP as a solution for overcoming the inefficiencies of dollar-centric transactions.
Stablecoin Competition and Market ImpactSome members of the XRP community have raised concerns about Ripple’s plans for its RLUSD stablecoin, questioning whether the introduction of a dollar-pegged asset undermines XRP’s role as a bridge currency. One commenter suggested that RLUSD could duplicate or compete with XRP’s functionality on the XRP Ledger.
Others point out that RLUSD and XRP fulfill distinct functions: RLUSD provides dollar stability, while XRP facilitates conversions between non-dollar currencies. Their coexistence does not mean one must supplant the other.
Meanwhile, several commentators stressed that transactional utility by itself may not guarantee higher prices for XRP. Additional liquidity, they argued, means the same tokens can be reused for multiple transfers, so a jump in payment volume does not automatically create more market demand for the asset itself.
XRP’s long-term value consequently depends on a variety of factors, including adoption, investor sentiment, and overall demand, rather than its function as a bridge asset alone.
With ongoing debate around Ripple’s stablecoin and increased usage of XRP in payments, market participants may wish to track price movements and relevant news closely. CryptoAppsy’s real-time charting and coin-specific news feed provide an efficient way for users to monitor how these developments affect XRP and the wider market in the moment major announcements occur.
Ripple has enabled Water.org, a nonprofit co-founded by Matt Damon and Gary White, to reduce cross-border payment fees by as much as 66%, providing new evidence of how blockchain technology is extending beyond cryptocurrency speculation into global humanitarian finance.
Ripple Payments drives efficiency in cross-border philanthropyIn its latest financial operations, Water.org moved more than $3.2 million across four markets using Ripple Payments, the company’s blockchain-based payment solution.
Through this system, settlement times for transfers to Mexico and Brazil have improved significantly, falling from the typical two or three-day timeframe to same-day processing. This enables Water.org to deliver funding to its local lending partners without the delays imposed by traditional banking cutoffs.
The organizations said these improvements help Water.org’s financial partners distribute affordable loans faster for household water and sanitation upgrades, in place of relying solely on donations to support families in need.
Ripple’s October announcement cited up to 66% lower transaction costs and round-the-clock payment processing, with $3.2 million successfully sent through four markets in Latin America.
Ripple’s infrastructure is used to enable instant international transfers, thereby minimizing the friction and cost associated with sending funds through multiple intermediaries.
The collaboration has also directly helped more than one million people gain access to safe water or sanitation financing across the region.
For relief organizations facing challenges moving money across borders, rapid payment tracking is essential as exchange rates and costs fluctuate. To address this, CryptoAppsy users can leverage real-time charts and automatic price alerts to monitor transaction fees, settlement times, and asset values as they respond to updates in Ripple’s cross-border payment network.
Expansion into stablecoin-based fundingWater.org is now expanding its stablecoin-backed operations. The organization has received a $1.25 million grant in RLUSD, Ripple’s US dollar-pegged stablecoin, through the Stablecoin Impact Fund.
This funding will support WaterCredit programs in Indonesia, the Philippines, and Uganda, broadening Water.org’s stablecoin-enabled microfinance initiative beyond Latin America.
The $1.25 million RLUSD grant will help deliver affordable financing in three new countries and is part of a broader $6 million Ripple commitment to financial inclusion over three years.
Ripple and Water.org also plan to implement Wallet-as-a-Service technology to manage digital assets for future projects. Additional distribution channels for RLUSD are in development, including impending Robinhood access and potential invoice settlement integration with C2FO.
Impact for Ripple, RLUSD, and XRPThe recent developments illustrate broader adoption of Ripple’s global payment infrastructure, but they do not necessarily translate into direct demand for XRP, Ripple’s digital asset.
Ripple Payments, RLUSD, and XRP each serve distinct functions within Ripple’s ecosystem. Many transactions, especially those using stablecoins like RLUSD, rely on Ripple’s technology without requiring XRP as the settlement asset.
As institutional use of Ripple’s payment tools and stablecoins grows, observers continue to differentiate between financial activity that uses these instruments and blockchain transaction volume that directly involves XRP.
Leading asset management firms Bitwise and Franklin Templeton have both expanded their XRP holdings following a positive resurgence in the XRP ETF ecosystem.
Per the latest data from SosoValue, XRP ETFs have recorded a combined inflow of over $8 million during their latest trading session, with Bitwise and Franklin Templeton being the only participants.
Bitwise buys 2.86 million XRPWhile the past days have seen institutional investors exercise caution in seeking exposure to the XRP investment product, the data shows that they are beginning to show renewed interest, as Bitwise has purchased 2.23 million XRP worth about $2.86 million.
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This comes as the fund had recorded a fresh influx of new capital on October 29 after about five days of zero activity and withdrawals.
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Following the positive performance seen in the XRP ETF market during their last trading session, they have now achieved cumulative net inflows of about $1.81 billion, while their combined net assets have reached $1.47 billion.
Franklin Templeton takes dominance Apart from Bitwise, Franklin Templeton also pulled in fresh capital into the market, as further data shows that it bought more XRP than Bitwise did.
The data shows that Franklin Templeton contributed largely to the latest inflows, attracting up to 4.34 million XRP worth about $5.57 million on the same day.
Although Bitwise and Franklin Templeton were the only contributors to the latest inflow recorded, the latter has taken dominance with the largest XRP purchase of the day.
While it has also remained muted in the past days, the latest purchase marks a return to buying activity after five consecutive days without reported inflows.
Leading asset managers Franklin Templeton and Bitwise have increased their holdings in XRP, responding to renewed activity in the XRP ETF sector after several days of subdued trading.
Franklin Templeton emerges as top buyerRecent data from SosoValue revealed that XRP ETFs saw combined inflows surpassing $8 million during their latest trading session. Only two institutional participants, Franklin Templeton and Bitwise, contributed to this inflow, with Franklin Templeton taking a clear lead in total purchases.
Franklin Templeton acquired approximately 4.34 million XRP, valued at about $5.57 million, making it the largest investor in XRP ETFs for the day. This significant purchase follows a period of reduced activity, as the fund had not recorded new inflows for five consecutive days before this latest move.
Bitwise, which also returned to buying following a lull, accumulated roughly 2.23 million XRP, amounting to $2.86 million. This purchase also came after five days marked by minimal inflows and withdrawals.
Market dynamics shift as net inflows riseThe total net inflows into XRP ETFs have now climbed to about $1.81 billion, a figure reflecting growing institutional interest despite the cautious approach observed recently. Combined net assets across these funds have reached $1.47 billion according to the latest available figures.
Until this latest activity, both Franklin Templeton and Bitwise had maintained low profiles, with limited exposure to additional XRP investments. The sudden increase in participation from both firms indicates a shift in sentiment and potentially signals momentum returning to the XRP ETF market.
Franklin Templeton contributed the largest share of inflows by purchasing 4.34 million XRP worth $5.57 million, leading all institutional participants during the latest trading session.
Bitwise’s contribution also reinforced this trend, with the company adding 2.23 million XRP to its holdings and demonstrating a renewed appetite for XRP after a quiet period.
Institutional behavior and investor outlookThe participation of major asset managers like Franklin Templeton and Bitwise is closely watched by market observers, as their decisions often influence broader investor sentiment within the crypto industry. The most recent inflows suggest that institutional players may be regaining confidence in XRP ETFs following the earlier slowdown.
Investors seeking to track rapid institutional movements in assets like XRP may benefit from robust real-time monitoring tools. CryptoAppsy’s live news and market data features enable users to stay updated on large inflows and holdings by major institutions, providing an efficient way to follow these high-impact moves as they unfold.
Both Franklin Templeton and Bitwise have now re-established their positions as key participants in the XRP ETF space, and their renewed activity will likely be a focal point for analysts evaluating institutional demand in the coming weeks.
Ripple‘s RLUSD stablecoin has been awarded investment-grade ratings by Moody’s, following Ripple’s receipt of final approval for its US national trust bank. The move further enhances Ripple’s standing among institutional players as RLUSD’s market capitalization climbs past $2.5 billion.
Key Ratings and Reserve StructureMoody’s, a global credit rating agency, assigned RLUSD an A2 long-term deposit rating and a P-1 short-term rating on October 27. The A2 classification represents upper-medium-grade credit quality, while the P-1 rating is the agency’s highest for short-term instruments.
The rating assessment covered multiple areas including RLUSD’s reserve quality, liquidity, redemption processes, custody structures, and operational safeguards. RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary, and operates on both the XRP Ledger and Ethereum networks.
The stablecoin’s backing primarily consists of short-term US Treasury securities, highly liquid government assets, and cash. Standard Custody has stated a target reserve coverage of 103%, aiming to back every $100 in RLUSD with $103 in reserves.
This 103% reserve ratio is a target value and does not represent a constant guarantee.
Most RLUSD reserve assets are managed by BNY, a global financial institution that has expanded its role to provide additional custody solutions for XRP and RLUSD.
Moody’s also evaluated the stablecoin’s redemption framework. Eligible institutional holders have the ability to redeem RLUSD at par, with settlements typically processed within two business days following a compliant request.
However, retail holders do not always have the same direct redemption rights as institutional holders.
Mini dictionary: Moody’s is one of the “Big Three” global credit rating agencies, providing ratings and risk analysis for corporate, government, and financial products worldwide.
Impact of National Trust Bank ApprovalRipple secured final approval from the Office of the Comptroller of the Currency (OCC) on October 26 to launch Ripple National Trust Bank. Under the approved framework, Standard Custody continues to issue RLUSD, while the newly established, federally regulated trust bank will oversee segregated reserves and act as the collateral trustee for token holders.
This development introduces federal oversight to the stablecoin’s infrastructure, strengthening governance, but RLUSD remains distinct from FDIC-insured bank deposits.
Ripple’s institutional reach has expanded through Standard Chartered, a major global bank, which began offering RLUSD custody services in conjunction with planned trading and collateral processes.
RLUSD’s market access has also broadened after Coinbase, a leading cryptocurrency exchange, added the stablecoin to all its retail and institutional platforms.
CategoryRLUSDTypical USD StablecoinIssuerStandard Custody & Trust (Ripple)Various (e.g., Circle for USDC, Tether for USDT)Main ReservesShort-term US Treasuries, high-liquidity assets, cashPrimarily Treasuries, cash equivalentsReserve Target103%~100%Direct RedemptionAvailable to institutionsVaries by issuerShort-term Moody’s RatingP-1Varies or not ratedDespite Moody’s assigning RLUSD investment-grade ratings, the agency noted that legal protections remain an area for further improvement. Standard Custody is not structured as a bankruptcy-remote entity, and RLUSD holders do not have direct claims on reserve assets, potentially complicating access to funds if the issuer becomes insolvent.
Moody’s pointed out that enhanced legal protections, such as provisions from the GENIUS Act expected in 2027, could support a higher future rating. A downgrade would be likely if reserve quality diminishes, liquidity decreases, or operational weaknesses emerge. The current rating does not assure that RLUSD will always maintain a $1 peg or guarantee instant redemption for all holders.
Stablecoin Growth and XRP Ecosystem ImplicationsFor investors in XRP, the growth of RLUSD provides increased financial infrastructure but does not automatically result in higher demand for the XRP token. The stablecoin’s expansion adds to Ripple’s ecosystem, yet Ripple has emphasized that metrics such as token circulation, transaction volumes, and actual economic utility should be evaluated distinctly.
Analysis of RLUSD’s payment activity has demonstrated that transaction numbers and circulating supply alone do not capture the full extent of its economic relevance.
According to Binance CEO He Yi’s disclosure, Binance is acquiring altcoins that exactly match its stolen assets via over-the-counter (OTC) and on-exchange trading to complete its Proof of Reserves (PoR) process, and will update on progress once purchases are finalized. Combined with this statement and the already disclosed stolen asset records, these include 233.46 million XRP (valued at ~$296 million), 970,500 SOL (~$96 million), and 46.4 million TRX (~$16 million). Additionally, the hacker has dumped seven tokens—UNI, ENA, PEPE, LINK, AAVE, ONDO, WLD—converting them into 70,480 ETH for a total transaction value of ~$158.25 million. The dump amounts for UNI, ENA, PEPE, and LINK stand at ~$39.63 million, ~$33.93 million, ~$31.66 million, and ~$26.05 million respectively. Other stolen assets also include 74.56 million ARB (~$11.54 million), 714.911 million FUN (~$6.29 million), 87.853 million ZAMA (~$6.02 million), 3.602 million ZRO (~$5.69 million), and 3.382 billion RSR (~$5.02 million).
Austin Hilton, a well-known cryptocurrency commentator and YouTube influencer, has addressed growing frustration within the XRP community. In a recent video titled “XRP is over! I’m done…”, Hilton set an urgent tone as he discussed recent price declines and the general sentiment among XRP holders.
XRP struggles amid market weaknessAt the time of Hilton’s video, XRP was trading at $1.29, reflecting a 16% decline over the past month and a 50% drop compared to the previous year. Hilton openly acknowledged these losses and highlighted that XRP has struggled more than many other leading tokens, referencing a recent Coindesk report showing that the coin has failed to sustain its 2018 high, unlike other top digital assets such as Bitcoin and Ethereum.
Hilton emphasized, however, that the underperformance is not unique to XRP. He pointed out that Bitcoin itself was down 28% year-over-year, with most established cryptocurrencies enduring double-digit losses due to an extended bearish market cycle.
Despite the frustration in the community, Hilton highlighted that “nearly every established token has declined through this prolonged bearish cycle,” arguing that the issues facing XRP are part of a broader market downturn rather than isolated to a single asset.
Long-term outlook and market catalystsHilton said his conviction for remaining invested is rooted in the overall growth potential of the cryptocurrency market, which currently has a total market capitalization of $2.69 trillion. He questioned whether this market cap could rise further and asserted his belief that it will, citing this as a core reason for holding onto his position in XRP.
He identified two main drivers that could fuel the next phase of growth: increased adoption of blockchain technologies and the emerging trend of real-world asset tokenization, particularly via the XRP Ledger.
Another factor Hilton highlighted was the anticipated arrival of significant new capital from both institutional and retail investors. He said that mainstream retail participation remains limited and suggested that greater liquidity will lift prices across the market, including XRP.
Mini dictionary: XRP Ledger, created by Ripple Labs, is a decentralized blockchain network powering fast and low-cost cross-border payments and asset transfers.
Price targets and risk factorsHilton revealed his personal outlook for XRP, stating he expects a rise to targets such as $5 and $10 in the next bull cycle, and described a 10x to 40x move from present levels as feasible. He said he entered his position at $1 and believes XRP could eventually trade between $50 and $100, though he did not specify a timeline for reaching these levels.
He cautioned that more volatility is likely in the near term. Hilton told his viewers that XRP could see further declines before any potential recovery, citing macroeconomic pressures such as Federal Reserve policy decisions, tension between the US and Iran, fluctuating oil prices, and broader inflation trends.
Hilton underscored that “the bottom may not be in” and advised that current macro pressures could lead to more downside for XRP before any significant rebound occurs.
AssetPrice Change (1 Month)Price Change (1 Year)Current StatusXRP-16%-50%Below 2018 highBitcoinN/A-28%Above 2018 highEthereumN/AN/AAbove 2018 highHilton’s commitment to XRP and cryptoHaving produced cryptocurrency content for six years, Hilton stated he believes the current environment offers one of the largest financial opportunities of his lifetime. He said that opting out now would mean missing a potential adoption cycle that could transform the crypto landscape.
Hilton distinguished between the technological and investment sides of XRP. While acknowledging the investment climate is challenging and often disappointing, he argued that the strength of the technology remains and will ultimately be reflected in future price performance. He reaffirmed his decision to stay invested, despite market volatility and negative sentiment.
Binance Hacker Accidentally Sends $3.32M in Altcoins to $NEWT Contract, Funds Lost
The Binance hacker sent ~$3.32M worth of altcoins to the $NEWT token contract address by mistake.
The funds are now unrecoverable.
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A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.
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Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked
The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
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Dnes došlo k výbuchu ve výrobním závodě španělské společnosti FMG patřící do skupiny CSG. K nehodě došlo, dle tiskové zprávy CSG, v prostoru určeném k likvidaci staré, poškozené či nepoužitelné munice. Poškozený prostor se podle vyjádření společnosti nachází v bezpečné vzdálenosti od výrobních provozů a nedošlo k jejich poškození. CSG nepředpokládá, že incident bude mít dlouhodobý dopad na výrobní činnost FMG.
Vzhledem k tomu, že by nehoda neměla zásadně ovlivnit plynulost produkce, tak neočekáváme hmatatelné negativní dopady do hospodaření CSG. Z hlediska akcií CSG vnímáme zprávu neutrálně.
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Bitcoin is the best crypto to buy now for a core position, while Ethereum is the higher-beta trade with a dated catalyst. BTC trades at $78,456 on October 30 after touching a six-week low of $76,500 overnight, ETH sits at $2,246 with its Glamsterdam scaling upgrade in final testnet, and XRP holds $1.26 after Ripple won a federal trust-bank charter for its RLUSD stablecoin. Three large-cap assets, three live catalysts, and one broad selloff that has yet to find a floor.
The tape is risk-off across the board. Bitcoin is down 1.8% over 24 hours, Ether 2.8%, XRP 2.2%, and BNB 5.0% at the 06:45 UTC print on October 30, per CoinGecko. The declines come a day after Bitcoin fell from an $81,344 close on October 28 to $77,992 on October 29, and they leave the question a best-crypto list is built to answer: whether this dip is an entry or the start of something deeper.
