Reddit, Inc. (RDDT) Q3 2026 Earnings Call October 29, 2026 4:30 PM EDT
Company Participants
Jesse Rose - Head of Investor Relations
Steven Huffman - Co-Founder, CEO, President & Director
Jennifer Wong - Chief Operating Officer
Andrew Vollero - Chief Financial Officer
Conference Call Participants
Benjamin Black - Deutsche Bank AG, Research Division
Josh Beck - Raymond James & Associates, Inc., Research Division
John Colantuoni - Jefferies LLC, Research Division
Naved Khan - B. Riley Securities, Inc., Research Division
Thomas Champion - Piper Sandler & Co., Research Division
Ronald Josey - Citigroup Inc., Research Division
Andrew Boone - Citizens JMP Securities, LLC, Research Division
Vasily Karasyov - Cannonball Research, LLC
Jason Helfstein - Oppenheimer & Co. Inc., Research Division
Ygal Arounian - Wedbush Securities Inc., Research Division
Douglas Anmuth - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good afternoon. My name is Jonathan, and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's Q3 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Jesse Rose, Head of Investor Relations. You may begin your conference.
Jesse Rose
Head of Investor Relations
Thanks, Jonathan. Hi, everyone. Welcome to Reddit's Third Quarter 2026 Earnings Call. Joining me are Steve Huffman, Reddit's Co-Founder and CEO; Jen Wong, Reddit's COO; and Drew Vollero, Reddit's CFO. I'd like to remind you that our remarks today will include forward-looking statements and actual results may vary.
Information concerning risks and other factors that could cause these results to vary is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call, and we undertake no obligation to update any forward-looking statements.
During this call, we will discuss both GAAP and non-GAAP financials. Reconciliation of GAAP to non-GAAP financials can be found in our letter to shareholders. Our third
On Holding AG earns a Buy rating, supported by premium brand positioning, robust DTC growth, and expanding product categories. ONON delivered Q2 FY2026 gross margin of 65.4% and 21.6% constant-currency sales growth, with DTC up 34.3% and apparel/accessories outpacing footwear. Management targets high-teens constant-currency sales growth through 2029, a gross margin of 65%+, and an adjusted EBITDA margin above 22%, underpinned by innovation and channel mix.
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.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
27 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
27 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
27 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
27 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
27 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
According to on-chain analyst Ai Yi (@ai_9684xtpa), addresses linked to the UXLINK hacker opened a long position of 30,282.4 ETH on Hyperliquid. The position’s unrealized profit hit $7.422 million in the early hours of today. However, ETH faced downward pressure and pulled back after the recent Binance hack, narrowing the unrealized profit to $2.45 million. Roughly $5 million in potential profits were lost in this hacker-on-hacker incident.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
27 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
27 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
27 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
27 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
27 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
According to Lookonchain monitoring, crypto personality "Big Brother Ma Ji" Huang Lichang has been liquidated 8 times consecutively over the past six hours, with all his positions cleared, leaving his Hyperliquid account with a balance of just $1.50.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
27 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
27 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
27 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
27 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
27 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is partnering with Trade[XYZ], one of the major builders of markets on decentralized exchange Hyperliquid [HYPE], to introduce a regulated perpetual futures market in the United States.
According to Bloomberg, the plan is to bring perpetual futures trading for traditional financial assets and cryptocurrencies into the U.S. market. However, this remains subject to approval from the U.S. Commodity Futures Trading Commission (CFTC) agency.
This is because access to such products remains limited for U.S. investors because of regulatory restrictions.
All about the ICE-Trade [XYZ] agreement Under the agreement, ICE and Trade[XYZ] plan to list perpetual futures linked to equities, stock market indices, commodities, foreign exchange (FX), and cryptocurrencies.
That said, the contracts would be accessible through participating brokers and trading platforms. In fact, the planned infrastructure would also include clearing systems, alongside know-your-customer (KYC) and anti-money laundering (AML) compliance measures.
At the same time, clearing (the back-end system) would help manage counterparty risk and ensure trades are processed and settled according to the applicable rules. Lastly, ICE will also make a strategic equity investment in Trade[XYZ], although the financial terms have not been disclosed yet.
Why was Hyperliquid builder a good choice, though? This comes as Trade[XYZ] has established a significant presence on Hyperliquid, reporting more than $650 billion in trading volume in just over a year.
$650 billion in trading volume Additionally, its builder-deployed markets account for roughly half of Hyperliquid’s trading activity.
Simultaneously, the company secured a license for an S&P 500 perpetual contract in March and has also introduced products tied to assets such as crude oil and equity benchmarks.
Therefore, the partnership could bridge traditional financial markets and blockchain-based derivatives trading by combining ICE’s exchange and clearing expertise with Trade[XYZ]’s experience in decentralized markets.
Other platforms sailing the same boat Additionally, Payward, Kraken’s parent company, also plans to introduce on-chain perpetual futures for eligible U.S. traders through Hyperliquid, pending regulatory approval.
At the same time, Crypto.com CEO Kris Marszalek announced that the company received SEC authorization to offer tokenized stock perpetual futures in the U.S. through its new futures exchange, OG.com, following discussions with the SEC and CFTC.
Interestingly, all this followed Ark Invest questioning Hyperliquid’s ambition to become an “everything exchange,” citing limited decentralization, an anonymous team, and negligible spot trading.
Final Summary With this, ICE plans to bring perpetual futures trading for traditional financial assets and cryptocurrencies into the U.S. market. Trade[XYZ] has established a significant presence on Hyperliquid, reporting more than $650 billion in trading volume in just over a year.
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.
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.
According to monitoring by OnchainLens, the Binance hacker has started selling STRK, putting pressure on the market. Meanwhile, two Hyperliquid traders hold STRK short positions with a combined unrealized profit of $4.46 million, with one trader recording an unrealized gain of $1.61 million and the other $2.85 million.
Per TradingBeats monitoring, the largest long position address for INTC (Intel) on Hyperliquid is 0x54b2…af8a, which opened a long position of ~$7.57 million in INTC at an average entry price of $71.40, with a liquidation price of $47.64. Its current holdings are ~105,950 INTC tokens, valued at ~$7.45 million, for an unrealized loss of ~$140,000. Data from the BIT stock platform shows Intel (INTC.O) plunged 22% in US after-hours trading. Intel projects Q4 revenue of $15–16 billion, versus market expectations of $17.1 billion.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
27 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
27 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
27 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
27 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
27 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
27 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
27 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
27 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
27 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
27 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
Hyperliquid is positioning itself as a key player in the digital asset landscape after Intercontinental Exchange (ICE), parent company of the New York Stock Exchange (NYSE), confirmed plans to utilize Hyperliquid’s technology in its proposed perpetual futures markets for US customers.
Key details of the partnershipICE, a global operator of exchanges and clearing houses including the NYSE, intends to collaborate with Hyperliquid and trade[XYZ] to create a new market featuring perpetual futures on cryptocurrencies, equities, commodities, foreign exchange, and additional real-world assets. This initiative remains subject to regulatory approval.
According to the arrangement, Hyperliquid will provide the underlying technology through its HIP-3 protocol. Trade[XYZ] will be responsible for market design and infrastructure, while ICE oversees the regulated market and the clearing process.
This collaboration has the potential to integrate onchain trading architecture with established financial infrastructure, facilitating the entry of blockchain-based derivatives into mainstream markets. ICE’s involvement may differentiate this project from typical crypto exchange expansions, particularly through regulated market participation.
If regulatory agencies give approval, the partnership could extend Hyperliquid’s presence far beyond crypto trading, opening onchain access to traditionally traded assets such as stocks, commodities, and currency pairs. The move signals growing interest among institutions in blockchain-powered trading solutions.
Mini dictionary: HIP-3, or Hyperliquid Improvement Proposal 3, is a technical upgrade for the Hyperliquid protocol focused on enhancing scalability and enabling advanced financial products like perpetual contracts across multiple asset classes. The protocol aims to facilitate secure and efficient onchain trading.
RoleResponsibilityHyperliquidTechnology (HIP-3), onchain infrastructuretrade[XYZ]Market design and developmentICERegulated market operation and clearingMarket impact and HYPE token outlookTraders and analysts have closely monitored HYPE, the native token of Hyperliquid, as the partnership announcement pushed its price to $85. Market analyst Michael van de Poppe noted the recovery in HYPE’s price, highlighting an upside target between $110 and $120, contingent on sustained market support.
Van de Poppe pointed out a recent price formation including a swift recovery after previous declines, suggesting that buying momentum has returned. However, he cautioned that maintaining key support levels is essential for further gains, and failure to do so could reverse the bullish structure.
Michael van de Poppe emphasized that, while the ICE partnership represents a significant leap in institutional interest, HYPE’s rally to $110-$120 depends on the token’s ability to hold recovered support levels and draw continued demand. The outcome remains uncertain until more information on launch and regulatory clearance emerges.
The positive momentum in HYPE coincides with broader expectations for increased liquidity and participation if the ICE-Hyperliquid initiative proceeds. Market participants will look for rising trading volumes and timely progress on regulatory milestones.
Challenges and next stepsWhile the collaboration has generated optimism, several key variables remain unresolved. Regulatory bodies must approve both the perpetual futures markets and eligible asset classes before the initiative can be launched. ICE, Hyperliquid, and trade[XYZ] have not yet provided a definitive launch timeline or a final list of supported assets.
Sustained growth in HYPE’s price will depend on continued demand and the market’s reaction to regulatory developments. ICE’s established infrastructure and broad institutional network could help drive adoption, but significant progress will hinge on transparent rollout plans.
Hyperliquid, an emerging blockchain protocol specializing in decentralized perpetual futures, is seeking to expand its role within institutional finance. ICE is a leading operator of global exchanges and clearing houses, while trade[XYZ] focuses on developing digital asset markets and solutions.
The collaboration among ICE, Hyperliquid, and trade[XYZ] could reshape onchain access to perpetual trading for both digital and traditional assets, pending regulatory approval and successful implementation.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
27 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
27 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
27 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
27 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
27 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
According to TradingBeats monitoring, as of press time, all tokens involved in the Binance hacker sell-off—UNI, ENA, PEPE, LINK, AAVE, ONDO, and WLD—have rebounded from their lows during this morning’s sell-off. PEPE has rallied roughly 12%, while ENA is up around 10%. After 9 AM this morning, two whales opened long positions worth approximately $3.09 million in PEPE and $4.01 million in ENA on Hyperliquid, totaling $7.1 million. They currently hold an unrealized profit of around $250,000 (wallet addresses: 0xb122, 0xedc0). Over the same period, PEPE’s nominal open interest (OI) rose roughly 23%, while ENA’s OI edged down about 1%. UNI has rebounded roughly 7%, with its nominal OI increasing by around 7%. Two accounts that opened short positions around 6 AM this morning still hold a combined short position worth approximately $2.83 million, currently facing an unrealized loss of about $90,000 (wallet addresses: 0x60a8, 0x2de3). For the remaining four tokens: AAVE rallied roughly 7% with nominal OI up ~1%; LINK gained ~5% with OI down ~4%; ONDO rose ~6% with OI down ~6%; WLD rallied ~7% with OI down ~13%.
The stablecoin's issuer says it found no security issue and is locking tokens at an address tied to stolen funds
BitGo has frozen USD1 tokens held at a blockchain address linked to stolen funds. The custodian also said it found no security issue on its end.
What BitGo actually did
BitGo is the exclusive issuer and reserve custodian for USD1, the stablecoin tied to World Liberty Financial (WLFI). The freeze targets tokens at a single flagged address connected to stolen assets.
The action is described as temporary. That leaves room for the tokens to be released or otherwise handled later.
The split in responsibilities is worth spelling out. WLFI owns the USD1 brand and manages compliance actions. BitGo handles issuance and holds the reserves backing the token.
USD1’s smart contracts were built with this exact scenario in mind. The code lets authorized parties freeze an address. On certain chains, it also allows frozen balances to be drained or reallocated at BitGo’s discretion.
The move fits USD1’s existing compliance framework, which includes provisions for blocking addresses for legal or risk reasons.
A short history of USD1 freezes
Freezes have not been a regular feature of USD1’s life so far. In March 2025, a single token was frozen on BNB Chain.
The more substantial episode came in June 2026. WLFI froze addresses linked to a delisting by HTX, highlighting the compliance headaches that come with running a stablecoin across multiple exchanges and chains.
The bigger backdrop: shrinking supply and a new trust company
As of mid-October 2026, USD1’s supply fell by roughly $400 million, or 9%, to about $4 billion as redemptions picked up. Separate figures put the market cap at approximately $4.02 billion, following a net redemption of around $385 million earlier that month.
Meanwhile, WLFI is preparing to take more of the operation in-house. On August 14, 2026, it received conditional preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish the World Liberty Trust Company.
That entity is expected to eventually take over USD1 issuance and custody from BitGo. The approval comes with a minimum capital requirement of $20 million.
What this means for USD1 holders and the stablecoin market
For everyday holders, the immediate impact is limited. The freeze affects one flagged address, and BitGo says no security vulnerability was found in its systems.
Stablecoins like USD1 run on public blockchains, but they are not decentralized in the way Bitcoin is. A custodian can freeze balances, and on some chains, move them.
The coming handoff from BitGo to the World Liberty Trust Company adds another variable. Once WLFI controls both the brand and the issuance, the separation between who flags an address and who freezes it would effectively disappear.
A few things are worth tracking from here. First, whether the frozen tokens are eventually drained or reallocated, since USD1’s contracts allow that on certain chains. Second, whether redemptions continue to pull supply below the roughly $4 billion mark. Third, how quickly the World Liberty Trust Company moves from conditional approval to actually issuing tokens.
For now, BitGo’s message is narrow and deliberate. One address, linked to stolen funds, has been frozen, and the company says its own systems were never the problem.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
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01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains. 01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users. Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026. 01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
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According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
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Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC! Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
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According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
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Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
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Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
World Liberty Financial co-founder and CEO Zach Witkoff posted that USD1 has actively frozen approximately $27 million in USD1 tokens linked to the Binance hack incident, and will collaborate with industry partners to protect users and prevent the transfer of stolen funds.
EUR/JPY halts its two-day winning streak, trading around 176.10 during Asian hours on Friday. The currency cross loses ground as the Japanese Yen (JPY) holds gains following the Bank of Japan's (BoJ) decision to leave its short-term interest rate unchanged at 1.25%. The hold, which aligned with market expectations, concluded the central bank's two-day monetary policy review meeting.
The summary of the BoJ’s Monetary Policy Statement revealed that the median projection for core CPI in fiscal 2026 remains at 2.5%, unchanged from July, with underlying inflation hitting levels consistent with the price target.
Looking ahead, the core-core CPI median projection for fiscal 2027 was revised upward to 2.7% from 2.6% in July, with the board warning that underlying inflation could potentially exceed targets. The BoJ reaffirmed its commitment to adjusting monetary policy as needed, emphasizing the necessity of preventing unchecked inflation from hurting the broader economy later.
Despite current JPY strength, the EUR/JPY cross may soon regain ground as the Euro draws support from a hawkish European Central Bank (ECB) policy outlook. Surging energy costs have heightened inflation risks across the Eurozone, signaling to traders that an ECB rate hike in December remains firmly in play.
Euro rate path in focus as markets eye December ECB moveStrategists at Scotiabank highlight that market pricing still leans toward additional tightening, noting that "markets expect a further 25bps hike in December," even as "many forecasters (including Scotia) think policymakers will halt." This divergence underscores lingering uncertainty around the ECB’s near-term policy trajectory despite growing expectations that the current cycle is approaching its end.
Economic Indicator
BoJ Interest Rate Decision
The Bank of Japan (BoJ) announces its interest rate decision after each of the Bank’s eight scheduled annual meetings. Generally, if the BoJ is hawkish about the inflationary outlook of the economy and raises interest rates it is bullish for the Japanese Yen (JPY). Likewise, if the BoJ has a dovish view on the Japanese economy and keeps interest rates unchanged, or cuts them, it is usually bearish for JPY.
Bitcoin has maintained stability around $80,000 throughout a month marked by concerns over the artificial intelligence sector, according to Alex Thorn, head of firmwide research at Galaxy Digital. On Thursday, Thorn attributed Bitcoin’s resilience to the fact that those most likely to react to recent AI-driven volatility have already exited their positions in the cryptocurrency.