Bitcoin’s Six-Week Low and the Level That Matters NowBitcoin’s daily chart shows the damage. The close fell from $81,344 on October 28 to $77,992 on October 29, then printed a $76,500 intraday low on October 30 before recovering to about $78,431. That $76,500 mark is the level that matters now: it is the session low and the deepest print of the current slide, sitting below the prior day’s $77,910 low.
The recovery attempt is thin. Bitcoin spent October 23 through October 28 trading between roughly $79,200 and $81,800, and that band is now overhead supply rather than support. A move back above $80,000 would have to absorb the sellers who bought that range, while a failure to reclaim it keeps the path of least resistance lower. The invalidation for the bearish read is simple: a daily close back above $81,800 would reopen the upper range.
BlockchainReporter broke down the withdrawal halt that accompanied the move below $77,000 in its coverage of the six-week low, and the setup has not changed since. The decline has coincided with a broad risk-off tone rather than a single confirmed catalyst.
Glamsterdam: Ethereum’s Scaling Catalyst, In Final TestnetEthereum is the catalyst play on this list. Ether trades at $2,246, down 2.8% over 24 hours and 6.5% over the week, but the network is approaching Glamsterdam, the upgrade that brings enshrined proposer-builder separation and block-level access lists to the execution layer. “Glamsterdam combines the Amsterdam execution layer upgrade with the Gloas consensus layer upgrade,” the Ethereum Foundation explains. “Its headlining changes are enshrined proposer-builder separation (ePBS) and block-level access lists (BALs), which change how blocks are produced and validated to support greater L1 throughput.”
Those two changes matter because they are structural, not cosmetic. ePBS (EIP-7732) moves the proposer-builder split into the consensus protocol, and block-level access lists (EIP-7928) let clients read state from disk in parallel. “Together, ePBS and BALs provide a foundation for scaling execution capacity while keeping block validation practical for node operators,” the foundation wrote. The upgrade activated on the Sepolia testnet on October 6 and has since been running through the Hoodi testnet, with mainnet activation still to be scheduled by client teams.
The timing gap is the opportunity and the risk. A scaling upgrade that lands while Ether trades at $2,246 arrives on a low base. The math: Ethereum’s $274 billion market cap is about 17% of Bitcoin’s $1.58 trillion. For Ether to match just half of Bitcoin’s capitalization, it would need to reach roughly $6,450, a 2.9x from here. That is an arithmetic ceiling, not a forecast.
Ripple’s Trust Bank Makes RLUSD a Regulated RailXRP’s catalyst is regulatory rather than technical. On October 26, the Office of the Comptroller of the Currency granted Ripple final approval to charter Ripple National Trust Bank (RNTB), a federally supervised trust bank that will manage the segregated reserves behind RLUSD, act as collateral trustee for those reserves, and offer fiduciary digital-asset custody. “For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice,” said Brad Garlinghouse, CEO of Ripple. “A national trust charter gives us an even stronger foundation for RLUSD and the institutional products we’re building across payments, custody and capital markets.”
The approval is a specific application of the GENIUS Act, the federal stablecoin law the OCC is now turning into regulation. “We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management,” Comptroller of the Currency Jonathan V. Gould said when the final rule was published October 21. The rule and the GENIUS Act take effect January 18, 2027.
RLUSD has grown to a $2.5 billion market cap since launching in December 2024, with BNY as its primary reserve custodian and monthly third-party attestations covering its reserves, according to Ripple. The trust bank does not change XRP’s token economics directly, but it deepens the regulated infrastructure Ripple can route institutional stablecoin volume through. Visa’s stablecoin settlement passing a $25 billion annualized run rate, which BlockchainReporter covered on October 29, shows the scale of the demand that framework is competing for.
The Math Behind the Three TradesCapital requirements differ sharply across the three assets. Bitcoin at $78,456 carries a $1.58 trillion market cap, so a 2x means adding about $1.58 trillion of new value. Ethereum at $2,246 carries $274 billion, and XRP at $1.26 carries about $80 billion. In dollar terms, $1,000 buys roughly 0.0127 BTC, 0.445 ETH, or 794 XRP. For that stake to double, Bitcoin needs to reach about $157,000, Ethereum $4,492, and XRP $2.52.
The smaller the capitalization, the less new capital a given multiple requires, and the higher the risk of getting there. Bitcoin’s double is a macro event that depends on a wave of new capital. Ethereum’s double depends on the scaling narrative holding through a mainnet date that has not been set. XRP’s double depends on the stablecoin rails the trust bank enables actually attracting institutional volume. These are arithmetic ceilings, not forecasts.
The Skeptical CaseThe clearest risk is that none of these catalysts has a hard date attached. Glamsterdam’s mainnet activation has not been scheduled, and a testnet that finalizes is not a mainnet that ships. Ripple’s trust bank is approved but has not opened, and Ripple did not give a date for when it begins operating. The GENIUS Act framework takes effect January 18, 2027, meaning the stablecoin rails it enables are months away from full operation.
The second risk is the tape itself. Every major asset is red, and a six-week low in Bitcoin rarely marks a floor on the first touch. If the $76,500 level fails, the next observable support is well below the recent range, and a best-crypto list does not remove the downside. Position sizing should reflect that the catalysts are real but undated, and that the market has not yet confirmed a bottom.
Frequently Asked Questions
What is the best crypto to buy right now?Bitcoin is the lower-risk core position at about $78,456 after a six-week low of $76,500, while Ethereum is the higher-beta trade with the Glamsterdam upgrade as its dated catalyst. XRP is the regulatory play after Ripple’s trust-bank approval. None is a certainty, and position size should match the gap in risk between them.
Why is crypto down today?The broad market is in a risk-off move at the October 30 print: Bitcoin is down 1.8%, Ether 2.8%, XRP 2.2%, and BNB 5.0% over 24 hours, a day after Bitcoin fell from an $81,344 close on October 28 to $77,992 on October 29. No single confirmed catalyst has been tied to the move.
When is Ethereum’s Glamsterdam upgrade happening?Glamsterdam activated on the Sepolia testnet on October 6, 2026, and has been running through the Hoodi testnet. Mainnet activation has not yet been scheduled; the Ethereum Foundation said Hoodi and mainnet times will be announced once client teams decide.
What did the OCC approve for Ripple?On October 26, 2026, the OCC granted Ripple final approval to charter Ripple National Trust Bank, which will manage the segregated reserves behind the RLUSD stablecoin, act as collateral trustee for those reserves, and provide fiduciary digital-asset custody.
What is the GENIUS Act and when does it take effect?The GENIUS Act is the U.S. federal stablecoin law signed in July 2025. The OCC published its final implementing rule on October 21, 2026, and both the rule and the Act take effect on January 18, 2027.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has experienced a steep decline of 42.99% over the past year but retains its position just behind Bitcoin. As of 08:27 UTC on October 30, 2026, Ethereum (ETH) traded at $2,228.13, with a market value of approximately $272.2 billion, based on CoinGecko data.
Market performance and price trendsIn 2026, Ethereum’s price exhibited significant volatility. Monthly prices ranged from $2,445.09 in January, fell to $1,965.05 by February, reached a low of $1,569.58 in June, rose to $2,683.68 in September, and settled at $2,353.21 by October. According to Digrin’s price history, early-year declines coincided with concerns over a potential recession and reports that Ethereum co-founder Vitalik Buterin sold millions of dollars’ worth of ETH.
ETH’s all-time high was $4,946.05 on August 24, 2025. At its current value, it stands more than 55% below that peak. By comparison, Bitcoin’s market capitalization was roughly $1.33 trillion on October 28, 2026, far outpacing Ethereum’s value.
MetricFigureDate and sourcePrice$2,228.13Oct 30, 2026, CoinGecko1-year change-42.99%Oct 30, 2026, CoinGeckoAll-time high$4,946.05Aug 24, 2025, CoinGeckoMarket cap (rank)About $272.2 billion (#2)Oct 30, 2026, CoinGeckoCrypto Fear & Greed Index30 (Fear)Oct 30, 2026, Alternative.meForecast revisions and upgrade delaysForecasts for Ethereum’s price have shifted notably in 2026. Standard Chartered, a major global bank, reduced its year-end ETH target from $7,500 to $4,000 in June, yet maintained its 2030 projection of $40,000. The bank also suggested that ETH could potentially fall to $1,400 if Bitcoin’s price were to retreat toward $50,000. Meanwhile, Citi set a 2026 target of $3,175.
Standard Chartered issued a revised projection for ETH’s price, cutting its end-2026 forecast from $7,500 to $4,000 following recent market volatility. Despite the sharp revision, the bank reiterated its long-term 2030 target of $40,000.
Ethereum’s much-anticipated Glamsterdam upgrade, designed to lift the network’s gas limit from 60 million to approximately 200 million, has faced repeated delays. The upgrade debuted on the Sepolia testnet on October 6 and was scheduled for the Hoodi testnet on October 26. While developers initially aimed for a mainnet launch in December 2026, the official date remains unconfirmed. The subsequent Hegotá fork does not have a set timeline either.
Mini dictionary: Glamsterdam upgrade – An Ethereum network upgrade aiming to substantially increase transaction processing capacity by raising the gas limit, intended to improve scalability for users and developers, but experiencing postponements in its mainnet deployment.
Security, infrastructure, and risk concernsSecurity risks remain a point of focus for Ethereum investors. On October 29, Binance, a leading crypto exchange, launched an investigation into a possible breach after analysts detected nearly $6 billion in suspicious withdrawals, underlining the importance of exchange security for all digital assets held on trading platforms.
On the protocol side, recent updates from client teams Teku and Besu addressed vulnerabilities linked to compromised certificate-authority keys from India-based provider eMudhra. Teku recommends version 26.10.3, while Besu removed affected certificates in version 26.10.2. Client teams have reported no successful exploits on default mainnet nodes, and the issue is not considered a consensus flaw.
Mini dictionary: eMudhra – An Indian digital security company specializing in digital certificates and public key infrastructure, whose compromised certificate-authority keys briefly raised concerns for Ethereum client software operators before emergency updates were issued.
Developers have emphasized that while the infrastructure issue involving eMudhra certificates did not impact Ethereum’s core consensus mechanism, it highlights persistent risks that can emerge outside of the protocol itself.
Analysts have pointed out other risk factors, including exchange outflows, broader value leakage to networks like Coinbase’s Base, and possible competition from alternative stablecoins, such as a rumored private USDT on Bitcoin.
Investor considerations and outlookEthereum is a high-risk, volatile asset. Investors are cautioned to check their own risk tolerance and understand potential drawdowns before making decisions. Dramatic price swings and frequent roadmap changes mean a large or total loss cannot be ruled out. Additionally, regulations and tax treatments vary by country and should be evaluated thoroughly in advance.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) face renewed selling pressure as crypto markets extend their October losses. Total crypto market cap is down by 2.17% to $2.61T on Friday, ahead of November’s U.S. midterm elections.
Following the latest Federal Reserve interest rate announcement, investor sentiment continues to decline. Bitcoin’s Fear and Greed Index has hit a new low of 38, indicating Fear among market participants.
CMC
The three biggest cryptocurrencies are also nearing key technical levels of support. Bitcoin price is making its way toward the $77,000 level, while ETH remains under $2,300. The price of XRP fell to USD 1.25, which led to further worries of dropping.
2026 U.S. Midterm Elections: November 3 Could Become a Major Crypto Catalyst
The U.S. midterm elections in 2026 will be held on Tuesday, Nov. 3. American voters will determine who is in control of both houses of Congress.
All 435 seats in the House of Representatives will be up for grabs. Meanwhile, 35 Senate seats will be up for grabs, including 33 regular elections and two special elections.
There are also a number of gubernatorial and state legislative offices that will be on the ballot. These elections may turn things upside down in Washington’s political priorities the remainder of the congressional session.
The fact that Congress is controlling it has significant consequences for cryptocurrency investors. Parliamentarians affect the laws on digital assets, the regulatory framework, and financial market policies.
In the event that cryptocurrencies are backed by Congress, the discussion on more transparent market regulations may be warmed up. This may stimulate institutional involvement and boost confidence throughout digital asset markets.
However, with political maneuvering, these types of bills could keep getting further delayed, and uncertainty around regulation will persist. Such moves could deter investment in an already tough market.
BTC, ETH, and XRP Price Prediction: Key Levels to Watch
Bitcoin is under immediate pressure at the support level of about 77,000. BTC might face more selling pressure as a result of a decisive breakdown. The recovery of more than $80,000 would increase its short-term prospects.
The MACD line is still below the signal line and zero level. This implies that the sellers have retained gains, which further worsens the risk of negative gains.
Source: TradingView
Ethereum is still fighting under the significant level of psychological barrier of $2,300. A sustained breakdown could expose ETH to further declines.
However, reclaiming $2,300 could encourage buyers to return. If the bullish trend resumes, the future ETH outlook could rally back to $2,500.
The selling pressure is increasing with XRP approaching $1.25. Failure may subject the cryptocurrency to further downside risks.
The Relative Strength Index (RSI) stands at 39, which implies neutral ground and might be appealing to short-term buyers.
XRP/USDT 4-Hour chart: TradingView
Crypto Liquidations Reach $1.5 Billion Amid Market Selloff
The latest cryptocurrency selloff has reportedly wiped out approximately $1.5 billion in leveraged positions.
Coinglass data
These closures, which are not voluntary, can drive down prices even further. Further selling may come in the wake of the $6.3 billion Binance hack when its major cryptocurrencies such as Bitcoin, Ethereum and XRP test their respective support levels.
Bitcoin ETFs Attract $17.07 Million While Ethereum ETFs Record $105 Million in Outflows
On October 29 (ET), spot bitcoin ETFs saw $17.0719 million in net inflows. This was the fourth consecutive day they were in positive inflows.
BTC ETF
In comparison, spot ETFs saw a total of $105 million in net outflows. This represented their fourth consecutive day of withdrawals.
Ethereum declined below $2,200 on Friday, sliding nearly 3% as investors digested persistently high US inflation data and renewed concerns over potential interest rate hikes from the Federal Reserve.
US inflation data and Fed outlookSeptember’s Personal Consumption Expenditures Price Index, which the Federal Reserve closely monitors, rose 0.5% month-over-month and 3.6% compared to the previous year. Core PCE, a measure that excludes the volatile food and energy segments, increased 0.3% on the month and 3.1% year-over-year, aligning with analysts’ expectations.
Market participants responded to the report by increasing bets that the Federal Reserve could implement another rate hike before the year ends. CME FedWatch data indicated an 80% probability of an increase at the Fed’s December policy meeting.
This shift in sentiment followed the Federal Reserve’s decision earlier in the week to leave interest rates unchanged at 3.75% to 4%, even as most officials continued to voice concerns that inflation remains above target levels.
Investors face ongoing uncertainty as the prospect of restrictive monetary policy continues, despite the October pause in rate hikes.
Futures market shows ongoing sell-side pressureData from blockchain analytics firm CryptoQuant showed persistent selling pressure in the Ethereum Binance perpetual futures market. The 30-day moving average of ETH Net Taker Volume fell to roughly negative $166.6 million on October 16, its lowest level in four months, before recovering to negative $117.3 million several days later.
This indicator measures the difference between aggressive buy and sell orders in the derivatives market. Its continued negative reading indicates that sellers remain dominant, although the imbalance has narrowed recently.
Despite this, funding rates for Ethereum perpetual futures held in positive territory, meaning traders with long positions continued to pay shorts. This reflects ongoing demand for leveraged bullish exposure even as the overall market trend remains subdued.
Open interest has stabilized at around 12.7 million ETH throughout October, following declines in September. This suggests that the total number of outstanding Ethereum futures contracts has steadied.
Spot Ethereum ETFs in the US recorded $21.4 million of net outflows on Wednesday, with another $105.48 million withdrawn on Thursday. This marked the fourth consecutive session of outflows, implying muted demand among institutional buyers.
MetricValueTrendETH priceBelow $2,200FallingETF outflows (Wed)$21.4 millionRisingETF outflows (Thu)$105.48 millionRisingETH Net Taker Volume (Oct 16)−$166.6 million4-month lowLiquidations (24h)$360.5 millionHighForced liquidations in ETH derivatives markets increased sharply, totaling $360.5 million over the previous 24 hours. Long positions accounted for $305 million, or nearly 85% of total liquidations, indicating that most losses occurred among traders who expected a rebound.
Additional selling pressure emerged after hackers siphoned approximately $6 billion from Binance, the world’s largest cryptocurrency exchange by trading volume.
Mini dictionary: CryptoQuant is an on-chain data analytics platform that provides insights into cryptocurrency market activity, including metrics for spot and derivatives trading.
Technical outlook and key support levelsEthereum’s daily chart maintains a bearish tone, with price trading below its 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). Currently, the 200-day EMA near $2,310 represents the first significant resistance that bulls need to surpass. Additional resistance levels lie at $2,355 and $2,360—aligned with the 100-day EMA—and at $2,409 and $2,443, corresponding to the 20-day and 50-day EMAs.
Support has been established near $2,200, which briefly broke down before ETH quickly rebounded above it. If this zone fails to hold on a daily close, the market could shift focus toward lower levels at $2,107, $1,972, and $1,854.
The Relative Strength Index for Ethereum has dropped to 29, falling beneath the commonly referenced oversold threshold of 30, while the Stochastic Oscillator gives a reading of 14, placing it firmly in oversold territory. These conditions suggest that selling pressure is stretched, but do not yet confirm the start of a reversal.
Recovery would require ETH to maintain support at $2,205 and reclaim the 200-day EMA to build any evidence of stabilization. Until these signals emerge, persistent negative futures flows and ETF redemptions support a cautious outlook for Ethereum.
Compromised signing systems likely enabled Binance’s $6.3 billion hack, while Ethereum’s EIP-7702 upgrade may have helped attackers bypass security checks, according to blockchain security firm Blockaid.
Attackers could have stolen the funds without EIP-7702, Ido Ben-Natan, Blockaid’s co-founder and CEO, told Cointelegraph on Friday.
“The 7702 upgrade is a way to do this in one sweep and maybe a way to bypass some sort of checks they may have,” Ben-Natan said, explaining that attackers otherwise would have needed multiple transactions.
Binance confirmed Friday that it had suffered a $6.3 billion hack, the largest in crypto history, and pledged to cover all losses. The exchange said it uncovered additional points of breach after initially suspecting a compromised laptop belonging to one of its engineers.
EIP-7702 faced security concerns before Binance hackEthereum introduced Ethereum Improvement Proposal 7702 (EIP-7702) in May 2025 as part of its Pectra upgrade, allowing ordinary wallets to use smart-contract features such as bundled transactions and sponsored gas fees.
Security concerns emerged within weeks. In May 2025, crypto trading firm Wintermute reported that most early EIP-7702 delegations pointed to malicious contracts designed to automatically drain compromised wallets.
The risks resurfaced in September 2025, when holders of World Liberty Financial (WLFI) tokens reported losses linked to malicious EIP-7702 delegations.
Ethereum community member VEER cited security warnings raised during discussions of EIP-7702 in 2024.
VEER later said the Binance attack appeared broader than a single malicious signature, but that EIP-7702 gave attackers “a handy sweep button on Ethereum.”
Signing-system compromise suspectedBinance CEO Richard Teng said investigators had found no evidence that wallet private keys had leaked.
Ben-Natan said attackers may have used a compromised developer’s computer to gain access to Binance’s wallet-signing infrastructure.
“Eventually they got to a position where they could propose transactions to what is most likely a very secure signer that has custody of one of Binance’s hot wallets,” he said. “The takeaway is that ultimately the signer signed a transaction that they shouldn’t have,” he said.
Live updates: Binance uncovers more breach points in $6.3B hack
Ivo Georgiev, co-founder and CEO of Ethereum wallet provider Ambire, said that EIP-7702 made little difference to the attack because the hackers already had the ability to authorize transactions.
He said attackers could have drained the funds through other methods, but warned that exchange engineers might overlook the need to revoke a malicious EIP-7702 delegation after regaining control of their systems.
“This is a problem with EIP 7702, it’s just very very poorly understood,” Georgiev said.
Ben-Natan warned that similar signing-system attacks threaten other exchanges and said transaction simulation could help detect malicious requests before they receive approval.
Magazine: THORChain under fire over Bitget, ETH evolves beyond blockchain: Hodler’s Digest
Ethereum transaction fees soared to their highest levels since April, with network activity intensifying following the record $6.3 billion Binance hack. This event pushed decentralized protocols to the forefront, as traders and MEV bots accelerated on-chain operations, resulting in a surge in fee revenues for block builders and validators.
Fees spike as Binance hack triggers on-chain rushEthereum’s ecosystem witnessed a sharp increase in activity as funds moved from the compromised Binance wallet. The chaos created new trading and arbitrage opportunities on decentralized exchanges, driving up demand for blockchain services as market participants rushed to capitalize on shifting conditions.
Decentralized trading volumes and MEV (Maximal Extractable Value) bot operations were notable contributors to the spike in transaction fees. Stablecoin transactions and swaps of the stolen assets, especially when the hacker exchanged tokens for ETH, generated substantial revenue for those facilitating priority transactions.
MEV bots, competing for block space with higher transaction fees, provided significant earnings to block builders, who then shared a portion with validators.
X analyst @0xNairolf stated that block builders captured high revenues from these volatile market conditions, underscoring the significance of MEV bot participation during the aftermath of the hack.
Record earnings for block builders and validatorsDaily transaction fees on Ethereum reached $44.25 million on the day of the hack, surging to $56.4 million within 24 hours. As of October 30, the network continued to see elevated fee levels, exceeding $10 million a day.
Titan Builder, which has emerged in 2026 as a leading Ethereum block builder, stood out by absorbing $24.65 million in fees in a single day. This figure highlights the lucrative environment for validators partnering with top block builders during peak activity.
Uniswap, a major decentralized exchange, also saw daily fees exceed $10 million amid the market turmoil. KyberSwap, an on-chain routing aggregator, burned 92.58 ETH in the same period, reflecting shifting trading patterns across Ethereum’s applications and protocols.
EntityDaily Fees (USD)ETH BurnedEthereum (Total)$56.4 millionN/ATitan Builder$24.65 millionN/AUniswap$10 millionN/AKyberSwapN/A92.58 ETHWhile gas fees remained below $0.01 for most small users, trading activity was dominated by specialized traders and large holders executing urgent transactions and swaps.
Spike in demand for “blob” space—Ethereum’s data storage segments used by layer-2 scaling solutions—reached a one-month high amid efforts to move stolen funds across networks, including Arbitrum.
Mini dictionary: Titan Builder is a leading Ethereum block builder, responsible for assembling and proposing blocks using MEV-boost strategies and earning significant fees, particularly during periods of heightened blockchain activity.
ETH price volatility as arbitrage opportunities riseAfter the Binance hack, ETH became the main asset for both exits and arbitrage on decentralized venues. As market players scrambled to swap tokens, ETH prices displayed notable discrepancies. On Uniswap, ETH traded as high as $2,700, while some on-chain pricing peaked at $3,300—a level not observed on centralized platforms. In comparison, ETH spot prices on other exchanges hovered near $2,223.25, further straining derivative markets.
A significant swing in ETH prices also elevated liquidation risks for large holders who had previously adopted bullish positions. ETH lost 17.2% of its value in October to date, on track for its weakest October monthly close since the blockchain began in 2016.
The ETH crash pushed the fear and greed index down to 28 points, a level associated with market fear, while investors closely monitored the $2,200 support.
Ethereum’s market participants now look to see if the $2,200 level will hold, with a breach seen as a possible trigger for prices sliding below $2,000.
Binance has begun buying back cryptocurrencies stolen in its $6.3 billion security breach, using company reserves and market purchases to replace affected assets in matching token amounts as investigators continue tracing the stolen funds.
Summary
Binance says it has reserved more than $6.34 billion to cover losses from the October 29 security breach.
The exchange already holds $5 billion in the affected tokens and is buying the remaining assets through exchanges and OTC desks.
Co-founder Yi He says Binance is using its SAFU fund and company holdings, including BTC and ETH, to replace stolen altcoins.
Chainalysis has linked the attack to North Korea’s TraderTraitor group and identified unusual automated laundering activity.
Binance’s Thai partner Gulf has offered liquidity assistance, although CZ says the exchange can cover its losses independently.
As per of an October 30 company update, the exchange has reserved more than $6.34 billion to cover the incident, including $5 billion already held in the same cryptocurrencies that attackers transferred from its wallets.
Binance is purchasing the remaining tokens through cryptocurrency exchanges and over-the-counter (OTC) trading desks. The company said some purchases could take longer because certain assets have limited liquidity, while privately negotiated OTC transactions require settlement.
Binance buys stolen altcoins using company reserves
Binance co-founder Yi He confirmed that the exchange was using its Secure Asset Fund for Users (SAFU) and existing cryptocurrency holdings to rebuild the affected balances.
“Binance’s SAFU fund and Binance’s holdings include a large amount of assets such as BTC and ETH,” she wrote.
The company intends to purchase the stolen altcoins in fully matching quantities, with another update planned after the transactions finish.
Although Yi He identified BTC and ETH among available reserves, Binance has not disclosed how much of either cryptocurrency it will sell to fund the purchases.
Binance’s SAFU fund and Binance’s holdings include a large amount of assets such as BTC and ETH. We are currently buying, through OTC and on-exchange, all the stolen altcoins in fully matching amounts. We will update everyone again once the purchases are complete.… https://t.co/TTUV5nS0ec
— Yi He (@heyibinance) October 30, 2026
The distinction matters for the reported recovery figures. The $6.34 billion represents funds Binance says it has reserved, while the $5 billion represents affected token assets already available within those reserves. Neither figure establishes the amount of new buying that must occur on the open market.
Binance said its purchase calculations exclude frozen or protected assets, which remain subject to recovery checks. The company reported $3 billion frozen through cooperation with token issuers, investigators and law enforcement.
UNI, PEPE and LINK among stolen assets sold by hacker
The repurchases follow large sales of stolen altcoins by the attacker, who exchanged several cryptocurrencies for Ethereum shortly after the breach.
As reported earlier today, on-chain tracker Lookonchain identified the sale of 7.02 million UNI worth $39.63 million.
The attacker reportedly sold 7.77 trillion PEPE for $31.66 million, alongside 217.5 million ENA worth $33.93 million and 2.57 million LINK valued at $26.05 million.
AAVE, ONDO and WLD were among the other affected tokens. The seven reported sales generated 70,480 ETH worth $158.25 million at the time.
The PEPE sell-off coincided with heavy volatility, although a well-known holder subsequently purchased another 45.08 billion tokens worth $206,500.
Binance’s decision to replace stolen assets in their original denominations could create demand for individual tokens. However, OTC transactions may match buyers with sellers without placing equivalent orders on public exchanges.
The company has not published individual repurchase amounts, execution prices or a breakdown of purchases completed.
Chainalysis identifies unusual laundering activity
While Binance works to restore customer balances, blockchain investigators continue tracking cryptocurrency that escaped the initial freezing efforts.
In an October 30 investigation, Chainalysis attributed the attack to TraderTraitor, a North Korean cybercrime group previously associated with major cryptocurrency thefts.
The firm identified a direct connection between funds stolen from Binance and assets taken during September’s Bitget exploit. Investigators said the two groups of funds entered shared wallets, strengthening their assessment of North Korean involvement.
According to the report, attackers initially moved $500 million in stablecoins into a wallet intended to exchange assets that issuers could freeze.
Over nearly 20 minutes, they converted $325 million in stablecoins into $285 million in ETH. The remaining $175 million was subsequently transferred to intermediary wallets.
Investigators have since observed thousands of transactions involving repeated transfers between addresses. Some wallets receive exactly 1 TRX before processing additional funds, a pattern the firm believes suggests automated laundering.
Gulf offers Binance liquidity support after hack
Binance founder Changpeng Zhao (CZ) said the exchange’s Thai partner, Gulf, had offered financial assistance during the crisis.
In his statement, Zhao recalled a similar offer following Binance’s $4 billion settlement with U.S. authorities in 2023.
“Know you can cover, but we are here if needed,” he quoted the latest message as saying.
Binance TH separately said its customer assets remained safe because the Thai business maintains independent custody arrangements and segregated cold wallets.
In 2023, after news of the $4 billion fine, Gulf, our partner in Thailand, asked: “do you need help with cash liquidity?” We didn’t, but I appreciated the gesture.
Today: “know you can cover, but we are here if needed.”
Strong partners show in tough times. 🙏 https://t.co/0GzOIMBwyK
— CZ 🔶 BNB (@cz_binance) October 30, 2026
The local exchange temporarily suspended deposits and withdrawals for security checks, while other services continued operating.
Binance said it would publish additional recovery updates as purchases progress and eventually verify customer holdings through its Proof of Reserves reporting.
At 8:15 a.m. Eastern Time today, the price of Ethereum (1 ETH) is $2,232.62. That represents an $88.20 drop from yesterday and roughly a $1,572 fall compared with one year ago.
Ethereum price% ChangePrice of Ethereum yesterday$2,320.82-3.80%Price of Ethereum 1 month ago$2,671.48-16.42%Price of Ethereum 1 year ago$3,804.33-41.31%Price of Ethereum yesterdayEthereum price$2,320.82% Change-3.80%Price of Ethereum 1 month agoEthereum price$2,671.48% Change-16.42%Price of Ethereum 1 year agoEthereum price$3,804.33% Change-41.31%
What is Ethereum?
Ethereum ranks as the second-largest cryptocurrency by market capitalization, with a current valuation of around $233 billion. It sits well behind Bitcoin’s roughly $1.33 trillion market cap but far ahead of the third-place option, Tether, at $183 billion.
Here’s what makes Ethereum different from other cryptocurrencies: It’s more than just digital money. It’s actually a decentralized computing platform, which means users can build and run applications on it without any oversight from a company or bank.
Put simply, developers create apps on Ethereum’s blockchain network (rather than, say, Amazon or Google servers) to do things like borrow, lend, invest, trade, and more. The token ETH serves as the currency you use to carry out those activities.
Ethereum price history
Ethereum’s initial coin offering (ICO) debuted in 2014 for just 31 cents per share. Since that time, its value has increased by more than 60,000%.
From 2020 to 2025, Ethereum climbed by a still respectable 46%. But that doesn’t capture the full picture. Ethereum has experienced serious volatility, hitting nearly $5,000 at its peak in August 2025. That’s nearly 1.6 million percent growth from its original ICO. It makes that earlier 60,000% increase look pedestrian.
ETH has since posted gains exceeding 80%, losses surpassing 60%, and essentially every wild swing in between. Early 2026 brought a sharp decline in Ethereum’s value for several reasons, ranging from recession concerns to Ethereum co-founder Vitalik Buterin selling many millions of dollars worth of ETH.
The key takeaway is that Ethereum can generate massive gains and massive losses—about what you’d expect from other major cryptocurrencies.
Ethereum vs. Bitcoin
After Bitcoin, Ethereum sits in a distant second place in the rankings for largest cryptocurrency.
But remember, Ethereum wasn’t originally created to function primarily as a currency; a decentralized computing platform was the main driving force behind its creation. There are numerous real-world applications for Ethereum, and its developer community is massive. Investors find this appealing because it has the potential to grow beyond being just an “alternative currency.”
Here’s a simple way to understand the difference between these two currencies:
Bitcoin is often thought of like “digital gold.” It’s strictly a currency.
Ethereum is like “digital oil.” It powers decentralized apps and contracts.
What is Ethereum staking?
Staking is another characteristic that distinguishes Ethereum from Bitcoin.
Until 2022, Ethereum’s network was secured by thousands of computers racing to solve random puzzles (called “proof of work”). When your computer solved a puzzle, you’d receive some ETH as a reward. It sounds odd (and it was), but it worked well for maintaining an honest account ledger.
Because this process consumed a lot of electricity and didn’t make much sense, Ethereum decided to abandon it in favor of an activity called “staking.” Staking is when you lock up your ETH as a security deposit to help validate transactions. Doing so earns you a reward similar to what you’d get from proof of work. You’re essentially earning interest on your stake.
What affects Ethereum’s price?
Many factors influence the price of Ethereum, including:
Investor speculation: Like most crypto, Ethereum’s short-term price is heavily driven by trader sentiment and hype. Speculative trading dictates price movements more than anything else in the near term.
Network usage and decentralized finance adoption: When more people use Ethereum’s network, demand for ETH rises. The decentralized finance (DeFi) boom of 2020-2021 was a great example of this.
Economic health: Crypto isn’t as sensitive to interest rates as stocks, but the health of the economy still matters. When people have money to invest, they’re more willing to explore alternative assets—like Ethereum.
Regulations: Because crypto is still somewhat new, regulations are still evolving and major regulatory decisions can either scare or assuage investors.
Competition from other blockchains: Ethereum isn’t the only “smart contract” platform anymore. Competitors like Solana and Avalanche offer, in some cases, faster and cheaper transactions. Depending on how Ethereum pivots will dictate its value in the long-term.
How to buy and invest in Ethereum
There are many ways to invest in Ethereum with varying degrees of risk. Below are some of the most popular options.
Buy Ethereum on a crypto exchange
Purchasing ETH directly is the most hands-on investment approach. Open an account with a cryptocurrency exchange and link your bank account to buy and hold the ETH in a digital wallet.
Invest in Ethereum ETFs
If you’d rather not manage crypto directly, including dealing with wallets and private keys, an Ethereum ETF might be a better fit. These funds effectively hold the crypto on your behalf while their shares trade on stock exchanges like a regular stock.
Buy Ethereum-related stocks
Investing in publicly traded companies that are closely tied to Ethereum is a way to bet on ETH without owning it. This could include blockchain tech companies, firms that hold a significant amount of ETH on their balance sheets, etc. This lets you benefit from its performance by extension.
Open a crypto IRA that holds Ethereum
A crypto IRA lets you hold Ethereum in a tax-advantaged retirement account. It works like a traditional or Roth IRA—with the same contribution limits and tax benefits.
Cryptocurrency prices today
Ethereum is one of the most prominent cryptocurrencies, but there are plenty more to choose from. Consider the following options when deciding where to place your money.