Investor behavior drives Bitcoin stabilityAppearing live on the Unchained podcast, Thorn observed that, despite widespread anxiety surrounding the AI trade in recent weeks, Bitcoin’s price has held steady. “People ask why Bitcoin’s been so resilient around 80 while everybody has a wall of worry meltdown about the AI trade the last month,” Thorn stated, noting that those affected by AI volatility do not currently have Bitcoin in their portfolios. He said, “It’s ’cause none of the people freaking out about AI own Bitcoin.”
He further explained that the investors prone to selling amid such volatility had “already gotten out of the trade,” leaving more steadfast holders to support Bitcoin’s price.
Those experiencing anxiety over AI trades are not currently holding Bitcoin, as they have already exited the market. This shift has left the cryptocurrency less affected by the recent sentiment swings seen in tech-focused assets.
Recent movements and market dataCoinbase data shows Bitcoin’s lowest daily close in the last month occurred on October 26, closing at $80,009, with an intraday low of $79,107 recorded two days earlier. By Thursday at 4:06 p.m. ET, Bitcoin was trading at $80,457, indicating limited volatility during a period of heightened market uncertainty elsewhere.
Thorn suggested that some recent concerns surrounding the AI sector have lessened, referencing positive earnings from SK hynix, a rebound in Korea’s Kospi index, insights from Oracle’s investor day, and the Federal Reserve’s decision to maintain interest rates after Wednesday’s meeting. He reiterated Galaxy Digital’s long-term positive outlook on Bitcoin.
ETF flows: Hedge funds reduce, wealth managers accumulateThorn reported that “macro and multi-strat fast money hedge funds” were the primary sellers of spot Bitcoin ETF shares, based on analysis of quarterly 13F filings that detail the ETF holdings of large asset managers. In an essay published by Galaxy Digital, nine filers—including Goldman Sachs Group, Millennium Management, and Capula Management—reduced their holdings by 29% to 100%, collectively offloading approximately 68,000 BTC.
According to Thorn, these sellers were largely trading-oriented firms such as hedge funds, ETF-futures basis traders, and bank trading desks.
On the other hand, Galaxy identified new buyers on the wealth management side: notably, Mubadala (the Abu Dhabi Investment Council) and Morgan Stanley’s wealth-management division increased their spot Bitcoin ETF exposure. Thorn noted that wealth managers typically adopt a long-term investment horizon and may adjust their portfolios on a quarterly schedule.
Combined ETF holdings among all 2,200 filers fell by 14%, from 355,000 BTC on September 30, 2025, to 307,000 BTC by June 2026. The 48,000 BTC net drop across all filers is smaller than the 68,000 BTC that the top nine sellers divested.
GroupActionBTC AmountPeriodTop 9 sellers (hedge funds, trading desks)Reduced holdings68,000 BTCQ3 2025 – Q2 2026All 2,200 filers (ETF holders)Net reduction48,000 BTCQ3 2025 – Q2 2026Wealth managers (e.g., Mubadala, Morgan Stanley)Increased holdingsNot specifiedSame periodUpcoming ETF filingsThe latest round of spot Bitcoin ETF filings, covering the quarter that ended September 30, are due by Monday, November 16. Thorn highlighted that the largest filers typically submit their disclosures at the last possible moment, which will provide updated insight into who maintained exposure to Bitcoin ETFs after the period captured in Galaxy’s previous report.
Galaxy Digital, a New York-based financial services and investment management firm focused on digital assets, regularly reviews fund flows and institutional holdings across the cryptocurrency sector.
Mini dictionary: 13F filing – A quarterly report filed by institutional investment managers in the United States to disclose their equity holdings, including ETFs and other securities. These filings provide transparency into how large funds allocate assets.
Strategy posted the biggest quarter in its history on Wednesday, reporting $19.53 billion in net income for the three months ended September 30, 2026. The number did not come from selling software. It came from a $20.91 billion mark-to-market gain on the company’s Bitcoin holdings, booked under fair-value accounting rules that now push every swing in the coin’s price straight through the income statement.
The third-quarter results, filed with the SEC on October 29, also confirmed that holders of Strategy’s four preferred securities voted 99.3% in favor of moving those instruments to a daily-dividend schedule. STRC, STRF, STRK and STRD will each accrue a dividend on every calendar day of the year, a structural change the company began engineering in September.
A $20.91 Billion Paper Gain, Not Cash FlowOperating income for the quarter was $20.91 billion, up from $3.89 billion a year earlier. Strip away the digital-asset gain and the comparison flips: the software segment produced $125.4 million in revenue, down 3% year over year.
The gap between those two numbers is the whole story. The $20.91 billion Bitcoin gain is roughly 167 times the $125.4 million in software revenue Strategy booked in the same period. That is not operating cash. It is an accounting adjustment reflecting that Bitcoin rose during the quarter and the company’s 848,517 coins are worth more on paper than they were on June 30.
Net income came to $19.53 billion, or $44.75 in diluted earnings per share, against $2.79 billion and $8.42 in the year-ago quarter. Net income attributable to common stockholders was $19.12 billion after $419.6 million in preferred-stock dividends, up from $139.9 million a year earlier — a measure of how far the preferred program has scaled in twelve months.
BTC Yield Went Negative While the Treasury Grew 26%Strategy’s own dashboard tells a less flattering story than the earnings headline. The company held 848,517 Bitcoin as of October 25, up 26% year to date, at an average cost basis of $75,446 per coin and a market value of $68.90 billion, based on an October 23 Bitcoin price of $81,200.
Yet BTC Yield — the metric Strategy uses to track Bitcoin per diluted share — was negative 3.7% for the year, with BTC Gain at negative 24,947 coins and BTC $ Gain at negative $2.03 billion. In plain terms, each share now represents less Bitcoin than it did in January, even though the treasury itself grew. The reason is dilution: Strategy raised $21.23 billion in capital so far in 2026, making it the fourth-largest equity issuer in the U.S., and the new equity outpaced the Bitcoin it accumulated.
The mark-to-market cushion above cost is a thinner $4.88 billion — the difference between the $68.90 billion market value and the $64.02 billion cost basis, or about $5,754 per coin. During the quarter the company bought 7,218 Bitcoin for roughly $588.1 million and sold 5,552 for about $348.6 million, a net addition of 1,666 coins. The sales were not classic profit-taking: Strategy has sold about $431.8 million of Bitcoin year to date to fund preferred dividends and STRC buybacks, and the board has authorized up to $1.25 billion in additional sales to build its USD Reserve. As Strategy’s weekly Bitcoin buys have slowed through October, the shift from pure accumulation to a monetization program is now visible in the numbers.
How the Daily-Dividend Machinery WorksThe dividend amendment, approved at a special meeting on October 28, moves STRC to a daily record date beginning November 1, with STRF, STRK and STRD following on January 1, 2027. Every calendar day becomes a record date, with payment on the next business day.
Weekends and holidays collapse into a single record date for shares cleared through the Depository Trust Company. Dividends with record dates of Friday, Saturday and Sunday — November 6, 7 and 8 — are all treated as carrying a Friday record date and are paid together on Monday, November 9. The annual rates do not change: STRF and STRD carry 10% coupons, STRK 8%, and STRC a variable rate currently set at 12%. This is the payout layer that Strategy proposed moving its four preferred stocks to daily dividends for, and the vote has now delivered it.
“Daily dividends are a natural step toward the tokenized, 24/7/365 financial system. Digital Credit is being built for that world, and Strategy intends to lead it,” Chief Executive Phong Le said.
Outgoing Chief Financial Officer Andrew Kang framed the quarter around scale. “Q3 operating income of $21 billion was the largest ever in Strategy’s history. We’ve also raised $21 billion of equity capital and increased our bitcoin holdings by 26% year-to-date in a challenging bitcoin market,” he said in the release.
Why the Stock Outran the CoinThe quarter’s most telling market statistic is the spread between the equity and the asset it proxies. Strategy’s common stock rose 76% in the third quarter while Bitcoin rose 43% — a 33-percentage-point gap showing investors were paying for more than the coin itself. The premium is the market pricing Strategy’s ability to issue equity and preferred securities against its Bitcoin stack.
Executive Chairman Michael Saylor read the quarter as confirmation of a broader turn. “We’re at the beginning of the next bitcoin bull market,” he said. “Banks are embracing bitcoin, bitcoin’s dominance among digital assets is growing, institutional demand is back, and bitcoin price is 21% above its 200-week moving average. Digital Credit continues to grow, with $16 billion in notional value across ten publicly listed securities.”
The market’s immediate verdict was more muted. MSTR slipped about 2.5% in after-hours trading following the release, a reminder that a record profit driven by fair-value accounting does not always translate into fresh buying. The SEC filing itself makes the point: the gain is an accounting line, not a realized dollar.
What the Numbers Do Not ProveThe headline profit is real under the accounting rules, but it is not cash, and it reverses the moment Bitcoin falls. The mirror image of this quarter is the second quarter, when the same mark-to-market mechanics produced a multibillion-dollar loss. A $19.5 billion quarter and a deep loss can be two faces of the same coin price.
Nor does a record quarter mean shareholders got more Bitcoin. Negative BTC Yield for the year means the opposite: the equity base grew faster than the treasury. The daily-dividend structure, for its part, raises the company’s cash obligations to preferred holders — obligations Strategy has already begun meeting by selling Bitcoin rather than drawing on operating cash flow, which the $125.4 million software segment cannot cover.
The figures are preliminary and subject to final certification in the Form 10-Q. BTC Yield, BTC Gain and BTC $ Gain are company-defined, non-GAAP metrics; the $2.03 billion year-to-date BTC $ loss and the negative yield are Strategy’s own calculations, not an independent audit.
The next observable signals are concrete. Whether STRC’s daily dividends begin on schedule November 1 depends on the amended certificates of designation being filed and effective. Whether the treasury keeps its cushion depends on Bitcoin holding the $81,200 area used for the October 23 valuation — a retest of the $75,446 average cost basis would erase the mark-to-market gain entirely.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Nearly $1 billion in derivatives positions were liquidated over 24 hours as Bitcoin slid below $78,000 on Oct. 29, after a suspected attack drained crypto worth as much as $5.9 billion from Binance hot wallets.
The transfers began around 20:24 UTC on Oct. 29, when a first Ethereum transaction sent 167,464 ETH plus 63 token transfers, including 1.615 billion USDT, to a brand-new address. Further outflows appeared on Bitcoin and Tron. Estimates of the total vary widely: an early on-chain count put it near $2.8 billion, while blockchain analytics firm Chainalysis estimated $5.912 billion as of Oct. 30, which would make it nearly four times the roughly $1.5 billion Bybit heist of February 2025, the previous record.
The market reaction came fast. Bitcoin fell below $79,000 on Oct. 29 and traded near $78,058 on Oct. 30, down 4%, while BNB dropped about 7% to roughly $699 and Monero rose about 6% to $637. Liquidations over 24 hours reached nearly $1 billion, with Bitcoin accounting for $289 million and Ethereum $236 million. For leveraged traders, the slide below $78,000 triggered the largest forced-deleveraging event of the day.
Binance has not confirmed a hack or a final loss figure. The exchange said it was aware of a potential security issue, suspended all deposits and withdrawals and halted Binance Alpha trading while it runs security checks, and said user funds are safe. Co-founder and former CEO Changpeng Zhao wrote on X that “it does look like a hack on Binance” and, as a shareholder, expects users to be made whole.
In a company statement, Binance said it would make users whole and pledged to absorb the damage. “We are working non-stop to resolve this issue. Binance will cover all losses.” The exchange said it will share a full post-mortem once its investigation is complete.
We are working non-stop to resolve this issue. Binance will cover all losses.
As a precaution, all deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement.
We are working around the clock and will… pic.twitter.com/zufWJ6V05D
— Binance (@binance) October 30, 2026
Issuers freeze billions
Circle froze more than 800 million USDC in coordination with law enforcement, and Tether froze more than $1.567 billion in USDT. World Liberty Financial froze $27 million in USD1 and $2 million in WLFI, and Ripple said it is actively freezing affected RLUSD. The Arbitrum Security Council froze $30.5 million in ARB and ETH. On Oct. 30, Binance put its own verified frozen total at around $3 billion.
Security researchers see a signing-infrastructure compromise rather than a stolen key. An address funded through Tornado Cash, a mixer that obscures the origin of funds, submitted an EIP-7702 delegation for a Binance hot wallet roughly three minutes before the drain, a feature that lets an ordinary wallet run smart-contract code that can authorize later transfers without another signature.
Binance said withdrawals will resume once the issue is fully resolved, and that it will keep publishing verified figures as its teams work with law enforcement and issuers to trace and freeze more assets.
Billions of dollars of cryptocurrency may have been stolen in what would be the market’s biggest ever hack, sending the bitcoin market into chaos.
Binance, the world's largest cryptocurrency exchange, said on Thursday it had frozen $3 billion in crypto assets as it investigated a potential security breach. Stablecoin issuers Circle and Tether also froze assets thought to be related to the possible cyber attack.
"Binance will cover all hacking losses," Binance co-founder Yi He said, without providing more details about the incident.
The market impact of the possible hacking, which could be the largest-ever crypto heist according to analytics firm Chainalysis, was felt immediately in early Asian trading on Friday.
Bitcoin dropped about 2% to a six-week low of $77,646 and ether fell around 2% to a two-month low of $2,238.76. BNB, a token originally launched as Binance Coin that can be used to pay Binancefees, was down more than 8% over the past 24 hours at $694, according to market aggregator CoinGecko.
Crypto exchange Coinbase Global slid 4.8% while those of bitcoin buyer Strategy fell nearly 6% in extended US trading.
Binance said the amount frozen could increase as it worked with law enforcement agencies, token issuers, blockchain intelligence firms and other industry partners to trace and freeze additional assets.
Binance co-founder Changpeng Zhao, who no longer runs the company, said in a post on X that the incident "looked like a hack."
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Binance, which allows users to buy, sell and trade digital assets, has more than 335 million registered users globally and had about $160 billion in assets under custody as of the exchange's 2024 annual report.
Binance runs a secure asset fund for users, according to its website, which is a reserve held entirely in bitcoin that is intended to protect user assets in cases of security breaches.
"It's becoming very hard to counter hacks as AI can find vulnerabilities faster than you can fix them, said Bernardo Brites, CEO of Trace Finance, a payments and stablecoin infrastructure company.
"My view is that users will move away from smaller and medium-sized exchanges, (it is) becoming too risky to park your money somewhere that couldn't cover a hack of meaningful size."
Tether said it had frozen nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million.
Binance said it was conducting security checks and would resume withdrawals once the issue was fully resolved. It added user funds remained safe and that teams were reviewing the incident.
The exchange also temporarily suspended trading on its Binance Alpha platform as a precaution.
World Liberty Financial, a crypto company linked to US President Donald Trump and his family, said on Thursday it had worked with cryptocurrency custodian BitGo to freeze funds stolen in what it described as a Binance hack. Binance's Yi said $27 million in stablecoins and about $2 million worth of World Liberty tokens had been frozen.
Crypto firm Ripple also froze roughly $200 million in funds, Yi said. Jack McDonald, senior vice president of stablecoins at Ripple, said the company was closely monitoring reports of a potential exploit involving Binance and was freezing affected funds and coordinating with relevant parties.
Miguel Morel, CEO of blockchain intelligence firm Arkham, said data indicated that billions of dollars appeared to have been hacked from Binance by an unknown actor, though the exact cause had not been confirmed. Morel said the incident began around 4:30 p.m. EDT (2030 GMT) and appeared to be ongoing.
The incident adds to a string of crypto thefts. Last year, attackers stole $2.9 billion worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs. In September, cryptocurrency exchange Bitget said roughly $350 million in crypto had been stolen from its platform, underscoring the industry's vulnerability to hackers.
Authorities have warned that organised crime groups are increasingly using cryptocurrencies to move funds across borders outside the traditional financial system.
Binance.US, a separate cryptocurrency exchange, said it was not affected by the security incident.
Coinbase said it was unaffected and was monitoring the situation.
In an unrelated incident earlier on Thursday, prediction market operator Polymarket temporarily halted trading after a security incident involving a third-party provider. It later resumed trading and said it would fully reimburse affected traders.