CryptocurrencyPrice per coin as of 8:15 a.m. on Oct. 30, 2026Bitcoin$77,380.93Ethereum$2,232.62Tether (USDT)$0.99XRP$1.24BitcoinPrice per coin as of 8:15 a.m. on Oct. 30, 2026$77,380.93EthereumPrice per coin as of 8:15 a.m. on Oct. 30, 2026$2,232.62Tether (USDT)Price per coin as of 8:15 a.m. on Oct. 30, 2026$0.99XRPPrice per coin as of 8:15 a.m. on Oct. 30, 2026$1.24
Bitcoin: Bitcoin is the original cryptocurrency, still the most popular crypto coin on the market. Its primary purpose is to be a store of value and a peer-to-peer payment system.
Tether: Tether is a “stablecoin.” Its value is directly tied to another asset—in this case, the U.S. dollar. This makes it overall less volatile than Ethereum, but it also lacks Ethereum’s potential for growth.
XRP: XRP is a cryptocurrency that is designed to move funds from one country to another rapidly and cheaply.
Is it a good time to invest in Ethereum?
Compared to blue-chip giants like Exxon Mobil or IBM, Ethereum is still pretty young. There’s no foolproof way to predict how ETH will perform in the years or decades ahead. Even so, its track record over the past decade has been outstanding, and its value goes far beyond being a tradable coin. It’s the foundation for an expanding world of financial apps and developer tools.
Still, don’t forget that Ethereum has gone through some major downturns. Be ready for volatility, and know it’s not ideal for investors who get uneasy with big price swings. Keep an eye on competing blockchains, and don’t go all-in. Treat ETH as a smaller, thoughtful piece of a well-diversified portfolio.
Frequently asked questions
How much will Ethereum be worth in 2030?
Cryptocurrency experts are bullish on Ethereum’s long-term trajectory. Standard Chartered has predicted ETH could even eclipse Bitcoin by then, reaching $40,000 by the next decade. More conservative estimates place it closer to $10,000. Either way, that’s a meteoric rise from its early 2026 valuation.
What is Ethereum’s all-time high price?
Cryptocurrency experts are bullish on Ethereum’s long-term trajectory. Standard Chartered has predicted ETH could even eclipse Bitcoin by then, reaching $40,000 by the next decade. More conservative estimates place it closer to $10,000. Either way, that’s a meteoric rise from its early 2026 valuation.
Can you buy a fraction of Ethereum?
Yes. Most cryptocurrency exchanges allow for fractional investing, giving you the ability to buy portions of a single crypto coin—including ETH.
How do I start investing in Ethereum as a beginner?
If you want to invest directly in Ethereum by owning the currency, you’ll typically open an account with a cryptocurrency exchange. Once the account is created, you can transfer your money from your bank account to your crypto account and begin making purchases. Alternatively, you can indirectly invest in Ethereum via an ETF or a company that’s closely tied to Ethereum’s success.
What is Ethereum staking?
Staking involves locking up your ETH to help validate transactions on Ethereum’s decentralized network. The upside to doing this is that you’ll receive a return similar to interest with a high-yield savings account.
Is Ethereum better than Bitcoin?
Neither Ethereum or Bitcoin is objectively “better.” They do different things. Bitcoin is primarily a store of value, while Ethereum is both a platform that powers a large ecosystem of applications and a cryptocurrency. Bitcoin tends to be less volatile and more established as a payment method, while Ethereum gives you more functionality, and likely more potential for growth.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
, /PRNewswire/ -- Viatris Inc. ("Viatris") (Nasdaq: VTRS), a global healthcare company, today announced that Peach Purchaser Sub Inc. ("Purchaser"), a wholly owned subsidiary of Viatris, has commenced a tender offer to purchase all of the issued and outstanding shares of common stock, par value $0.001 per share (the "Shares"), of Pacira BioSciences, Inc. ("Pacira") (Nasdaq: PCRX), for $36.50 per Share, in cash, net of applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated Oct. 30, 2026 (as it may be amended or supplemented from time to time, the "Offer to Purchase"), and the accompanying Letter of Transmittal (the "Letter of Transmittal" and, together with the Offer to Purchase and other related materials, as they may be amended or supplemented from time to time, the "Offer").
The Offer is being made pursuant to the Agreement and Plan of Merger, dated Oct. 8, 2026, by and among Viatris, Purchaser and Pacira (as it may be amended or supplemented from time to time, the "Merger Agreement"). The Merger Agreement provides, among other things, that as soon as practicable following the consummation of the Offer, on the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the General Corporation Law of the State of Delaware, as amended (the "DGCL"), Purchaser will be merged with and into Pacira (the "Merger") with Pacira continuing as the surviving corporation in the Merger and as a wholly owned subsidiary of Viatris. By virtue of the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (subject to certain exceptions set forth in the Merger Agreement) will be converted into the right to receive $36.50 per Share, in cash, net of applicable withholding taxes and without interest. The Merger will be governed by Section 251(h) of the DGCL and, as a result, does not require a vote of Pacira's stockholders. Purchaser may not provide any "subsequent offering period" for the Offer (within the meaning of Rule 14d-11 promulgated under the Securities Exchange Act of 1934 (as amended, the "Exchange Act")) without the prior written consent of Pacira.
Pacira's board of directors (the "Pacira Board") has published a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9") and filed the Schedule 14D-9 with the U.S. Securities and Exchange Commission (the "SEC") on Oct. 30, 2026. The Schedule 14D-9 includes, among other things, the unanimous recommendation of the Pacira Board that Pacira's stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.
The Offer and withdrawal rights will expire one minute following 11:59 p.m., Eastern Time, on Nov. 16, 2026, unless the Offer is extended or earlier terminated (such date, or any subsequent date to which the expiration of the Offer is extended in accordance with the terms of the Merger Agreement, the "Expiration Date"). The Offer may be extended as provided in the Merger Agreement. Any extension, delay, termination or amendment of the Offer will be followed, as promptly as practicable, by a public announcement thereof, and such announcement, in the case of an extension, will be made no later than 9 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date. Shares that are tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date and, if such Shares have not yet been accepted for payment by Purchaser pursuant to the Offer (the time of such acceptance, the "Offer Acceptance Time"), may also be withdrawn at any time after Dec. 29, 2026, which is the 60th day after the date of the commencement of the Offer. Upon the terms and subject to the conditions of the Offer, Purchaser will promptly accept for payment at the Offer Acceptance Time, and pay for all Shares that are validly tendered (and not validly withdrawn) pursuant to the Offer as promptly as practicable after the Offer Acceptance Time.
Purchaser's obligation to pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to certain conditions, including, among others, (a) the Minimum Condition (as defined below), (b) the expiration or termination of the waiting period (or any extension thereof) applicable to the Offer under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (c) the absence of any legal restraint that prohibits or makes illegal the consummation of the Offer or the Merger. The "Minimum Condition" means that, prior to the Expiration Date, there will have been validly tendered (and not validly withdrawn) in the Offer a number of Shares that, together with the Shares then owned by Purchaser and its affiliates (as such term is defined in Section 251(h)(6) of the DGCL), represents at least one Share more than 50% of the total number of Shares issued and outstanding at the time of expiration of the Offer, excluding for these purposes Shares tendered pursuant to guaranteed delivery procedures that have not yet been "received" by the "depository" (as such terms are defined in Section 251(h)(6) of the DGCL). The Offer is not subject to a financing condition.
The documentation relating to the Offer (including the Offer to Purchase, the Letter of Transmittal and the Schedule 14D-9) can be accessed at the following link: https://www.shareholdermaterials.com/pcrx2026/. The Offer to Purchase, the related Letter of Transmittal and the Schedule 14D-9 (which contains the recommendation of the Pacira Board and the reasons therefor) contain important information. Pacira's stockholders should carefully read all documents in their entirety before any decision is made with respect to the Offer.
The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 promulgated under the Exchange Act is contained in the Offer to Purchase and is incorporated herein by reference.
Pacira has provided Purchaser with its stockholder list, security position listings and certain other information regarding the beneficial owners of Shares for the purpose of disseminating the Offer to holders of Shares. Purchaser will send the Offer to Purchase, the related Letter of Transmittal and other related documents to record holders of Shares and to brokers, dealers, commercial banks, trust companies and other nominees whose names appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing for subsequent transmittal to beneficial owners of Shares.
Questions or requests for assistance may be directed to Innisfree M&A Incorporated, who is serving as the information agent (the "Information Agent"), at the address and telephone numbers set forth below. Requests for copies of the Offer to Purchase, the related Letter of Transmittal and other tender offer materials may be directed to the Information Agent or to brokers, dealers, commercial banks or trust companies. Such copies will be furnished promptly at Purchaser's expense.
INNISFREE M&A INCORPORATED
500 Fifth Avenue, 21st Floor
New York, NY 10110
Shareholders May Call:
(866) 239-1760 (TOLL-FREE from the U.S. and Canada), or
+1 (412) 232-3651 (from other countries)
Banks and Brokers May Call Collect:
(212) 750-5833
About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.
Forward-Looking Statements
This communication contains "forward-looking statements". Such forward-looking statements may include, without limitation, statements about the transaction (in which, among other things, Viatris, through its wholly-owned subsidiary, has commenced the Offer to acquire all of the outstanding Shares of Pacira and, following the consummation of the Offer, for such wholly-owned subsidiary of Viatris to be merged with and into Pacira), the expected timetable for completing the proposed transaction, the anticipated benefits and synergies of the proposed transaction, the ability to complete the transaction or to satisfy the various closing conditions, future opportunities for Viatris or Pacira and either of their products and any other statements regarding Viatris' or Pacira's future operations, strategic initiatives and priorities, restructuring activities, financial or operating results, capital allocation, dividend policy and payments, share repurchases, debt ratio and covenants, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, imperatives, competitions, commitments, confidence in future results, efforts to create, enhance or otherwise unlock value, other expectations, plans, trends, outlooks, projections, prospects and targets for future periods, and any other statements that are not historical facts. Forward-looking statements may often be identified by the use of words such as "will", "may", "can", "could", "should", "would", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "pipeline", "intend", "continue", "target", "seek" and variations of these words or comparable words.
Because forward-looking statements inherently involve known and unknown risks and uncertainties, actual future results, levels of activity, performance or achievements may differ materially from those expressed or implied by such forward-looking statements, and there can be no assurance that estimates, assumptions and expectations will prove to have been correct. Factors that could cause or contribute to such differences include, but are not limited to: the ability of Viatris and Pacira to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the ability of Viatris and Pacira to consummate the proposed transaction; the conditions to the completion of the proposed transaction (including, but not limited to, the Minimum Condition) not being satisfied or waived on the anticipated timeframe or at all; the regulatory approvals required for the proposed transaction not being obtained on the terms expected or on the anticipated schedule or at all; the possibility that competing offers may be made; the possibility that Viatris may be unable to achieve the intended or expected benefits, synergies and operating efficiencies in connection with the proposed transaction within the expected timeframe or at all or to successfully integrate Viatris and Pacira; Viatris' or Pacira's failure to achieve expected or targeted future financial and operating performance and results; the possibility that Viatris or Pacira may not realize the intended benefits of, or achieve the intended goals or outlooks with respect to, its strategic initiatives and priorities; actions and decisions of healthcare and pharmaceutical regulators; changes in relevant laws, regulations and policies and/or the application or implementation thereof, including but not limited to tax, healthcare and pharmaceutical laws, regulations and policies globally; the ability to attract, motivate and retain key personnel; Viatris' or Pacira's liquidity, capital resources and ability to successfully complete capital projections and obtain financing; Viatris' or Pacira's plans with respect to the repayment of indebtedness; any regulatory, legal or other impediments to Viatris' or Pacira's ability to bring new products to market; success of clinical trials and Viatris' or Pacira's (or, with respect to each, its partners') ability to execute on new product opportunities and develop, manufacture and commercialize products; any changes in or difficulties with Viatris' or Pacira's manufacturing facilities, including with respect to short- or long-term shutdowns, inspections, remediation and restructuring activities, product labeling or regulatory compliance, supply chain continuity, inventory management, or the ability to meet anticipated demand; the scope, timing and outcome of any ongoing legal proceedings, including government inquiries or investigations, and the impact of any such proceedings on Viatris or Pacira; any significant breach of data security or data privacy or disruptions to Viatris' or Pacira's information technology systems; risks associated with having significant operations globally; the strength and ability to protect Viatris' or Pacira's intellectual property and patent terms and preserve their respective intellectual property rights; changes in third-party relationships; the effect of any changes in Viatris' or Pacira's (or, with respect to each, its partners') customer and supplier relationships and customer purchasing patterns, including customer loss and business disruption being greater than expected following the proposed transaction; the impacts of competition, including decreases in sales or revenues as a result of the loss of market exclusivity for certain products; changes in the economic and financial conditions of Viatris or Pacira (or, with respect to each, its partners); uncertainties regarding future demand, pricing and reimbursement for Viatris' or Pacira's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, wars or other conflicts, potential for adverse impacts from future tariffs and trade restrictions, inflation rates, interest rates and global exchange rates; and inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements, and the providing of estimates of financial measures, in accordance with U.S. GAAP and related standards or on an adjusted basis.
For more detailed information on the risks and uncertainties associated with Viatris and Pacira, see the risks described in Part I, Item 1A of their respective Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and their other filings with the SEC. You can access their respective filings with the SEC through the SEC website at www.sec.gov or through their respective websites, and each of Viatris and Pacira strongly encourages you to do so. Viatris routinely posts information that may be important to investors on its website at investor.viatris.com, and uses this website address as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). The contents of each of Viatris's and Pacira's websites are not incorporated into this communication or their respective filings with the SEC. Each of Viatris and Pacira undertakes no obligation to update any statements herein for revisions or changes after the date of this communication other than as required by law.
Important Information about the Transaction and Where to Find It
This communication is for informational purposes only and it is neither a recommendation, nor an offer to purchase nor a solicitation of an offer to sell Shares, nor is it a substitute for the tender offer materials that Viatris, Purchaser or Pacira have filed with the SEC. Viatris has filed a Tender Offer Statement on Schedule TO, containing the Offer to Purchase, the Letter of Transmittal and other related tender offer documents, with the SEC, and Pacira has filed the Solicitation/Recommendation Statement on Schedule 14D-9 relating to the Offer with the SEC. The Offer is only being made pursuant to the Offer to Purchase and the exhibits filed with respect thereto (including the Letter of Transmittal) and other related tender offer documents filed as a part of the Schedule TO, which contain the full terms and conditions of the Offer. Pacira's stockholders are strongly advised to read the tender offer materials (including the Offer to Purchase, the Letter of Transmittal and certain other tender offer documents) and the Solicitation/Recommendation Statement on Schedule 14D-9 carefully and in their entirety, as they may be amended or supplemented from time to time, because they contain important information about the Offer that Pacira's stockholders should consider prior to making any decisions with respect to the Offer, including the terms and conditions of the Offer. The Offer to Purchase, the Letter of Transmittal and other related tender offer documents, as well as the Solicitation/Recommendation Statement on Schedule 14D-9, will be sent to all stockholders of Pacira at no expense to them. The Tender Offer Statement on Schedule TO, the Solicitation/Recommendation Statement on Schedule 14D-9, and other related documents filed with the SEC are available for free at the website maintained by the SEC at www.sec.gov and can be accessed at the following link: https://www.shareholdermaterials.com/pcrx2026/.
In addition, a copy of the Offer to Purchase, the Letter of Transmittal and other related tender offer documents may be obtained free of charge by directing a request to Viatris at [email protected]. A copy of the Solicitation/Recommendation Statement on Schedule 14D-9 also may be obtained free of charge by directing a request to Pacira at [email protected].
Delivered diluted earnings per share (EPS) of C$2.00, an increase of 9% and adjusted diluted EPS of C$2.16, an increase of 18%, or 17% at constant currency (1)Generated free cash flow of C$2,918 million, an increase of 25% for the first nine months of 2026 (consisting of net cash provided by operating activities of C$4,780 million and net cash used in investing activities of C$1,862 million) (1)Realized record third quarter fuel efficiency performance and on track for annual recordRepurchased approximately 3.9 million shares for C$676 million MONTREAL, Oct. 30, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the third quarter ended September 30, 2026.
"I am very proud of CN’s dedicated railroaders for delivering another strong quarter. Their relentless focus on safely executing the plan across our unique network continues to strengthen service, enhance productivity, and support our customers’ success. Together with our disciplined financial management, these rigorous efforts position CN to deliver profitable growth, continue to create long-term value for our shareholders, and capitalize on the opportunities ahead."
– Tracy Robinson, President and Chief Executive Officer, CN
Third-Quarter 2026 Results Highlights
CN's commercial momentum and service performance were supported by a 4% increase in gross ton miles (GTMs) to 116,264 (millions) and a 4% increase in RTMs to 59,383 (millions). The Company delivered diluted EPS of C$2.00, an increase of 9%, and adjusted diluted EPS of C$2.16, an increase of 18%, or C$2.14 on an adjusted basis at constant currency, an increase of 17%. (1)
The quarter’s operating performance reflects CN’s commitment to strong service execution, enabling its ability to meet customer demand in key markets including grain and energy, while continuing to advance operational improvements through Fast Track.
Quarterly Financial Results Highlights
Third-quarter 2026 compared to third-quarter 2025
Revenues of C$4,771 million, an increase of C$606 million, or 15%.Operating income of C$1,730 million, an increase of C$124 million, or 8%, and adjusted operating income of C$1,862 million, an increase of C$256 million, or 16%. (1)Operating ratio, defined as operating expenses as a percentage of revenues, of 63.7%, an increase of 230 basis points, and adjusted operating ratio of 61.0%, an improvement of 40 basis points. (1)Net income of C$1,209 million, an increase of C$70 million, or 6%, and adjusted net income of C$1,307 million, an increase of C$168 million, or 15%. (1)Diluted EPS of C$2.00, an increase of 9% and adjusted diluted EPS of C$2.16, an increase of 18%, or C$2.14 on an adjusted basis at constant currency, an increase of 17%. (1)Free cash flow for the first nine months of 2026 was C$2,918 million, an increase of C$577 million, or 25%. (1)Adjusted EBITDA reported for the twelve months ended September 30, 2026 of C$9,080 million, an increase of 5%. (1)Adjusted debt-to-adjusted EBITDA of 2.61 times as at and for the twelve months ended September 30, 2026. (1)Repurchased approximately 3.9 million shares in the third quarter of 2026 for C$676 million. Quarterly Operating Performance Highlights *
Third-quarter 2026 compared to third-quarter 2025
GTMs increased 4% to 116,264 (millions).RTMs increased 4% to 59,383 (millions).Through dwell increased by 1% to 7.1 (entire railroad, hours).Car velocity decreased by 2% to 207 (car miles per day).Through network train speed decreased by 2% to 19.1 (mph).Fuel efficiency of 0.814 (US gallons of locomotive fuel consumed per 1,000 GTMs), was 2% more efficient.Train length remained flat at 8,083 (feet).GTMs per average number of employees increased 7% to 4,888 (thousands).Operating expenses per GTM increased 14% to 2.62 (cents).
* Statistical operating data and key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.
Dividends
CN's Board of Directors has approved a fourth-quarter 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on December 30, 2026, to shareholders of record at the close of business on December 9, 2026.
2026 financial guidance (1)(2)
The Company continues to assume to deliver low single-digit RTM growth in 2026. The Company continues to expect adjusted diluted EPS growth in the mid-to-high single-digit range and is currently tracking more towards the upper end of this range.
In 2026, CN is still on track to invest approximately C$2.8 billion in its capital program, net of amounts reimbursed by customers. The Company also expects to continue improving its free cash flow conversion throughout 2026.
CONFERENCE CALL DETAILS
CN's senior officers will review the results and the railway's outlook in a conference call starting at 8:30 a.m. Eastern Time on October 30, 2026. Tracy Robinson, CN President and Chief Executive Officer, will lead the call. Parties wishing to participate via telephone may dial 1-800-715-9871 (Canada/U.S.), or 1-647-932-3411 (International), using 5186426 as the passcode. Participants are advised to dial in 10 minutes prior to the call.
(1) Non-GAAP Measures
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.
CN's outlook, guidance or targets (2) exclude certain adjustments, which are expected to be comparable to adjustments made in prior years. However, management cannot individually quantify on a forward-looking basis the impact of these adjustments, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its outlook, guidance or targets.
(2) Forward-Looking Statements
Certain statements included in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets," "goals," or other similar words.
2026 key assumptions
CN has made a number of economic and market assumptions in preparing its 2026 outlook. The 2025/2026 grain crops in Canada and the U.S. were above their respective five-year averages. The Company now assumes that the 2026/2027 grain crops in Canada and the U.S. will be above their respective five-year averages (compared to its January 30, 2026 assumption that the 2026/2027 grain crops in Canada and the U.S. will be in line with their respective five-year averages). CN continues to assume low single-digit RTM growth. CN continues to assume that for the balance of 2026, the value of the Canadian dollar in U.S. currency will be $0.71 and the average price of crude oil (West Texas Intermediate) will be in the range of US$80 - US$110 per barrel. The Company notes there is a heightened demand risk as a result of volatile macroeconomic conditions, geopolitical conflicts and global trade tensions.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts or tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators and other regulatory claims or proceedings; increases in maintenance and operating costs; security threats; reliance on technology, including the use of artificial intelligence, and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.
The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the MD&A in CN’s annual and interim reports. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements.
Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Information contained on, or accessible through, our website is not incorporated by reference into this news release.
This earnings news release, as well as additional information, including the Financial Statements, Notes thereto and MD&A, is contained in CN’s Quarterly Review available on the Company's website at www.cn.ca/financial-results and on SEDAR+ at www.sedarplus.ca as well as on the U.S. Securities and Exchange Commission's website at www.sec.gov through EDGAR.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Three months ended September 30 Nine months ended September 30 20262025 20262025Financial measures Key financial performance indicators (1) Total revenues ($ millions) 4,7714,165 13,90312,840Freight revenues ($ millions) 4,5743,991 13,40012,369Operating income ($ millions) 1,7301,606 5,0604,854Adjusted operating income ($ millions) (2)(3) 1,8621,606 5,2264,854Net income ($ millions) 1,2091,139 3,6043,472Adjusted net income ($ millions) (2)(3) 1,3071,139 3,6703,472Diluted earnings per share ($) 2.001.83 5.935.54Adjusted diluted earnings per share ($) (2)(3) 2.161.83 6.035.54Net cash provided by operating activities ($ millions) 1,9041,913 4,7804,822Net cash used in investing activities ($ millions) 8281,120 1,8622,481Free cash flow ($ millions) (2)(4) 1,076793 2,9182,341Gross property additions ($ millions) 8051,105 1,9392,429Share repurchases ($ millions) 676 1,041 1,999 1,448Dividends per share ($) 0.9150 0.8875 2.74502.6625Financial ratio Operating ratio (%) (5) 63.761.4 63.662.2Adjusted operating ratio (%) (2)(3) 61.061.4 62.462.2Operational measures (6) Statistical operating data Gross ton miles (GTMs) (millions) 116,264111,901 355,735344,079Revenue ton miles (RTMs) (millions) 59,38357,188 183,467176,452Carloads (thousands) 1,3641,368 4,1094,095Route miles (includes Canada and the U.S., end of period) 18,90018,900 18,90018,900Employees (end of period) 23,82224,237 23,82224,237Employees (average for the period) 23,78424,408 23,68524,679Key operating measures Freight revenue per RTM (cents) 7.706.98 7.307.01Freight revenue per carload ($) 3,3532,917 3,2613,021GTMs per average number of employees (thousands) 4,8884,585 15,01913,942Operating expenses per GTM (cents) 2.622.29 2.492.32Labor and fringe benefits expense per GTM (cents) 0.750.73 0.750.75Diesel fuel consumed (US gallons in millions) 94.693.2 301.4300.0Average fuel price ($ per US gallon) 6.093.82 5.243.93Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs) 0.8140.833 0.8470.872Train weight (tons) 9,3709,225 9,3579,141Train length (feet) 8,0838,049 8,0137,923Car velocity (car miles per day) 207211 206204Through dwell (entire railroad, hours) 7.17.0 7.27.2Through network train speed (miles per hour) 19.119.5 18.918.7Locomotive utilization (trailing GTMs per total horsepower) 200191 200188Safety indicators (7) Injury frequency rate (per 200,000 person hours) 0.80 1.18 0.97 1.04Accident rate (per million train miles) 1.51 1.92 2.09 1.84 (1)Amounts expressed in Canadian dollars and prepared in accordance with United States generally accepted accounting principles (GAAP), unless otherwise noted.(2)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.(3)See the supplementary schedule entitled Non-GAAP Measures – Adjusted performance measures for an explanation of these non-GAAP measures.(4)See the supplementary schedule entitled Non-GAAP Measures – Free cash flow for an explanation of this non-GAAP measure.(5)Operating ratio is defined as operating expenses as a percentage of revenues.(6)Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of gross ton miles, revenue ton miles, freight revenue per RTM, fuel efficiency, train weight, train length, car velocity, through dwell and through network train speed are included within the Company’s Management’s Discussion and Analysis. Definitions of all other indicators are provided on CN's website, www.cn.ca/glossary. (7)Based on Federal Railroad Administration (FRA) reporting criteria. SUPPLEMENTARY INFORMATION – UNAUDITED
Three months ended September 30 Nine months ended September 30 20262025% Change
Fav (Unfav) % Change at
constant
currency (1)
Fav (Unfav) 20262025% Change
Fav (Unfav) % Change at
constant
currency (1)
Fav (Unfav) Revenues ($ millions) (2) Petroleum and chemicals 1,00085417%16% 2,8692,57711%12%Metals and minerals 56147718%16% 1,5571,4964%5%Forest products 49545110%8% 1,4241,4061%2%Coal 2462374%3% 708725(2%)(2%)Grain and fertilizers 92377519%18% 2,9522,56015%16%Intermodal 1,0659809%8% 3,1142,9286%7%Automotive 28421731%29% 77667715%15%Total freight revenues 4,5743,99115%14% 13,40012,3698%9%Other revenues 19717413%12% 5034717%7%Total revenues 4,7714,16515%14% 13,90312,8408%9%Revenue ton miles (RTMs) (millions) (3) Petroleum and chemicals 12,26011,6625%5% 36,81834,2388%8%Metals and minerals 7,3116,8716%6% 20,39720,697(1%)(1%)Forest products 4,9785,159(4%)(4%) 15,10615,659(4%)(4%)Coal 4,8885,131(5%)(5%) 14,79315,635(5%)(5%)Grain and fertilizers 16,33314,56212%12% 54,22748,32512%12%Intermodal 12,68013,027(3%)(3%) 39,47339,469—%—%Automotive 93377620%20% 2,6532,4299%9%Total RTMs 59,38357,1884%4% 183,467176,4524%4%Freight revenue / RTM (cents) (2)(3) Petroleum and chemicals 8.167.3211%10% 7.797.533%4%Metals and minerals 7.676.9411%9% 7.637.236%6%Forest products 9.948.7414%12% 9.438.985%6%Coal 5.034.629%8% 4.794.643%3%Grain and fertilizers 5.655.326%5% 5.445.303%3%Intermodal 8.407.5212%11% 7.897.426%7%Automotive 30.4427.969%8% 29.2527.875%5%Total freight revenue / RTM 7.706.9810%9% 7.307.014%5%Carloads (thousands) (3) Petroleum and chemicals 1711626%6% 5114797%7%Metals and minerals 2362255%5% 6846771%1%Forest products 69681%1% 206212(3%)(3%)Coal 109122(11%)(11%) 327355(8%)(8%)Grain and fertilizers 18116311%11% 57051810%10%Intermodal 542576(6%)(6%) 1,6491,695(3%)(3%)Automotive 56528%8% 1621592%2%Total carloads 1,3641,368—%—% 4,1094,095—%—%Freight revenue / carload ($) (2)(3) Petroleum and chemicals 5,8485,27211%10% 5,6145,3804%5%Metals and minerals 2,3772,12012%11% 2,2762,2103%4%Forest products 7,1746,6328%7% 6,9136,6324%5%Coal 2,2571,94316%15% 2,1652,0426%6%Grain and fertilizers 5,0994,7557%6% 5,1794,9425%5%Intermodal 1,9651,70116%15% 1,8881,7279%10%Automotive 5,0714,17322%20% 4,7904,25812%13%Total freight revenue / carload 3,3532,91715%14% 3,2613,0218%8% (1)This non-GAAP measure does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the supplementary schedule entitled Non-GAAP Measures – Constant currency for an explanation of this non-GAAP measure.(2)Amounts expressed in Canadian dollars.(3)Statistical operating data and related key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. NON-GAAP MEASURES – UNAUDITED
In this supplementary schedule, the "Company" or "CN" refers to Canadian National Railway Company, together with its wholly-owned subsidiaries. Financial information included in this schedule is expressed in Canadian dollars, unless otherwise noted.
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). The Company also uses non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, free cash flow, constant currency and adjusted debt-to-adjusted EBITDA multiple. These non-GAAP measures may not be comparable to similar measures presented by other companies. From management's perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company's results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.
Adjusted performance measures
Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted operating expenses and adjusted operating ratio are non-GAAP measures that are used to set performance goals and to measure CN's performance and may include the following adjustments:
operating expense adjustments: workforce reduction program, advisory costs related to rail consolidation matters, depreciation expense on the deployment of a replacement system, advisory fees related to shareholder matters, asset impairments and held-for-sale recoveries, business acquisition-related costs;non-operating expense adjustments: business acquisition-related financing fees, merger termination income, gains and losses on disposal of property; andthe effect of changes in tax laws including rate enactments and changes in tax positions affecting prior years. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
For the three and nine months ended September 30, 2026, the Company's adjusted net income was $1,307 million, or $2.16 per diluted share, and $3,670 million, or $6.03 per diluted share, respectively. The adjusted figures for the three and nine months ended September 30, 2026 exclude:
asset impairments related to CN's decision to discontinue the development of certain components of its dispatching and back office information technology projects before completion of $118 million, or $87 million after tax ($0.14 per diluted share) recorded in the third quarter in Asset impairments within the Consolidated Statements of Income, representing the full carrying amount of the affected software components, which had no alternative use and were no longer expected to provide future economic benefits;advisory costs related to the analysis and advocacy for the U.S. Surface Transportation Board (STB) review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern, including participation in ongoing merger-related regulatory proceedings, discovery activities and efforts to secure competitive access conditions, of $14 million, or $11 million after-tax ($0.02 per diluted share) and $48 million, or $36 million after tax ($0.05 per diluted share), respectively, recorded in Purchased services and material within the Consolidated Statements of Income; andthe sale of a portion of the Newmarket subdivision located in Washago and Sundridge, Ontario, Canada, together with rail fixtures, for cash proceeds of $84 million, which resulted in a gain of $66 million, or $57 million after-tax ($0.09 per diluted share) recorded in the first quarter in Other income within the Consolidated Statements of Income. For the three and nine months ended September 30, 2025, the Company's net income was $1,139 million, or $1.83 per diluted share, and $3,472 million, or $5.54 per diluted share, respectively. There were no adjustments in the third quarter and the first nine months of 2025.
Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company's operations and underlying business trends as well as facilitates period-to-period comparisons, as it excludes certain significant items that are not reflective of CN's underlying business operations and could distort the analysis of trends in business performance. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted-average diluted shares outstanding. This measure helps management and investors evaluate the Company's profitability on a per-share basis, facilitating the assessment of period-over-period performance by removing the impact of significant, non-recurring items.
The following table provides a reconciliation of Net income and Earnings per share in accordance with GAAP, as reported for the three and nine months ended September 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:
Three months ended September 30Nine months ended September 30In millions, except per share data 2026 2025 2026 2025Net income$ 1,209 $1,139$ 3,604 $3,472Adjustments: Operating expense adjustments: Asset impairments 118 — 118 —Advisory costs related to rail consolidation matters 14 — 48 —Non-operating expense adjustment: Gain on disposal of property — — (66) —Tax adjustment: Tax effect of adjustments (1) (34) — (34) —Total adjustments$ 98 $—$ 66 $—Adjusted net income$ 1,307 $1,139$ 3,670 $3,472Diluted earnings per share$ 2.00 $ 1.83$ 5.93 $5.54Impact of adjustments, per share 0.16 — 0.10 —Adjusted diluted earnings per share$ 2.16 $ 1.83$ 6.03 $5.54 (1)The tax impact of adjustments is based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction. Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure helps management and investors assess the Company's core operating results by excluding items that may distort the analysis of ongoing business performance. Adjusted operating expenses is defined as Operating expenses in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure provides management and investors with a view of ongoing costs which exclude unusual or non-recurring items, enabling more accurate assessment of cost management and resource allocation across reporting periods. Adjusted operating ratio is defined as adjusted operating expenses as a percentage of revenues. For management and investors, the adjusted operating ratio serves as a key performance indicator of cost management and overall operational effectiveness, as it demonstrates how effectively management controls costs relative to total revenue by excluding unusual or non-recurring items.
The following table provides a reconciliation of Operating income, Operating expenses and operating ratio, as reported for the three and nine months ended September 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:
Three months ended September 30Nine months ended September 30In millions, except percentages 2026 2025 2026 2025 Operating income$ 1,730 $1,606 $ 5,060 $4,854 Adjustments: Asset impairments 118 — 118 — Advisory costs related to rail consolidation matters 14 — 48 — Total adjustments$ 132 $— $ 166 $— Adjusted operating income$ 1,862 $1,606 $ 5,226 $4,854 Operating expenses$ 3,041 $2,559 $ 8,843 $7,986 Total adjustments (132) — (166) — Adjusted operating expenses$ 2,909 $2,559 $ 8,677 $7,986 Operating ratio 63.7% 61.4% 63.6% 62.2%Impact of adjustments (2.7
)% —% (1.2
)%
—%Adjusted operating ratio 61.0% 61.4% 62.4% 62.2% Free cash flow
Free cash flow is a useful measure of liquidity as it demonstrates the Company's ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of (i) business acquisitions and combinations; and (ii) merger transaction-related payments, cash receipts and cash income taxes, which are items that are not indicative of operating trends. Free cash flow does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
The following table provides a reconciliation of net cash provided by operating activities in accordance with GAAP, as reported for the three and nine months ended September 30, 2026 and 2025, to the non-GAAP free cash flow presented herein:
Three months ended September 30Nine months ended September 30In millions 2026 2025 2026 2025 Net cash provided by operating activities$ 1,904 $ 1,913 $ 4,780 $ 4,822 Net cash used in investing activities (828) (1,120) (1,862) (2,481)Free cash flow$ 1,076 $ 793 $ 2,918 $ 2,341 Constant currency
Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Measures at constant currency are considered non-GAAP measures and do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. Financial results at constant currency are obtained by translating the current period results denominated in US dollars at the weighted average foreign exchange rates used to translate transactions denominated in US dollars of the comparable period of the prior year.