Well-known trader Killa stated that he still holds BTC long positions opened at 76.4K. "It’s crucial to keep a level head during periods of stress and FUD (fear, uncertainty, doubt). The Binance hack is likely the last major low for the crypto market before a significant rally. Bitcoin is currently down 13% from its peak. The maximum drawdown Bitcoin saw in 2022 was 22%, based on a 77% drop. I don’t believe Bitcoin will fall 20%. It’s quite ironic that the Binance hack coincided with the midterm elections."
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
18 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
18 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC!
Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
18 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
18 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
18 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains. 01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users. Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026. 01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
18 minutes ago
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, the USDC Treasury minted 250 million USDC on the Solana blockchain, worth approximately $250,115,375.
18 minutes ago
Whales Buy 1,900 $BTC ($148M) From Galaxy Digital Amid Market Drop
Despite the market drop, whales are still buying $BTC! Over the past 4 hours, 9 newly created wallets received 1,900 $BTC ($148M) from #GalaxyDigital.
18 minutes ago
Deribit: 134,000 Bitcoin options and 346,000 Ethereum options are set to expire.
According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
18 minutes ago
Bitcoin rebounds to break through $78,000
According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
18 minutes ago
Whales Buying the Dip on Bitcoin? 9 Newly Created Addresses Accumulate 1,900 BTC in Nearly Four Hours.
According to Lookonchain's monitoring, despite the market downturn, whales are still buying BTC. Over the past four hours, nine newly created wallets have received 1,900 BTC from Galaxy Digital, valued at roughly $148 million.
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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01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains. 01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users. Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026. 01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
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According to Deribit data, 134,000 Bitcoin options and 346,000 Ethereum options are set to expire soon, with respective notional values of $10.48 billion and $750 million. The put-call ratio for Bitcoin options stands at 0.53, with a max pain point of $78,000. For Ethereum options, the put-call ratio is 0.73, and its max pain point is $2,400.
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According to HTX market data, Bitcoin has rebounded to break through $78,000, currently trading at $78,003, with its 24-hour decline narrowed to 4.5%.
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Following the hacker’s sell-off, seven altcoins have rallied, with two whales buying the dip in ENA and PEPE during the same period.
According to TradingBeats monitoring, as of press time, all tokens involved in the Binance hacker sell-off—UNI, ENA, PEPE, LINK, AAVE, ONDO, and WLD—have rebounded from their lows during this morning’s sell-off. PEPE has rallied roughly 12%, while ENA is up around 10%. After 9 AM this morning, two whales opened long positions worth approximately $3.09 million in PEPE and $4.01 million in ENA on Hyperliquid, totaling $7.1 million. They currently hold an unrealized profit of around $250,000 (wallet addresses: 0xb122, 0xedc0). Over the same period, PEPE’s nominal open interest (OI) rose roughly 23%, while ENA’s OI edged down about 1%. UNI has rebounded roughly 7%, with its nominal OI increasing by around 7%. Two accounts that opened short positions around 6 AM this morning still hold a combined short position worth approximately $2.83 million, currently facing an unrealized loss of about $90,000 (wallet addresses: 0x60a8, 0x2de3). For the remaining four tokens: AAVE rallied roughly 7% with nominal OI up ~1%; LINK gained ~5% with OI down ~4%; ONDO rose ~6% with OI down ~6%; WLD rallied ~7% with OI down ~13%.
Bitcoin traded in the $76,300 range on Thursday as Binance confirmed a security breach that the exchange estimates at $6.3 billion in total impact. The figure would place the incident among the largest cryptocurrency thefts on record.
Earlier in the session, bitcoin reached a 24-hour high of $81,890 before the selloff, as millions in leveraged long positions were liquidated.
In a post on X, the exchange said its initial investigation suggests the incident may involve a compromised DevOps engineer’s laptop. The attacker reportedly gained access to a service container and submitted unauthorized withdrawal transactions. The exchange said it has found no evidence of a wallet private key leak.
“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,” Binance posted on X
The $6.3 billion estimate is higher than earlier figures, which ranged from $2.7 billion to $5.8 billion. The exchange said it has worked with blockchain partners to freeze affected assets, with about $3 billion frozen onchain so far.
“We will share a detailed technical post-mortem once the investigation is complete and the facts are verified,” the company said.
Tether CEO Paolo Ardoino said earlier that the company froze more than 1.567 billion USDT, and Circle also froze USDC tied to the suspected attacker.
Co-founder Yi He wrote on X that user funds are safe and that Binance will cover all hacking losses. Concerns over a potential hack surfaced after a user noticed more than $2.7 billion in assets, including Ethereum and stablecoins issued by Tether and Circle, being moved from a Binance wallet to an external account under suspicious circumstances.
Binance suspends transactions Deposits and withdrawals remain suspended while the exchange conducts security checks, freezes funds and works with law enforcement. The exchange said it has revoked the affected address authorization and is working to confirm the identities of those responsible.
Aave reportedly froze lending markets to block the suspected attacker from borrowing against the stolen funds. Binance.US said the incident does not affect its platform.
The company has not released a timeline for the full post-mortem. Until then, the exchange is asking users to rely only on official Binance channels for updates.
Changpeng Zhao, former CEO of Binance, tweeted on X during the exploit: “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 (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.”
Bitcoin dropped to $76,301 as news of the hack was circulating. Bitcoin is currently trading near $77,800.
Micah Zimmerman
Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
Ripple Futures trading is gaining traction again after monthly volume dropped to an all-time low of $38 billion in July of this year. Later on, it climbed back to $65 billion in September and reached $68 billion by October.
This was after being down for eight straight months since last year’s peak of almost $120 billion in November 2025. Notably, Binance drove the comeback, trading $34.57 billion, followed by Bybit with $13.58 billion and OKX with $12.25 billion.
The dominance of large exchanges shows they are driving the rise in XRP derivative products, fueled by speculation on Ripple’s [XRP] price.
Source: CryptoQuant Increased turnover, however, does not indicate more buying pressure. Even so, increased participation will be beneficial if buying increases, but until then it will just make selling and liquidation pressures worse and contribute to increased volatility without increasing the value of XRP.
XRPL stablecoin liquidity falls 12% While increased Futures trading in XRP points to renewed speculative interest in XRP, decreasing stablecoin liquidity for the XRP Ledger raises concerns regarding how much capital supports on-chain activity.
The total stablecoin capitalization has decreased by 11.88% over the past thirty days to $1.069 billion. A significant portion of this decrease is due to the treasury rebalancing of Ripple USD [RLUSD] towards Ethereum [ETH] and not capital flight.
Source: DeFiLlama Nevertheless, stablecoins provide liquidity for XRPL trading and settlements. As such, decreases in stablecoin capitalizations represent decreases in dollars available for those purposes. In fact, 91.48% of the remaining supply of stablecoins is represented by RLUSD.
This simply means that the entire ecosystem is highly reliant upon a single source of funds.
While there was a 6.91% increase in liquidity over the seven-day period, the latest daily decline signals fragility. Therefore, sustained recovery requires renewed inflows of RLUSD returning to XRPL to support broader network activity.
XRP buying demand lags behind futures activity Ultimately, the next move depends on whether the recent surge in Futures trading attracts buyers who are willing to buy XRP directly. While Futures volume is currently hovering near $2.7 billion, Spot volume is only around $470 million.
Therefore, it appears that traders are significantly more active in leveraged futures contracts compared to purchasing XRP directly. However, it’s worth noting that the Open Interest (OI) in Futures sits at roughly $2.9 billion, indicating that substantial positions remain exposed to price swings.
Source: CoinGlass However, exchange deposits could increase selling pressure, while concentrated RLUSD activity raises questions about wider network demand. At press time, XRP traded near $1.29–$1.30, with the next resistance seen between $1.33 and $1.35.
If a growing Spot market grows along with stable ledger liquidity, a breakout could occur. Otherwise, the current speculative frenzy surrounding XRP will likely continue to generate extreme volatility with no impact on its price.
Final Summary Ripple’s Futures volume rebounded to $68 billion in October 2026, led by Binance as derivatives’ activity recovered.
XRP faces recovery risks as XRPL stablecoin liquidity falls 12% and spot buying lags behind futures trading.
Ripple continues to hold 1 billion XRP from its scheduled October 1 escrow unlock, with the funds remaining idle in two company wallets for 26 consecutive days. On-chain data reviewed on October 27 showed that neither wallet, publicly labeled by XRPScan as Ripple 10 and Ripple 11, has recorded any outbound movements since the initial deposit.
October unlock remains in Ripple-controlled walletsThe October 1 escrow release involved four separate contracts, freeing a total of 1 billion XRP. These tokens were divided evenly between the Ripple 10 and Ripple 11 addresses, each receiving 500 million XRP. Market monitors, including Yahoo Finance, have tracked both wallets throughout the month, confirming that all unlocked XRP is still held in these accounts.
This period of inactivity is significant for traders watching XRP’s liquid supply. Tokens released from Ripple’s monthly escrow do not necessarily reach exchanges or outside parties immediately; the firm can choose to hold newly available XRP within its own wallets or redistribute them according to internal plans. On-chain tracking confirms that for October, both Ripple 10 and Ripple 11 have seen no transactions since the initial receipt.
Separate from these idle balances, records from XRP Insights indicate that 700 million XRP were returned to fresh escrow arrangements on October 1, using different Ripple-controlled accounts. These new deals established release dates stretching into 2029. As a result, the funds left untouched in Ripple 10 and Ripple 11 are distinct from the tokens assigned to ongoing escrow cycles.
Checks on the ledger showed both Ripple 10 and Ripple 11 accounts continued to hold 500 million XRP each for the full 26-day window, with no tokens moved out since the October 1 release.
Next 1 billion XRP unlock set for NovemberThe next scheduled escrow unlock for Ripple falls on November 1, when another 1 billion XRP is expected to become accessible. According to XRP Insights, two escrow agreements owned by Ripple are set to reach their conclusion at midnight UTC, each containing 500 million XRP—mirroring the company’s typical monthly distribution.
The protocol does not automatically distribute these funds into the market. Under XRP Ledger’s EscrowFinish process, an authorized transaction is still required before any newly released tokens move to a usable state. Ripple retains the discretion to hold, transfer, or re-escrow the freed XRP after the unlock completes, so the immediate impact on circulating supply remains uncertain.
Historical data compiled by XRP Insights shows Ripple has unlocked approximately 12 billion XRP over the last 12 monthly cycles, with around 8.4 billion XRP subsequently placed back into new escrows. This means roughly 70% of freed tokens were re-locked, while 3.6 billion XRP remained outside escrow during the same period. However, past behavior does not guarantee similar allocation in the upcoming cycle.
Swell 2026 highlights Ripple’s reserve strategiesRipple’s Swell 2026 conference kicked off in New York on October 27, drawing together banks, developers, and digital asset businesses to discuss emerging trends in blockchain payments and tokenized finance. This year, Swell runs in conjunction with Apex, Ripple’s developer-focused event, offering expanded perspectives for the XRP Ledger ecosystem.
In light of another major XRP unlock and the ongoing Swell conference, market participants are closely monitoring Ripple’s control of its token reserves. The question of whether idle reserves will enter circulation has become especially relevant, as it can influence both trading sentiment and supply expectations.
As institutional investors and developers at Swell assess protocol developments and liquidity strategies, monitoring real-time wallet balances and flows becomes critical. CryptoAppsy users can track live XRP wallet movements associated with Ripple using its real-time chart support, ensuring they remain informed if large transfers from company wallets affect token supply near key events or unlock dates.
The next scheduled unlock gives Ripple full authority over another 1 billion XRP, but market consequences depend on the firm’s decisions regarding storage, redistribution, or new escrow arrangements.
XRP is currently on the spotlight as SBI Holdings, who has been Ripple’s longtime partner, has announced the plan to enhance SBI’s digital finance business in Japan via a proposed partnership with a US company CRB Group. The agreement is centered around the development of a joint venture for tokenizing real world assets (RWAs), cross-border payment solutions, and AI-driven financial infrastructure. SBI’s announcement has stirred up massive interest in XRP, though the latest announcement does not indicate any direct involvement of Ripple’s native crypto in the proposed venture.
SBI Holdings Targets Tokenized Assets and Cross-Border Payments
The proposed joint venture would look at the development and distribution of real-world asset-backed tokenized assets, such as loan receivables. It will also look at cross-border payment solutions that build upon the banks and payment systems of both organizations.
Another area of focus is agentic commerce, where AI agents can make transactions through specialized payment platforms. Cross River Bank is a subsidiary of CRB Group with experience in embedded finance, lending, payments and digital asset infrastructure.
SBI also plans to make a strategic investment in CRB Group. The proposed initiatives are still subject to final agreements, regulatory approvals and the appropriate licenses however.
Ripple Partnership Keeps XRP In Focus
SBI Holdings has had strong ties with Ripple. It has indeed helped in the adoption of financial services based on blockchain and XRP-related initiatives. Whenever SBI makes an announcement on digital assets and the payment infrastructure, this connection puts XRP on investors’ radar.
However, the new collaboration doesn’t specify XRP or confirm that the token will be part of the planned services.
The companies will also consider adding SBI Shinsei Trust Bank’s trust-type stablecoin, JPYSC, to their platform. The stablecoin could enable institutional settlements, cross-border transfers, and transfers of tokenized assets.
SBI has also partnered with Startale Group on JPYSC, and is running crypto exchanges such as SBI VC Trade in Japan and Coinhako in Singapore.
The proposed alliance will contribute to SBI’s efforts to promote tokenization and digital financial services throughout Japan and Asia-Pacific. Whether it will have an impact on XRP will rely on future projects involving a direct link with Ripple’s payment tech or the XRP Ledger.
The world’s largest crypto exchange, Binance, has confirmed it was hacked, with multiple cryptocurrencies valued at between $2 billion and $5.8 billion drained.
According to a forensic analysis of the event by security firm Blockaid, the attacker targeted two Binance hot wallets named “Binance 14” and “Binance 16”. They then siphoned multiple cryptocurrencies, including $1.6 billion in USDT, $62.6 million in RLUSD, $450 million in Ethereum (ETH), $800 million in USDC, 6.19 million Uniswap (UNI), and 2.26 million Chainlink (LINK). The funds were then directed to a newly created address that was recently funded through the privacy mixer Tornado Cash.
Damage control At the moment, Binance security teams are actively investigating the attack. However, stablecoin issuers Tether and Circle have promptly frozen their respective assets in what is seen as a team action to protect the crypto industry. Tether CEO Paolo Ardoino confirmed that the firm froze over $1.56 billion in USDT, while Circle CEO Jeremy Allaire similarly announced the freeze of over $800 million in USDC.
Circle is closely tracking reports of a potential exploit involving Binance. In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.
— Jeremy Allaire (@jerallaire) October 29, 2026 DeFi lending giant Aave took similar action, freezing its lending markets to block the attacker from using the loot to borrow unfreezable assets.
Meanwhile, Binance co-founder and major shareholder Changpeng Zhao (CZ) confirmed the safety of all user funds, while expressing appreciation for Tether and Circle’s quick actions.
Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe.
Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have… pic.twitter.com/ATR4YdzmHV
— Binance (@binance) October 29, 2026 Crypto’s biggest hack?By total loot valuation, the event marks the largest hack in the history of crypto, surpassing Bybit’s record of $1.5 billion.
However, the fact that a considerable portion ($2.3 billion) of those proceeds were frozen almost immediately means the remaining unrecoverable amount is much lower (about $3.5 billion).
The anatomy of the attack points to a hot wallet key compromise similar to the one that recently impacted Bitget, suggesting DPRK actors.
Crypto market reaction At press time, 3.13% of the overall crypto market cap had been wiped out due to the Binance hack, bringing the remaining amount down to 2.63 trillion.
Bitcoin (BTC) slid 2.92%, losing the $81,000 hold and reclaiming $78,852. Ethereum (ETH) moved in tandem, though losses were much higher (down 3.64% to trade at $2.272). The other impacted assets traded as follows:
XRP down 6.03% to trade at $1.24BNB down 7.13% to trade at $702.54UNI down 13.19% to trade at $6.29LINK down 7.59% to trade at $10.92Ethena (ENA) down 14.4% to trade at $0.18Pepe (PEPE) down 11.41% to trade at $0.054Aave (AAVE) down 10.4% to trade at $120.64 Story Ends Here
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Binance, the world's largest crypto exchange, has been hit with a massive security breach. Blockchain analysts believe the hackers have stolen nearly $6 billion in crypto from wallets linked to the exchange.