The weighted average foreign exchange rates were $1.399 and $1.385 per US$1.00 for the three and nine months ended September 30, 2026, respectively and $1.378 and $1.400 per US$1.00 for the three and nine months ended September 30, 2025, respectively. On a constant currency basis, the Company's net income for the three and nine months ended September 30, 2026 would have been lower by $10 million ($0.02 per diluted share) and higher by $16 million ($0.03 per diluted share), respectively.
The following table provides a reconciliation of the impact of constant currency and related percentage change at constant currency on the financial results, as reported for the three and nine months ended September 30, 2026:
Three months ended September 30Nine months ended September 30In millions, except per share data 2026 Constant
currency
impact
2025 % Change at constant currency Fav (Unfav) 2026 Constant
currency
impact
2025 % Change at constant currency Fav (Unfav) Revenues Petroleum and chemicals$ 1,000 $ (9)$854 16%$ 2,869 $16 $2,577 12%Metals and minerals 561 (6) 477 16% 1,557 11 1,496 5%Forest products 495 (6) 451 8% 1,424 10 1,406 2%Coal 246 (2) 237 3% 708 2 725 (2%)Grain and fertilizers 923 (7) 775 18% 2,952 17 2,560 16%Intermodal 1,065 (4) 980 8% 3,114 7 2,928 7%Automotive 284 (3) 217 29% 776 4 677 15%Total freight revenues 4,574 (37) 3,991 14% 13,400 67 12,369 9%Other revenues 197 (2) 174 12% 503 1 471 7%Total revenues 4,771 (39) 4,165 14% 13,903 68 12,840 9%Operating expenses Labor and fringe benefits 871 (5) 815 (6%) 2,674 11 2,597 (3%)Purchased services and material 628 (3) 562 (11%) 1,892 3 1,715 (10%)Fuel 662 (10) 418 (56%) 1,804 16 1,349 (35%)Depreciation and amortization 496 (4) 500 2% 1,466 5 1,482 1%Equipment rents 108 (1) 103 (4%) 326 3 326 (1%)Other 158 (1) 161 2% 563 3 517 (9%)Asset impairments 118 — — —% 118 — — —%Total operating expenses 3,041 (24) 2,559 (18%) 8,843 41 7,986 (11%)Operating income 1,730 (15) 1,606 7% 5,060 27 4,854 5%Interest expense (245) 3 (227)(7%) (720) (5) (679)(7%)Other components of net periodic benefit income 133 — 125 6% 399 — 376 6%Other income 3 — 3 —% 83 — 44 89%Income before income taxes 1,621 (12) 1,507 7% 4,822 22 4,595 5%Income tax expense (412) 2 (368)(11%) (1,218) (6) (1,123)(9%)Net income$ 1,209 $ (10)$1,139 5%$ 3,604 $16 $3,472 4%Diluted earnings per share $ 2.00 $ (0.02)$1.83 8%$ 5.93 $0.03 $5.54 8% Adjusted net income (1)$ 1,307 $ (10)$1,139 14%$ 3,670 $16 $3,472 6%Adjusted diluted earnings per share (1)$ 2.16 $ (0.02)$1.83 17%$ 6.03 $0.03 $5.54 9% (1)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the section of this MD&A entitled Adjusted performance measures for an explanation and reconciliation of these non-GAAP measures. Adjusted net income at constant currency and adjusted diluted EPS at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. For the three months ended September 30, 2026, the Adjusted net income at constant currency was $1,297 million, calculated as adjusted net income of $1,307 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $10 million. For the nine months ended September 30, 2026, the Adjusted net income at constant currency was $3,686 million, calculated as adjusted net income of $3,670 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $16 million. For the three months ended September 30, 2026, the Adjusted diluted EPS at constant currency was $2.14, calculated as adjusted diluted EPS of $2.16, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.02 per diluted share. For the nine months ended September 30, 2026, the Adjusted diluted EPS at constant currency was $6.06, calculated as adjusted diluted EPS of $6.03, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.03 per diluted share. Adjusted debt-to-adjusted EBITDA multiple
Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company's ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by the last twelve months of adjusted EBITDA. Adjusted debt is defined as the sum of Long-term debt and Current portion of long-term debt as reported on the Company’s Consolidated Balance Sheets as well as Operating lease liabilities, including current portion and pension plans in deficiency recognized on the Company's Consolidated Balance Sheets due to the debt-like nature of their contractual and financial obligations. Adjusted EBITDA is calculated as Net income excluding Interest expense, Income tax expense, Depreciation and amortization, operating lease cost, Other components of net periodic benefit income, Other income (loss), and other significant items that are not reflective of CN's underlying business operations and which could distort the analysis of trends in business performance. Adjusted debt and adjusted EBITDA are non-GAAP measures used to compute the adjusted debt-to-adjusted EBITDA multiple. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
The following table provides a reconciliation of debt and Net income in accordance with GAAP, reported as at and for the twelve months ended September 30, 2026 and 2025, to the adjusted measures presented herein, which have been used to calculate the non-GAAP adjusted debt-to-adjusted EBITDA multiple:
In millions, unless otherwise indicatedAs at and for the twelve months ended September 30, 2026 2025 Debt (1)$ 22,812 $21,120 Adjustments: Operating lease liabilities, including current portion (2) 534 452 Pension plans in deficiency (3) 333 341 Adjusted debt$ 23,679 $21,913 Net income$ 4,852 $4,618 Interest expense 954 910 Income tax expense 1,639 1,485 Depreciation and amortization 1,922 1,971 Operating lease cost (4) 150 159 Other components of net periodic benefit income (525) (489)Other income (127) (42)Adjustments: Workforce reduction program (5) 34 — Advisory costs related to rail consolidation matters (6) 63 — Asset impairments (7) 118 — Adjusted EBITDA$ 9,080 $8,612 Adjusted debt-to-adjusted EBITDA multiple (times) 2.61 2.54 (1)Represents the aggregate of Current portion of long-term debt and Long-term debt as disclosed on the Consolidated Balance Sheets.(2)Represents the present value of operating lease payments.(3)Represents the total funded deficit of all defined benefit pension plans with a projected benefit obligation in excess of plan assets.(4)Represents the operating lease costs recorded in Purchased services and material and Equipment rents within the Consolidated Statements of Income.(5)Relates to employee termination benefits and severance costs related to a workforce reduction program, recorded in the fourth quarter of 2025 in Labor and fringe benefits within the Consolidated Statements of Income.(6)Represents advisory costs related to the analysis and advocacy for the STB review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern recorded in Purchased services and material within the Consolidated Statements of Income.(7)Represents an impairment related to the discontinued development of portions of certain components of its dispatching and back office information technology projects before completion recorded in Asset impairments within the Consolidated Statements of Income. See Note 6 - Properties to the Company's unaudited Interim Consolidated Financial Statements for additional information.
MONTREAL, Oct. 30, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved a fourth-quarter 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on December 30, 2026, to shareholders of record at the close of business on December 9, 2026.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Elon Musk just called a $1.5 trillion crash-cost reduction claim credible, and auto insurers have no idea the market has not priced in what that means for the dividends retirees depend on.
Elon Musk weighed in on a question that matters to anyone who owns insurance stocks for income. On X, @CoFoundersNik posted that FSD “could literally free up OVER $1.5 trillion/yr” by reducing fatal and serious crashes. Musk replied with one word: “True.”
Auto insurers make their money from crash costs. If serious crashes fall, claims shrink. Premiums follow them down over time, which leaves insurers less float to invest and less surplus to pay out. Retirement-income investors should ask which dividends lean heaviest on that premium pool.
Crash Frequency Is Already Falling at America’s Biggest Auto Writer
Progressive (NYSE:PGR | PGR Price Prediction) said at its second-quarter investor event that auto claim frequency fell about 2.5% in the quarter. Vehicle miles traveled dropped roughly 4% over the same period. Nobody at the event discussed autonomous driving. Progressive has also cut new-business auto rates this year in 30 states representing 63% of premium. Expect this pattern in a self-driving world: fewer crashes, and the savings passed on to drivers through lower rates.
Investors are not pricing in disruption yet. Year to date, Travelers (NYSE:TRV) is up 38.55%, and Allstate (NYSE:ALL) is up 23.95%.
Dividend Safety, Insurer by Insurer
Progressive
The regular dividend of $0.10 a quarter costs Progressive very little and looks safe. Most of the income comes from the variable payout, which was $13.60 per share in January 2026, up from $4.60 a year earlier. That payout rises and falls with auto underwriting profit. In the third quarter, Direct Vehicles brought in $10.29 billion of revenue, and Agency Vehicles brought in $7.51 billion, according to its SEC earnings release. Of the five, Progressive has the most exposure.
Allstate
Allstate raised its quarterly dividend to $1.08 from $1, and holding-company available capital stands at $9.5 billion. Auto is its largest line, generating $9.64 billion in quarterly revenue, with an 83.3% combined ratio. Its Arity unit holds more than 2 trillion miles of driving data, which could help it price risk once cars are partly automated.
Travelers
The dividend rose to $1.25 from $1.10. Travelers is already shrinking its auto book: personal auto policies fell 9.2% to 2.769 million. Personal auto revenue of $1.89 billion is small next to $5.87 billion from Business Insurance.
Hartford Insurance Group
Hartford Insurance Group (NYSE:HIG) raised its dividend 12% to $0.67. Its annual increases have averaged approximately 11% over the past decade. Personal auto revenue fell 8% to $582 million, while Business Insurance brought in $4.26 billion.
Cincinnati Financial
Cincinnati Financial (NASDAQ:CINF) has raised its dividend for 66 consecutive years, putting it in the rare Dividend Kings club (we ranked ten of them by valuation in a free report). The current payout is $0.94, up 8%. About 60% of its personal lines business is high-net-worth, and the parent company holds $6.1 billion in cash and marketable securities.
Why Self-Driving Would Hit Insurers Slowly
Americans keep their cars for many years, so self-driving cars would take a long time to replace the existing fleet. Liability would shift to manufacturers and fleet operators, who would need commercial and product liability coverage, which Travelers and Hartford already write. Cars loaded with sensors also cost more to repair, so the cost of each claim could rise even as the number of claims falls.
Verdict and One Thing to Watch
Every regular dividend here looks safe for years to come. Progressive’s variable payout would feel any change first. Cincinnati Financial, Travelers, and Hartford have spread their earnings well beyond personal auto. On Progressive’s November 3 call, check whether frequency keeps falling while rates are being cut. Lower frequency combined with lower prices is the earliest sign of the trend @CoFoundersNik described.
Contact [email protected] for any questions or corrections.
Fortinet beat earnings and still watched its stock crater nearly 20% in a week, sending shockwaves through the entire cybersecurity sector. Now one high-profile voice says the panic created a rare opportunity in two of Fortinet's biggest rivals.
Wall Street holds or sells every one of these four blue chips, yet each has raised its dividend every single year and yields at least 4.35%. Find out why the analyst skepticism may be beside the point for income investors.
Retirement income needs two things at once: a yield big enough to matter and a business strong enough to keep paying it through a bad year. These four blue chips draw their cash from four different places: fund fees, insurance capital, household staples, and snacks and drinks. Each one has raised its regular quarterly dividend every year in its recent payment records, and the lowest yield in the group is still 4.35%.
T. Rowe Price: A 4.97% Yield With Cash to Spare
T. Rowe Price (NASDAQ:TROW | TROW Price Prediction) yields 4.97% at a share price of $105.12. For an asset manager, the safety test is whether fee revenue covers the dividend with room to spare. Trailing dividends of $5.14 per share against diluted EPS of $9.96 work out to a payout of about 51.6% of earnings. The balance sheet adds a second layer of protection: $3.77 billion in cash and equivalents and $11.37 billion of shareholders’ equity. The CFO told analysts the firm is sitting on “just about $4.9 billion in cash and discretionary investments.”
Dividend growth has been steady: the regular quarterly dividend went up every year in the records, from $0.34 in 2012 to $1.30 today, and special payouts in 2012, 2015 and 2021 came on top of that. The annualized forward dividend is $5.20.
Wall Street remains skeptical. Not one analyst rates the stock a buy: there are 9 holds, 1 sell, and 3 strong sells. The concern is client money leaving. Third-quarter net client outflows reached $28.3 billion, and the effective fee rate fell to 37.8 bps from 39.1 bps. Earnings held up anyway. Adjusted EPS of $2.86 beat the $2.65 estimate, and operating income rose 10.21%. Management also lists the dividend ahead of buybacks: “support the dividend, and then return excess capital to stockholders over time.” Buybacks paused in the third quarter while the dividend kept coming. The analyst debate is about growth, and the payout itself looks well covered.
Bull case: At a trailing and forward P/E of about 10, the market is paying very little for a firm building new channels. ETF net inflows hit $3.8 billion in the quarter and $11 billion year to date. The planned FM Investments deal adds roughly $20 billion in fixed income assets.
Risk: Equity outflows reached $25.6 billion last quarter. Because fees move with assets and the stock has a beta of 1.471, a prolonged equity selloff would pressure revenue and slow dividend growth.
Prudential Financial: AA Capital Behind a 4.75% Payout
Prudential Financial (NYSE:PRU) yields 4.75% at $116.71. With a life insurance company, safety comes down to capital and liquidity. Cash and liquid assets were $4.2 billion, well above the company’s $3 billion minimum, and management says its capital ratios support AA financial strength ratings. Trailing dividends of $5.50 against EPS of $11.04 put the payout at about 49.8%.
The quarterly dividend rose every year from $0.40 in 2013 to $1.40 now, for a forward rate of $5.60. Older records show the annual payout falling from $1.15 in 2007 to $0.58 in 2008, a reminder that an insurer’s dividend ultimately depends on its capital.
Analysts are conservative here too, with 14 holds, 3 sells, 1 strong sell, and no buys. The results argue the other side. Second-quarter adjusted EPS of $4.08 beat the $3.52 estimate, and the company returned $743M to shareholders in that quarter alone. The CFO said Prudential does “not anticipate any material impact to capital, ESR, or cash flows over 2026 and 2027 from the sale suspension.” That is the line income investors should care about most.
Bull case: Shares trade at about 10 times earnings and carry a price-to-book ratio of about 1.265. PGIM’s pretax adjusted operating income rose 28% to $294M, and cost actions are targeting about $750 million in pretax run-rate benefits by year-end 2028.
Risk: The voluntary sales suspension at Prudential of Japan is expected to reduce full-year pretax adjusted operating income by about $525 million to $575 million, and more misconduct could still come to light.
Kimberly-Clark: Decades of Raises Backed by Everyday Essentials
Kimberly-Clark (NASDAQ:KMB) yields 4.66% at $108.86. For a staples company, cash flow is the right lens, because GAAP earnings are carrying deal and restructuring noise. Trailing dividends of $5.08 slightly exceed diluted EPS of $5.04, a payout of about 100.8%. Adjusted EPS tells a calmer story, at $1.97 in the first quarter and $2.12 in the second. The forward P/E of about 15, down from a trailing 22, suggests the market expects earnings to recover. First-quarter operating cash flow of $745M minus $424M in capex left about $321M of free cash flow. Its balance sheet is lean, with just $1.874B of equity against $18.554B in assets.
Records going back to 1999 show the quarterly dividend rising every year, from $0.26 to $1.28, with no annual decrease. The forward rate is $5.12.
Bull case: Diapers, tissue, and toilet paper sell in any economy. Kimberly-Clark’s brands hold No. 1 or No. 2 positions in roughly 70 countries, adjusted gross margin expanded 190 bps to 38.8%, and a beta of 0.275 makes this the steadiest stock in the group.
Risk: The pending Kenvue (NYSE:KVUE) acquisition, expected to close by the end of 2026, adds integration risk as the payout already sits above GAAP earnings.
PepsiCo: A Discounted Staples Giant With a Rising Dividend
PepsiCo (NASDAQ:PEP) yields 4.35% at $132.95. Trailing dividends of $5.80 against EPS of $7.95 put the payout at about 73%. The company is guiding to free cash flow conversion of at least 80% and plans $7.9B in dividends this year. Its free cash flow yield of 4.24% sits close to the dividend yield, so the trailing buffer is thin. Leverage looks reasonable, with net debt at 2.60 times EBITDA, interest coverage of 10.26, and $10.675B in cash.
The quarterly dividend rose in every payment cycle from $0.9275 in 2018 to $1.48 now, and it was just $0.13 in the 1999 records. The forward rate is $5.92.
Bull case: Shares are down 7.85% over the past year, while third-quarter revenue grew 5.59% to $25.274B, beating the $24.97B estimate. International markets are doing the heavy lifting, with LatAm Foods up 14% and Asia Pacific Foods up 10%.
Risk: Core operating profit at North American snacks fell 12% in the third quarter, and core EPS growth guidance was cut to +2.5% to +3.5%. That limits how quickly the dividend can grow.
Building an Income Core From Four Cash Engines
T. Rowe Price and Prudential pay out roughly half their earnings and back those dividends with deep liquidity, even though Wall Street doesn’t recommend either. Kimberly-Clark and PepsiCo bring consumer demand that holds up in recessions and dividend records dating back to 1999 (if that kind of multi-decade raise streak is what you’re building around, we ranked ten of the longest by valuation in a free Dividend Kings report). Together, the four offer high yields from four separate cash sources, with dividends that rise each year.