According to blockchain analytics firm Glassnode, the suspected hack initially involved crypto worth $5.3 billion.
The hackers made some of the biggest transfers out of the crypto exchange, including an estimated $1.66 billion in Tether (USDT), 17,985 Bitcoin (BTC) worth about $1.45 billion, and $767 million in USD Coin (USDC).
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Other crypto tokens involved in the suspected hack included Ethereum (ETH), XRP, Solana (SOL), and Tron (TRX).
According to Glassnode, the suspicious outflows occurred sequentially across various blockchains. XRP transfers came first, followed by SOL, BTC, and others.
Glassnode also noted that the exchange's BNB balance wasn't touched.
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The total suspicious outflows are close to $5.9 billion.
The total losses aren't known yet. Analysts are sharing different estimates as they watch funds jump from one blockchain address to another.
CZ breaks silence Changpeng Zhao (CZ), Binance's co-founder and former CEO, acknowledged the apparent security breach. At the same time, he assured Binance's customers that they are safe.
"It does look like a hack on Binance," Zhao wrote on X.
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
— CZ 🔶 BNB (@cz_binance) October 29, 2026
The billionaire commended the quick response of stablecoin issuers Tether and Circle, which froze about $971 million and $823 million, respectively.
"I'm not running Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered," Zhao emphasized.
In his next post, Zhao admitted that the actual losses could be higher, even though an analyst estimated that about $1B in exposure remained after the assets were frozen. But he again reaffirmed that the losses would be covered.
Billions in crypto frozenThe quick response from major stablecoin issuers was crucial.
Tether's CEO Paolo Ardoino revealed that the company had frozen over 1.567 billion USDT linked to the potential hack at Binance.
"Protecting the industry and our partners is our main priority," Ardoino stated.
Meanwhile, Circle's CEO Jeremy Allaire confirmed that the company had frozen over $800M in USDC in coordination with law enforcement.
Later on, Binance provided an update. The exchange confirmed that the total amount of frozen assets came to $2.54B. Binance also warned that this number could increase as the investigation is ongoing.
Biggest crypto hack everIf the highest estimates of stolen funds are accurate, the Binance incident could be the biggest crypto hack ever.
In February 2025, the record was set when crypto exchange Bybit lost about $1.5 billion worth of Ethereum in an attack that was linked to North Korean hackers.
Following the suspected breach at Binance, the broader crypto market fell.
Bitcoin briefly dipped below $79,000. Ethereum fell below $2,300. XRP is down by almost 7%. Binance's native crypto token BNB dropped even harder. It dipped about 7% during the initial response.
Privy, the Stripe-owned wallet provider, now supports XRP Ledger wallets after partnering with Ripple. The XRPLF says XRPL wallets are live on the platform for XRP, RLUSD and other assets.
Privy, the wallet infrastructure firm owned by Stripe, has added support for the XRP Ledger (XRPL). The XRP Ledger Foundation (@XRPLF) has said XRPL wallets are now live on the Privy platform, following a partnership with @Ripple announced earlier this month.
The integration gives developers building on the $XRP Ledger a ready-made option for creating and managing wallets inside their apps, rather than building that infrastructure themselves.
What the Privy and Ripple Partnership Covers@privy_io announced the partnership on October 13. According to The Block, developers will be able to create XRPL wallets and sign transactions involving XRP, RLUSD, and other assets through Privy. Privy offers embedded wallets that work directly inside an app, so users do not need to connect a separate crypto wallet.
Markus Infanger, senior vice president of RippleX at Ripple, said Privy "brings proven wallet infrastructure that makes it easier for fintechs and developers to bring XRPL into real products," CoinMarketCap reported. Privy co-founder and CEO Henri Stern said in the same report that the XRP Ledger "has been building for payments from the start."
Users are not locked in. The Block reported that Privy said users can still export their private keys and seed phrases if they want to move their wallets to another service. Privy's documentation, as summarised by Coingabbar, also lists spending rules that let apps limit transaction types, allow or block recipients, and cap payment amounts.
The partnership also targets AI-driven payments. Privy's server-side wallet infrastructure will let AI agents hold and transfer digital assets, including through the x402 payment protocol, Bitcoin.com News reported.
What It Means for the XRP Ledger EcosystemFor builders, using an established wallet provider could shorten development time, since wallet creation, management and signing are handled through Privy's tools. Stripe acquired Privy in 2025, although the wallet provider continues to operate separately, according to KuCoin News.
The move also points to Ripple's interest in broadening access to the network beyond institutional use. Privy said the XRPL has more than 8 million funded accounts and has moved over $1 trillion in value, as Coinspeaker noted. Ripple also said AI agents have processed 13 million payments on the ledger, roughly 25% of network activity.
Some caution is warranted. Coinspeaker noted that the announcement sets out intended capabilities rather than evidence of production adoption, and gives no customer list, wallet count or transaction volume for the integration. Planned features such as transaction policy controls and network fee sponsorship are still in development, according to Bloomingbit.
SourcesThe Block: Ripple, Stripe-owned Privy partner to bring embedded wallets to XRP Ledger
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.
Binance says “user funds are completely safe” as Unchained’s own count shows about $3.5 billion left wallets Etherscan labels as Binance’s, on Ethereum alone.
Posted October 29, 2026 at 5:44 pm ET.
Binance said on X that “user funds are completely safe” after wallets Etherscan labels as Binance hot wallets sent billions of dollars in crypto to a single new address on Thursday afternoon, and Tether and Circle froze about $2 billion in stablecoins.
That line came at 5:29 p.m. ET in a revised statement. A 5:16 p.m. ET version said its teams were “actively investigating” a “potential security issue” and had “not confirmed any impact to user funds.” The exchange has not called the outflows a hack.
Founder Changpeng Zhao, who no longer runs the exchange, posted a minute earlier that “it does look like a hack on Binance” and that, as a shareholder, he expects “all user funds will be fully covered.”
Tether blacklisted the receiving address at 5:01 p.m. ET, and Circle followed at 5:04 p.m. ET with 823 million USDC, balances Unchained read directly from the USDT and USDC token contracts; the address now holds about 1.18 billion frozen USDT. Tether also blacklisted seven downstream wallets, two of which hold about 205 million USDT combined. Tether CEO Paolo Ardoino said at 5:25 p.m. ET that Tether “froze more than 1.567B USDT related to a potential Binance exchange hack,” a figure Binance co-founder Yi He repeated. That is higher than the roughly 1.38 billion USDT Unchained can see frozen with balances on Ethereum.
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A Second Sweep After Binance’s Statement
The drain was still running after Binance’s statement. At 5:44 p.m. ET the address that set up the delegation swept Binance 14 again, moving about 200 million more USDT and roughly 370 ETH that had built up in the wallet into the frozen address. As of 6:34 p.m. ET, Binance 14 was still delegated to that address’s contract, though no further sweep had followed.
The receiving address has since moved tokens that Tether and Circle cannot freeze, sending about 217.5 million ENA and 29,934 WBETH to another wallet, and one of the wallets that swapped USDT into ETH moved 122,310 ETH to a fresh address at 5:47 p.m. ET. On-chain analyst Officer’s Notes put total outflows from Binance-labeled wallets at about $5.64 billion counting Bitcoin and Tron, a figure Unchained has not verified.
About $3.5 Billion on Ethereum Alone
By Unchained’s own count of Ethereum transfers, the receiving address took in about $3.52 billion between 4:24 p.m. and 5:04 p.m. ET: 197,170 ETH (about $456 million at the time), 1.68 billion USDT, 823 million USDC and roughly $564 million across 62 other tokens, with other tokens priced when Unchained pulled the data. The total is more than double the “approximately $1.5 billion” that the FBI said in a public service announcement North Korean hackers stole from Bybit in February 2025. It leaves out other chains, and reported Bitcoin outflows remain unverified. Security firm Blockaid, which said in a note from its PR agency that it is investigating about $3.3 billion in suspicious outflows from Binance hot wallets, said at 5:11 p.m. ET that outflows from Binance hot wallets on Ethereum, Arbitrum and Avalanche “look consistent with unauthorized movement from those wallets” and put the Arbitrum and Avalanche portions at about $19.5 million and $24 million. Its approximate Ethereum figure, about $2.5 billion plus 780 million USDC, is lower than Unchained’s count and, it said, “still being reconciled.” On Avalanche, Unchained confirmed that four wallets Blockaid identifies as Binance’s sent about 1.81 million AVAX to the same receiving address, which still holds about 8.4 million USDT there.