Contact [email protected] for any questions or corrections.
Analyst KhaldHegazy expects Cardano to extend its prolonged decline, potentially falling to $0.092 before reaching a deeper low of $0.0715.
The analyst initially outlined the bearish forecast in mid-October and reaffirmed it in the early hours of October 30. He maintains that Cardano’s projected downside remains in play, particularly after the token fell below $0.20 to $0.1936.
Cardano’s Final Downward Wave Imminent?
According to KhaldHegazy’s weekly chart, ADA has followed a prolonged downward structure since its late-2024 decline. His wave-count analysis suggests that the token has completed the penultimate wave, labeled XX, and is now approaching the final bearish wave.
The chart also highlights a shaded resistance zone between $0.24 and $0.30, which represents a significant price area. KhaldHegazy labeled this region “Test” and identified $0.2851 as the level that would invalidate his bearish projection if ADA recovered above it.
Notably, ADA traded around $0.28 earlier this month before reversing lower. However, the token has since fallen below the highlighted zone and now trades around $0.1936, keeping the analyst’s downside scenario in focus.
ADA Faces Potential 52%–63% Decline
KhaldHegazy identified $0.092 as ADA’s first downside target. Moreover, his chart suggested that if ADA falls below that level, the price could head towards the second bearish target of $0.0715.
The latter target sits close to the historical low of $0.0693 marked on the chart. From ADA’s price of $0.1933, a decline to $0.092 would represent a drop of about 52%. Meanwhile, a fall to $0.0715 would extend the potential loss to 63%.
KhaldHegazy Cardano Chart
Binance-Related Hack Adds to Market Pressure
ADA’s latest decline comes amid broader cryptocurrency market pullback following reports of a $6.3 billion Binance-related hack. Bitcoin, Ethereum, and other major digital assets have also recorded losses as concerns surrounding the incident weighed on market sentiment.
At press time, ADA had declined 2.26% over the past 24 hours. Bitcoin and Ethereum had also dropped 1.69% and 2.01%, respectively.
Furthermore, Cardano had lost 21% over the past month, underscoring its persistent weakness and the challenges it faces in recovering recent losses.
Bitcoin briefly fell to $76,300 on Thursday after Binance, the world’s largest cryptocurrency exchange by trading volume, confirmed a major security breach with losses estimated at $6.3 billion. This places the incident among the largest digital asset thefts ever recorded.
Attack vectors and security responseEarlier during the trading session, Bitcoin had reached a 24-hour high of $81,890 before a rapid selloff took hold, triggered by the news of the hack and the subsequent liquidation of millions in leveraged long positions.
Binance reported that an initial investigation pointed to a compromised DevOps engineer’s laptop as the probable entry point. The attacker is believed to have accessed a service container and initiated unauthorized withdrawal transactions. Binance stated that there is no evidence of any wallet private key leak at this time.
Binance posted, “The estimated total impact sits at around 6.3B. We have worked with blockchain partners to freeze affected assets, with ~3 billion frozen on-chain so far. Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.”
The $6.3 billion figure surpasses earlier estimates, which ranged between $2.7 billion and $5.8 billion. According to Binance, approximately $3 billion worth of assets has already been frozen on-chain in cooperation with blockchain partners.
Mini dictionary: SAFU (Secure Asset Fund for Users) is an emergency insurance fund established by Binance in 2018 to protect user funds in case of unexpected security incidents.
Binance committed to releasing a detailed technical analysis once its ongoing investigation is complete and all facts have been verified.
The company stated that it would share a detailed technical post-mortem once the investigation concludes and verification is complete.
Freezes, asset recovery, and community involvementTether CEO Paolo Ardoino reported that Tether, a major stablecoin issuer, has frozen more than 1.57 billion USDT connected to the incident, while Circle, another stablecoin provider, also froze USDC linked to the suspected attacker. Binance co-founder Yi He assured users via social media that user funds remain secure and all losses from the hack will be compensated by the platform.
Suspicion first arose after an observer noticed over $2.7 billion in digital assets, including Ethereum, USDT, and USDC, being moved from a Binance wallet to an external address under suspicious circumstances.
Aave, a decentralized lending protocol, reportedly froze several lending markets to prevent the attacker from borrowing against the stolen funds. Binance.US clarified that the incident does not impact its operations.
Binance has revoked authorization for the affected addresses and is coordinating with law enforcement to identify those responsible. Deposits and withdrawals remain suspended while security checks continue and affected assets are tracked down.
Asset/EventValue/StatusTotal hack impact estimate$6.3 billionAssets frozen on-chainApprox. $3 billionTether USDT frozen1.57 billionBinance wallet outflow noticed$2.7+ billionOngoing investigation and market impactBinance stated that there is currently no set timeline for publishing a full post-mortem of the event. The exchange is advising users to rely solely on official Binance channels for updates, while it continues efforts to freeze additional assets and support law enforcement investigations.
Binance was founded in 2017 and has since grown to become one of the leading global providers of cryptocurrency trading and services.
Changpeng Zhao, who previously served as Binance CEO and currently holds the role of shareholder, commented during the incident via X, “User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether and Circle. I don’t manage Binance anymore, but as a shareholder, I expect all user funds will be fully covered.”
As news of the security breach spread, Bitcoin prices dropped sharply to $76,301, before recovering to around $77,800 later in the session.
Kripto piyasasında son 24 saatte 1,49 milyar dolarlık pozisyon tasfiye edildi. Bitcoin düşerken Hyperliquid (HYPE) %18’den fazla yükseldi. Tokenın yükselişinde Intercontinental Exchange (ICE) ile yapılan anlaşma, Stanley Druckenmiller’ın yatırımı ve Elon Musk’ın dikkat çeken paylaşımı etkili oldu. Ancak ABD’deki düzenleyici onay süreci henüz tamamlanmadı.
CoinGlass verilerine göre HYPE piyasasındaki tasfiyelerin büyük bölümünü kısa pozisyonlar oluşturdu. Tokenın toplam tasfiye tutarı 30,86 milyon dolara ulaştı. Piyasanın geri kalanında ise Binance’in şüpheli sıcak cüzdan saldırısı endişeleri satış baskısını artırdı.
Binance Endişeleri Kripto Piyasasını Sarstı, HYPE Ayrıştı
Binance, perşembe günü geç saatlerde sıcak cüzdanlarından kaynaklandığı düşünülen bir güvenlik olayını incelemek için para çekme işlemlerini durdurdu. Etkilenen fonların 6,2 milyar doları aştığı bildirildi. Tether ve Circle, transferlerle bağlantılı stablecoinleri dondurdu. Binance ise kullanıcıların zararlarını karşılayacağını açıkladı.
Gelişmenin ardından kripto piyasasındaki tasfiyeler bir saat içinde 600 milyon doları aştı. Tasfiyelerin neredeyse tamamı uzun pozisyonlarda gerçekleşti. Bitcoin’deki düşüş de piyasadaki baskıyı artırdı.
Hyperliquid ise farklı bir gelişmeyle gündeme geldi. New York Borsası’nın sahibi Intercontinental Exchange (ICE), trade(xyz) ile kesin anlaşmaya vardığını duyurdu. Anlaşma kapsamında platform, Hyperliquid üzerinde çalışan sürekli vadeli işlem piyasalarını ABD’de kullanıma sunmayı hedefliyor.
Sürekli vadeli işlemler, vade tarihi bulunmayan türev sözleşmelerden oluşuyor. Bu ürünler yatırımcılara pozisyonlarını belirli bir vade sonunda kapatma zorunluluğu olmadan işlem yapma imkânı veriyor.
Druckenmiller Yatırım Yaptı, Musk Tek Kelimeyle Karşılık Verdi
Duquesne Family Office’i yöneten Stanley Druckenmiller, X üzerinden yaptığı açıklamada trade(xyz) yatırımcısı olduğunu duyurdu. Druckenmiller, şirketin ICE ile ortaklığından ve Hyperliquid tabanlı sürekli vadeli işlemleri ABD’ye taşıma planından duyduğu memnuniyeti dile getirdi.
Elon Musk da Druckenmiller’ın paylaşımını alıntılayarak tek kelimelik bir yanıt verdi: “Interesting” (İlginç).
Bu gelişmeler HYPE için güçlü bir piyasa ilgisi yarattı. CoinGlass verileri de yükseliş sırasında kısa pozisyonların önemli ölçüde tasfiye edildiğini gösterdi. HYPE’daki 30,86 milyon dolarlık tasfiye tutarının büyük bölümünü açığa satış yapan yatırımcılar oluşturdu.
HYPE Yükselişini Koruyabilecek mi?
Hyperliquid için daha önce yaşanan benzer bir gelişme, yükselişin kalıcılığı konusunda soru işaretleri yaratıyor. Kraken’in ana şirketi Payward, 16 Eylül’de ABD’de Hyperliquid vadeli işlem ürünleri sunma planını açıklamıştı. HYPE bu duyurunun ardından birkaç gün içinde rekor seviyelere ulaştı. Ancak yükseliş daha sonra yerini haftalar süren düşüşe bıraktı.
Bu kez de yükselişin devamı düzenleyici onaya ve ürünlerin piyasaya çıkış tarihine bağlı. Ancak ABD’deki gerekli onay henüz alınmadı ve kesin bir lansman tarihi açıklanmadı.
ICE anlaşması ise geleneksel finans kuruluşlarının zincir üstü sürekli vadeli işlem piyasalarına ilgisini ortaya koyuyor. Bu nedenle HYPE’ın performansında yalnızca kısa vadeli piyasa hareketleri değil, anlaşmanın uygulamaya geçip geçmeyeceği de belirleyici olacak.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Stablecoin issuer Tether announced it has frozen over 1.567 billion USDT in assets allegedly linked to the cyberattack on the Binance cryptocurrency exchange. Tether CEO Paolo Ardoino announced the development via the social media platform X.
According to Ardoino’s statement, the amount of USDT frozen has significantly exceeded the previously confirmed level of 971 million USDT.
Recent data shows an increase of approximately 596 million USDT in the total amount of assets reportedly frozen in connection with the attack.
Binance confirmed the cyberattack on its platform but stated that user funds were safe. The exchange issued a statement to address concerns about the impact of the attack on the security of user assets.
On the other hand, assessments shared in various cryptocurrency communities have suggested that North Korean-linked actors may be behind the attack.
The same assessments estimate that a total of $2.77 billion worth of crypto assets were stolen as a result of the attack.
However, claims that the attack was carried out by North Korea and estimates regarding the total number of casualties have not been independently verified based on the available information.
Tether’s freeze is seen as a step to prevent the movement of USDT assets associated with the attack.
However, this does not mean that the frozen tokens have been directly returned to the victims or that the losses resulting from the attack have been fully compensated.
In the cryptocurrency market, the ability of stablecoin issuers to freeze assets linked to suspicious addresses is among the measures taken in large-scale security incidents.
The results of the investigation into the Binance attack have not yet revealed definitive information regarding the breakdown of the total assets allegedly stolen and the status of the remaining funds.
*This is not investment advice.
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In This Article What Happened in the Binance Hack?How Much Was Stolen, and How Much Did Tether and Circle Freeze?CZ Warned About Phishing for Days. What Has Binance Said Since?How Did the Market React to the Binance Hack?BNB Price Analysis: Can BNB Hold $680 After the Binance Hack? Hackers took about $6.36 billion from Binance’s hot wallets on ten blockchains on Thursday, October 29, in the largest crypto theft on record, a Binance hack the exchange says began with an engineer’s compromised laptop.
Most of it was gone in about 20 minutes. Tether and Circle froze about $2.6 billion of stolen stablecoins within an hour, and Binance now puts the verified frozen total at around $3 billion. The exchange has promised to cover every loss and paused withdrawals, which it expects to reopen by Sunday.
The market didn’t wait. BNB fell 8.7% in an hour, Bitcoin slid below $77,000, and about $1.5 billion in leveraged positions were wiped out. So what exactly happened, how much is really gone, and where does BNB go from here?
Breaking: The hackers behind the $6B #Binance hack, $1.5B #Bybit hack, and $388M #Bitget hack may all be linked to North Korea's Lazarus Group.https://t.co/4IESZvOjHJ
— Lookonchain (@lookonchain) October 30, 2026
What Happened in the Binance Hack? An attacker got Binance’s own systems to sign withdrawals out of its hot wallets, the online wallets an exchange uses to pay out customers. Binance said on Friday that its first findings point to a DevOps engineer’s compromised laptop, which let the attacker reach a service container and send unauthorized withdrawal transactions. It found “no evidence of any wallet private key leak.”
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private… pic.twitter.com/5REncAI77y
— Binance (@binance) October 30, 2026
The heist had been staged for more than a day. TRM Labs’ reconstruction lays out the timeline (times in UTC):
October 28, morning: the attacker’s operator wallet is funded with three small withdrawals from the Tornado Cash mixer. October 29, earlier in the day: the attack code is tested on two wallets, rehearsed on a third, then installed on a Binance hot wallet about four hours later. 20:05–20:09: five Binance XRP Ledger wallets send 233.46 million XRP to a single address. 20:20: a Binance Bitcoin hot wallet sends 18,270 BTC, and a Tron wallet follows with 612.7 million USDT within two minutes. 20:23: the main Ethereum hot wallet empties: 167,464 ETH and 1.615 billion USDT. 21:29: Binance posts that it is investigating “a potential security issue.” 23:05: a second wave hits Binance wallets on Avalanche and Polygon. On Ethereum, the attacker used EIP-7702, a feature added in the May 2025 Pectra upgrade that lets a normal wallet hand its controls to a smart contract. The hot wallet signed 50 such handovers to a “sweeper” contract, so new deposits kept getting drained for hours: TRM counted six more sweeps between 20:41 and 23:56.
TRM attributes the attack “with high confidence” to TraderTraitor, the North Korean unit the FBI blamed for the $1.5 billion Bybit hack in February 2025. Binance hasn’t named anyone.
How Much Was Stolen, and How Much Did Tether and Circle Freeze? About $6.36 billion left Binance, and roughly $2.7 billion of it is frozen. That is TRM’s count at 00:30 UTC on Friday, valued at prices at the time of each transfer. Binance’s own figure is “around $6.3B” stolen and around $3 billion verified frozen, and it says that number may still rise.
Ethereum took the biggest hit, about $3.79 billion, followed by the 18,270 BTC from the Bitcoin wallet, worth about $1.47 billion.
Stablecoins were the attacker’s weak spot, because their issuers can block an address. The freezes came fast:
Circle: at 21:04 UTC it froze 823 million USDC in the main receiving wallet. CEO Jeremy Allaire said Circle acted “in coordination with law enforcement.” Tether: 971.1 million USDT was frozen at 21:01, and CEO Paolo Ardoino put the total above 1.567 billion USDT by 21:25. TRM now counts about 1.77 billion USDT frozen across Ethereum, Tron, Avalanche and Polygon. Ripple: froze 40.5 million RLUSD at 22:01, after the attacker had sold 48 million on decentralized exchanges. World Liberty Financial: froze 27.8 million USD1. Arbitrum: its Security Council forced 8,426 ETH and 74.6 million ARB, about $30 million, out of the attacker’s wallet. The Binance hack by blockchain and by freezer, October 30, 2026. Source: TRM Labs The rest is moving. TRM says the attacker still controls about $2.4 billion, including the BTC, which is being split into 1,000 BTC and 100 BTC pieces. About 325 million USDT was swapped for roughly 122,300 ETH through UniswapX, paying more than 10% over the market price for the ether, the cost of getting out before Tether could act. Ethereum can’t be frozen by an issuer.
A frozen balance isn’t money back in Binance’s hands, though. Releasing it takes the issuers, law enforcement and, in some cases, courts, and none has given a timeline.
CZ Warned About Phishing for Days. What Has Binance Said Since? Binance founder Changpeng Zhao (CZ) had spent the week telling traders to lock down their accounts. On October 23 he argued that AI is a bigger threat to crypto users through leaked data and sharper phishing than through any attack on encryption. On Wednesday he posted a checklist after four data leaks in a day, at Coinbase’s vendor Amplitude, Korea’s Bithumb and two Korean brokers. His line on breaches: “scammers move fast after one.”
The next day, his own exchange was the one in the headlines. Binance hasn’t said how the engineer’s laptop was compromised. But it shows the same weak point CZ kept flagging: one person’s device.
Since the theft, CZ and co-CEO Yi He have kept to one message: users won’t pay. “Loss might be a bit higher than that, but will cover,” CZ replied on Thursday night. Hours later he added: “It hurts, but we will survive.”
The latest updates, as of Friday morning:
Withdrawals: paused on all networks. In a service update at 04:36 UTC, Binance said it is rebuilding its withdrawal service and addresses and expects to resume “within 48 hours.” Deposits: working as normal. Other services: Binance Alpha trading is suspended, and Friday’s PREDICT listing is postponed. Root cause: “multiple factors,” with a full post-mortem to follow. Binance.US: not affected, as a separate platform. The phishing risk is now Binance’s users’ problem too. Yi He’s latest post on Friday asked users to trust only official Binance channels and not to click unofficial links or share account details with anyone. Fake “refund” and “withdrawal verification” messages usually follow a hack like this.
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How Did the Market React to the Binance Hack? With a fast sell-off, then a partial bounce. BNB, Binance’s own token, fell from $744.90 to $680 in the 20:00 UTC hour, an 8.7% drop. Bitcoin went from $80,849 to $76,500 by early Friday, and Ether from $2,337 to $2,174.