How the Funds Moved
An address funded in part through Tornado Cash’s 0.1 ETH pool set up an EIP-7702 delegation on the wallet Etherscan labels Binance 14 at 4:20 p.m. ET, pointing it at a contract the same address had deployed earlier that day. EIP-7702 lets an ordinary wallet run a smart contract’s code, but only with an authorization signed by that wallet’s own key. The delegation transaction carried 50 such authorizations for consecutive Binance 14 nonces, and one landed, which Blockaid said on X meant the attacker “didn’t know Binance 14’s live nonce.” Binance 16’s transfer, below, was an ordinary transaction signed with that wallet’s own key.
Four minutes later it swept Binance 14, Binance 16 sent 28,005.6 ETH to the same destination, and calls through Binance 14 pulled 780 million USDC, then 43 million more, from a wallet Etherscan labels Hot Wallet 34. Before the freezes, the receiving address sent 700 million USDT to two wallets that quickly swapped much of it into ETH.
Security firm PeckShield flagged “unexpected large outflows” at 4:55 p.m. ET, more than 20 minutes after on-chain analyst Spreek raised an early public alarm. Last month, Unchained looked at how Bitget chased $388 million in funds stolen in a hack.
*This story was updated with how the Binance 14 delegation was signed, the latest fund movements and an analyst’s multichain estimate.*
Related Listen: Ledger Wallets Were Drained of $100 Million. Is Self-Custody Still Safe?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
In brief Wallets tied to the suspected Binance hack received tens of thousands of ETH from Uniswap contracts and borrowed 19,762 ETH on Aave against about $60 million in USDT, with no sign of a flaw in either app. About 253,000 ETH, roughly $570 million, sat in two wallets with no outgoing transfers as of 22:07 UTC, and ETH has no issuer that can freeze it. Ripple has frozen about $200 million in RLUSD, per Binance co-CEO Yi He, on top of the more than $2 billion in USDT and USDC. The attacker behind the wallets draining Binance is using decentralized exchanges such as Uniswap and Aave as exits, swapping stablecoins that issuers can freeze for Ethereum that nobody can, according to Etherscan records for 10 wallets, eight of them labeled as exploiters.
Earlier today, wallets linked to the world’s largest crypto exchange were drained of at least $5.5 billion, with the total tally still climbing. The company said it was investigating the security incident but did not confirm user funds were affected, though security experts widely believe the exchange was indeed hacked. It stands to be the largest hack in the crypto industry's 18-year history.
Myriad: How low will Bitcoin go? Click to make your prediction.Stablecoin issuers Tether and Circle moved quickly to blacklist the suspected attacker’s addresses in order to freeze a portion of the funds and make them inaccessible. As centralized issuers, they each have the ability to blacklist addresses so their tokens cannot move, and more than $2 billion of those two tokens have been frozen so far by different stablecoin providers. ETH has no issuer, so every dollar converted before a freeze lands is out of their reach.
The swaps run through Uniswap, a decentralized exchange where trades settle automatically with no company in the middle.
One relay wallet received 20,940 ETH ($45.58 Million) from Uniswap’s UniswapX contract at 20:34 UTC, another got 3,552 ETH (over $8 million) at 20:47, and two later wallets took in about 18,085 ETH (around $41 million) from Uniswap contracts, in 7,444 ETH and 10,642 ETH batches, and about 16,498 ETH ($37.5 million), in 6,946 ETH and 9,552 ETH batches.
Aave, a lending app where users deposit crypto as collateral to borrow other coins, offered a second exit. Between 20:57 and 21:01 UTC, one wallet deposited $10 million and then $50 million in USDT and borrowed 3,271 ETH ($7.43 million) and then 16,491 ETH ($37.47 million) against it, which prompted cybersecurity experts Odysseas Lamtzidi, founder of Phylax Systems, to warn of “contagion in full effect.”
Aave has since frozen its V3 markets on Ethereum mainnet, which blocks new deposits and borrowing.
Kamino, a decentralized finance protocol built on the Solana blockchain, also paused its Solana and Bitcoin markets as a precautionary measure.
Kamino can confirm that it is currently unaffected by the ongoing Binance situation
Out of an abundance of caution, we have temporarily paused borrowing in the SOL/BTC Market
We are actively monitoring the situation and are in communication with various partners. Any further…
— Kamino (@kamino) October 29, 2026
The ETH is piling up rather than moving on. A wallet labeled Exploiter 8 still held 195,460 ETH ($444.2 million) at 22:03 UTC, and another 57,891.77 ETH ($131.6 million) reached one labeled Exploiter 11, together about 253,000 ETH, or roughly $570 million. That second pile arrived after four hops in 28 minutes, from Exploiter 4 to 5, 5 to 6, 6 to 7 and 7 to 11.
The attacker also swapped 36 million RLUSD, Ripple’s dollar-backed stablecoin, for 15,439 ETH, while 52.54 million RLUSD remained unfrozen at the holding wallet, according to an on-chain update circulating on X. Etherscan showed the main receiving wallet holding about $88.5 million in RLUSD at 20:41 UTC, which matches the two figures combined.
Image: Odysseas Lamtzidi via XRipple has since frozen about $200 million, according to Binance co-CEO Yi He. “Thanks to the Ripple team for promptly freezing approximately 200 million. User Funds are SAFU,” a reference to the exchange’s emergency reserve fund, Yi He wrote on X.
“Ripple is closely monitoring reports of a potential exploit involving Binance and its attackers’ RLUSD holdings and we are actively freezing affected funds,” Jack McDonald, Ripple’s senior vice president for stablecoins, said in a statement. “We’re coordinating with relevant parties and stand ready to support any investigation and appropriate action to keep users protected.”
Ripple is closely monitoring reports of a potential exploit involving Binance and its attackers’ RLUSD holdings and we are actively freezing affected funds. We’re coordinating with relevant parties and stand ready to support any investigation and appropriate action to keep users…
— Jack McDonald (@_JackMcDonald_) October 29, 2026
Tornado Cash, a mixer that scrambles the trail of crypto payments, appears so far only as funding for the address that set up the attack.
After the Bybit hack, North Korea’s Lazarus Group converted 84.45% of the stolen ETH to Bitcoin through Thorchain, a cross-chain swap network, per Bybit’s CEO. Monero, a privacy coin that hides who sent what, rose about 6% on Thursday, suggesting a possible rotation into the privacy coin.
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01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains.
01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users.
Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026.
01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
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01.AI secures hundreds of millions of yuan in investment from Hangzhou state-owned capital, pivoting from training its own large models to helping enterprises monetize AI.
Beating AI Flash News: Founded by Kai-Fu Lee, 01.AI announced on October 28 a partnership with Hangzhou city and Linping District. State-owned assets from the city and district levels will invest a combined several hundred million yuan, with the company’s headquarters to be based in Linping, Hangzhou, and an industrial AI transformation base to be built. The two sides plan to carry out AI projects focusing on scenarios including enterprise operations, production management, and supply chains. 01.AI was once one of China’s "Big Model Six Tigers", entering the industry’s first tier early on with its self-developed Yi series models. However, in early 2025, the company adjusted its large model pre-training team and gradually withdrew from the large model arms race. In September this year, it officially ceased model API services for external users. Currently, 01.AI mainly develops business decision-making and operation management systems for enterprises based on open-source models such as DeepSeek and Qianwen, and sends engineers to client sites for on-site deployment. Kai-Fu Lee previously disclosed that the company secured 500 million yuan in orders and 250 million yuan in audited revenue in 2025; its order volume exceeded 1.5 billion yuan in the first five months of 2026. 01.AI also plans to hold an IPO in Hong Kong in 2027. Previously, the company has established AI industrial base projects in Neijiang (Sichuan) and Wuhan, among other locations. Its setting up operations in Hangzhou will not only bring state-owned asset investment, but also enable it to connect with the actual business needs of local enterprises and find more clients for its AI products.
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