Leverage made it worse. CoinGlass shows $1.55 billion in liquidations over 24 hours, hitting 239,610 traders, and 83.6% of it, $1.29 billion, came from long bets. Bitcoin positions made up $501.6 million and Ethereum $360.6 million. Binance itself handled 49.4% of the total, including the largest single order: an $11.09 million BTCUSDT long closed at $79,254.71.
Liquidation HeatMap The Crypto Fear & Greed Index dropped from 51 to 30, into “fear.”
Bitcoin’s low came within $30 of its 200-day exponential moving average (EMA) at $76,473, and buyers stepped in there. It trades near $78,000 now.
BNB Price Analysis: Can BNB Hold $680 After the Binance Hack? So far it has. BNB bounced to $720 by 03:00 UTC as Binance repeated that it would cover all losses, but sellers capped it there, and it is back at $706, down 6.2% in 24 hours.
Resistance: $720, Friday’s rebound high, then $745.74, where BNB traded before the hack. Support: $692.49, the 200-day EMA, then $680, the low of the hack hour. Below that, $674.60, the September 1 low. BNBUSDT Chart 1H Path What has to happen Next stop Push higher A daily close above $720 $745.74, the pre-hack level Stall Holding between $680 and $720 Sideways trade until withdrawals reopen Slip A daily close below $680 $674.60, the September 1 low The next test is the 48-hour window. If Binance reopens withdrawals by Sunday morning without a rush for the exits, the worst of this Binance hack may already be in the price. If the reopening slips, $680 is the level to watch.
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Alex Ioannou
On-Chain Journalist
Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More
TLDR TRM Labs linked the $6.3 billion Binance hack to North Korea’s TraderTraitor unit, part of the Lazarus Group. Most stolen funds moved across ten blockchains in about 20 minutes on October 29. Tether and Circle froze about $2.4 billion in stablecoins, and Binance reported $3 billion frozen in total. Binance pledged to cover losses and expects withdrawals to resume within 48 hours. Crypto liquidations reached $1.53 billion in 24 hours as Bitcoin dipped to about $76,460. Blockchain investigators have linked a $6.3 billion hack of Binance to North Korea’s Lazarus Group. The theft took place on October 29 and is the largest crypto hack on record, according to Blockaid.
TRM Labs said it tied the attack with high confidence to TraderTraitor, a North Korean unit connected to Lazarus. Blockchain investigator ZachXBT also named Lazarus as the likely attacker, but Binance has not confirmed who was behind it.
The FBI previously named TraderTraitor as responsible for the February 2025 Bybit theft, which drained about $1.5 billion. U.S. authorities say North Korea steals crypto to help fund its weapons programs.
How the Binance Hack Unfolded TRM traced about $6.36 billion leaving Binance wallets across ten blockchains, including Ethereum, Bitcoin, Tron, Solana and the XRP Ledger. Most of the funds moved in about 20 minutes, starting at 20:05 UTC.
Around $3.79 billion moved on Ethereum. Bitcoin and Tron accounted for $1.47 billion and $628 million. About 233.46 million XRP, worth nearly $296 million, left five Binance wallets before the Ethereum attack began.
TRM said preparations started at least 36 hours earlier. A wallet controlled by the attacker received small Tornado Cash withdrawals and tested malicious code.
Blockaid found an Ethereum transaction with 50 EIP-7702 authorizations aimed at Binance 14, one of the exchange’s busiest hot wallets. Only one succeeded, which let a malicious contract move funds out.
“The attacker effectively reprogrammed a major Binance Ethereum hot wallet so that a single operator could drain it, including any new money deposited into it,” Blockaid CEO Ido Ben-Natan told crypto.news. About $2.5 billion was taken from that wallet alone.
Binance said its early findings point to a compromised laptop belonging to a DevOps engineer. The exchange said it found no evidence of leaked private keys.
Tether froze more than 1.567 billion USDT, and Circle froze over 800 million USDC. Binance said about $3 billion in assets have been frozen in total.
Onchain Lens reported the attacker still holds about 480,720 ETH, worth roughly $1.08 billion, which cannot be frozen by an issuer. The attacker recently moved 17,260 ETH to a new wallet.
BINANCE HACKER PREPARING TO LAUNDER FUNDS
The hacker just moved 17.26K $ETH ($38.82M) to a new wallet, preparing to launder funds via Tornado Cash and other mixers.
The attacker still holds 480.72K $ETH (~$1.08B) that cannot be frozen.
New wallet:… pic.twitter.com/FmG18g85hT
— Onchain Lens (@OnchainLens) October 30, 2026
Binance pledged to cover customer losses with its SAFU fund and company resources. Deposits remain open, but withdrawals are paused while systems are upgraded, with a restart expected within 48 hours.
Traders faced $1.53 billion in forced liquidations over 24 hours, according to CoinGlass. Long positions made up about $1.29 billion, or 83.8% of the total.
Bitcoin positions accounted for about $499 million in liquidations, and ether followed with $358 million. Binance alone recorded $754.6 million, or 49.2% of all forced closures.
Bitcoin fell as low as about $76,460, near its 200-day moving average of $76,457. Ether dipped below $2,200, and Bitcoin is on track for a monthly loss of about 8%.
Analysts cited support at $75,545, with $70,000 as the next level below.
Prices have since started to recover, with Bitcoin moving toward $78,500 and ether trading near $2,240. In the latest hour, short positions made up $20.6 million of $21.6 million in liquidations.
A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.
According to Lookonchain's monitoring, a newly created wallet (2VXozU) withdrew 68,773 SOL tokens from Kraken, Bybit, and OKX, valued at approximately $6.65 million.
1 seconds ago
Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked
The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
The foundation added that these tokens are now permanently locked, out of the attacker’s control, and cannot be sold on the market anymore. The relevant investigation findings have been shared with Binance, and the foundation will continue to provide assistance.
1 seconds ago
Keystone suspends all shipments, quarantines affected devices, and shortens the logistics data retention period to 90 days.
Crypto hardware wallet manufacturer Keystone announced in a post that it has shortened its logistics data retention period from 180 days to 90 days, effective immediately. After users receive their goods, they can also contact the support team to request early deletion of relevant data, and the team will process the request promptly. Keystone has suspended all shipments and begun isolating affected devices in all partner warehouses, including Amazon warehouses. The company stated it has sent emails to all affected users and is improving the security of the affected user inquiry page based on feedback. Keystone reminds users that relevant incident emails are only sent from [email protected], and users should verify the sender address. The company will never request mnemonic phrases via email, direct message, or phone; if users receive messages urging immediate action, they should pause operations and confirm with the official first. Keystone will announce its follow-up arrangements in the coming days.
1 seconds ago
The U.S. Treasury Department raised $839 billion through its Treasury bond auctions this week, hitting a new all-time high.
This week, the U.S. government raised $839 billion through Treasury bill and bond issuances, hitting an all-time high. The move is aimed both at repaying maturing debt and securing additional funds needed for federal deficit financing. Auctions held this week for Treasury bills, floating-rate notes, and 2-year, 5-year, and 7-year Treasury securities exceeded the $834 billion record set in the same period last year. The $839 billion total covers 11 auctions, most of which go toward repaying principal to holders of maturing Treasury bills. Only $106 billion of this sum constitutes the U.S. government’s "new borrowing", far from historical highs. The previous peak occurred in March and April 2020, when Treasury auctions surged to raise funds for pandemic response, with weekly net new cash reaching a near $362 billion high. Tony Farren, head of interest rate sales and trading at Mischler Financial Group, said: "The Treasury’s weekly total debt issuance hitting an all-time high is by no means a good thing. The biggest risk is that investors may demand higher yields."
1 seconds ago
New Wallet Withdraws 68,773 $SOL ($6.65M) From Kraken, Bybit and OKX
A newly created wallet (2VXozU) withdrew 68,773 $SOL($6.65M) from #Kraken, #Bybit and #OKX.
1 seconds ago
U.S. economic and inflation data challenge Walsh’s claim that the economy is "not yet overheated", as economists warn of risks of further interest rate hikes.
U.S. real GDP rose at an annualized quarterly rate of 3.4% in the third quarter, exceeding market expectations, with consumer spending and business equipment investment increasing by 3.8% and 20.9% respectively. The September PCE price index rose 3.6% year-on-year, up from August’s 3.4%. The robust growth and persistent inflation pose a challenge to Federal Reserve Chair Waller’s assessment that the economy is not overheating. This week, the Federal Reserve voted 10 to 2 to hold interest rates steady at 3.75% to 4%. Waller argued that technological advances like AI could boost productivity, so faster growth alone does not mean inflationary pressures are rising. As of Friday, market pricing indicated an approximately 80% chance of a 25-basis-point rate hike in December. KPMG chief economist Diane Swonk noted that inflation remains widespread, particularly concentrated in the services sector which is slower to respond to interest rate changes, and it’s unclear whether the modest cooling will ease its stickiness. She warned that tighter financial conditions stem in part from market expectations of future rate hikes, and actual policy action is still needed to address this. BNY Investments chief economist Vincent Reinhart projected that the Fed still needs two more rate hikes, and there is a risk of additional hikes amid elevated oil prices.
October 30th, 2026 — Tether, the largest company in the digital asset industry, has announced a strategic partnership with CoinW, a global cryptocurrency exchange, to roll out the “Tether’s Ark”.
The first phase centers on XAUT (Tether Gold) as a bridge designed to help users shield their assets from market volatility while earning additional yield. Both sides aim to build a more resilient framework for anchoring digital asset value, one that ties the stablecoin economy more closely to real, tangible assets.
As the first concrete step, the two platforms have introduced an exclusive XAUT promotion. Users can lock USDT and XAUT into flexible or fixed-term products that earn yields paid directly in XAUT. Tenors range from flexible deposits to 180-day terms, with a personal cap of 100,000 USDT and a total program size of 5 million USDT. The structure directly links stablecoin returns to gold-backed assets, creating a new pathway between the stablecoin economy and tokenized gold.
The second phase is already in the works. CoinW says this next stage will expand the partnership further, bringing additional mainstream crypto assets into the ecosystem.
Expanding beyond the partnershipThe Tether collaboration forms part of CoinW’s wider push to grow its product suite. The exchange has launched TradFi that brings stocks, gold, crude oil, and other commodities as perpetual contracts, letting users trade these instruments alongside crypto from a single account, 24/7.
To improve trading efficiency, CoinW has also introduced a Smart Money On-chain Copy-trading feature, a feature that tracks top-performing wallets and traders in real time. The service comes with no profit-sharing fee, making professional-grade signals accessible to everyday users.
At the heart of this growing ecosystem is CoinW Coin (CWC), repositioned as the platform utility token connecting platform perks, trading activity, and ecosystem services. It powers both an AI-driven decision engine and an emerging “opinion economy,” built around a simple idea: hold CWC, unlock intelligence, and tap into the creator economy.
Strengthening user protectionsAlongside its product expansion, CoinW continues to prioritize risk management. The exchange has launched Futures Insurance Fund, allocating at least 500,000 USDT per period to help cushion the impact of liquidations. Users can claim subsidies of up to 500 USDT during periods of high volatility.
Security remains a core priority. CoinW points to nine years without a major security incident, underpinned by a self-developed multi-party computation (MPC) wallet and trusted execution environment (TEE) hardware encryption. The exchange operates on a zero-trust architecture and holds a CER.live AAA rating.
Looking ahead“Crypto’s next leap into the mainstream won’t come down to technology alone,” said Yoka, Chief Communications Officer at CoinW. “It comes down to whether we can get three things right: building open, collaborative ecosystems; turning complex values into products that feel simple and intuitive; and protecting every asset, every transaction, and every user’s privacy with infrastructure people can trust. Get those three working together, and crypto stops being a niche interest, it becomes part of everyday life.”
From the Tether partnership and the growing TradFi and copy-trading offerings to ongoing user-protection measures, CoinW is positioning itself as a platform building both broader market access and stronger safeguards for the next phase of the industry.
About CoinWFounded in 2017, CoinW has grown into one of the world’s leading cryptocurrency trading platforms, providing a one-stop intelligent trading experience for cryptocurrency users across multiple countries and regions. As of October 2025, the platform records a daily trading volume exceeding $30 billion, ranks 3rd globally in Coingecko’s derivatives market, and has over 20 million registered users. CoinW is committed to empowering user wealth growth and driving blockchain innovation, continuously refining its product structure and launching independently operated product lines. Through sponsorships of major international sporting events, CoinW has also expanded its global brand presence. Beyond business growth, CoinW remains dedicated to corporate social responsibility, actively supporting public welfare initiatives such as donations to orphanages in Africa. Looking ahead, CoinW will continue to promote financial inclusion, lead the development of the crypto industry, and accelerate the global adoption of blockchain technology and digital assets.
For more information, visit the CoinW official website, follow CoinW on X Account, or join CoinW’s Telegram Group.
Disclaimer
This press release is for informational purposes only and does not constitute investment advice. Yields and returns referenced are not guaranteed and may fluctuate; past performance does not indicate future results. Digital asset trading involves significant risk, including possible loss of principal. Products and services may not be available in all jurisdictions.
Tether and Circle locked more than $2.3 billion in stablecoins within hours of the Binance incident going public – using freeze powers written into their published terms long before anyone needed them.
The Freeze Playbook: How $2.3B Was Frozen in Hours When more than $2.3 billion in stablecoins was locked within hours of a security incident becoming public on October 29, the crypto industry witnessed a demonstration of power that was both swift. Tether froze $1.567 billion in USDT, while Circle locked more than $800 million in USDC. This was not an emergency response requiring new, ad-hoc powers. It was the execution of a playbook already written into the terms of service that every holder agrees to when they move these assets.
While Forkast’s October 29 incident report detailed the immediate impact of these freezes, the mechanics behind them reveal a reality that stablecoin holders, treasury desks, and exchange operators must now treat as a live variable: the speed of a freeze is determined by issuer discretion, not a court clock.
The Authority: Terms of Service The ability to halt billions of dollars in value rests on legal frameworks established long before this incident. Tether’s Terms of Service (commentary) explicitly permit the company to freeze any tokens held by a user if law requires it, if the holder breaches terms, or if Tether, in its “sole discretion,” determines it is prudent to do so. The text does not require a court order to initiate a freeze, and it allows for blacklisting addresses and reporting to authorities without prior notice to the holder. This “sole-discretion” clause is currently being contested in US federal court, such as in the case of Conduit Technology v. Tether, though no rulings have been issued.
Circle’s USDC Terms, specifically Section 13, provide similar authority. Circle may block addresses and freeze assets, either temporarily or permanently, in its sole discretion if it determines the activity is associated with illegal acts or terms violations. While Circle may also act under a valid government legal order, the terms provide the company with the latitude to act independently.
The Mechanics: How a Freeze Executes On-chain, a freeze is not an abstract concept; it is a technical operation, and the two issuers run it differently. Tether’s USDT operates as a contract on networks like Ethereum and TRON, and that contract carries a blacklist function, addBlackList, which can be called only by Tether’s owner multisig – a security setup requiring multiple signatures to authorize a transaction. When Tether calls it, the target address is immediately restricted: it can no longer send or receive USDT. Circle’s USDC is governed differently at the contract level. Circle’s own terms reserve the right to block specific addresses and freeze the associated USDC, temporarily or permanently, in its sole discretion – issuer authority written into the contract, not a shared function with Tether. In both cases the effect matches: a frozen balance is not destroyed – it stays visible on the blockchain, but it is rendered inert. Burning the funds, which would remove them from circulation, is a separate, subsequent step.
Divergent Postures, Same Result The incident highlights a notable tension between the stated postures of the two issuers. Tether’s own reporting indicates it has supported more than 2,300 cases globally and frozen over $4.4 billion in assets. In April 2026, for example, Tether coordinated with OFAC and US law enforcement to freeze more than $344 million in USDT across two TRON addresses.
Circle, conversely, has historically emphasized a more cautious approach. CEO Jeremy Allaire stated in April 2026 that Circle does not freeze USDC without a formal legal basis and would not act in real time during active hacks. Yet, in this instance, both issuers moved within hours. This suggests that when the scale or nature of an incident reaches a certain threshold, the practical response may converge regardless of the issuer’s stated preference for court-ordered processes.
Precedent and Risk This is not the first time these mechanisms have been deployed. In August 2022, both issuers froze balances associated with Tornado Cash addresses after they were added to the OFAC SDN list (the U.S. Treasury’s Office of Foreign Assets Control Specially Designated Nationals list, which identifies individuals and entities subject to economic sanctions). Other instances include a $57 million USDC freeze linked to LIBRA memecoin litigation in 2025 and a 2026 SDNY court order that froze USDC across 16 business wallets. On-chain investigator ZachXBT has estimated that over $420 million in stolen funds escaped recovery across 15 incidents since 2022, partly due to delays in freezing, underscoring why the speed of these actions is so closely watched.
For the market, the takeaway is clear: freeze risk is now a primary consideration. Whether you are a treasury desk managing liquidity or a holder moving assets, the ability of an issuer to lock your balance in hours is a reality of the current stablecoin architecture. As the investigation into the October 29 incident continues-with no confirmed compromise, no attribution, and withdrawals still paused on multiple networks-the market is left to navigate a landscape where the “freeze playbook” is a proven, high-speed tool.
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