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Project Overview
CASH is a stablecoin platform built for real-world utility, designed to enable businesses to earn a full return on their stablecoin supply. CASH will be accepted by Stripe's global merchant network and available to Phantom's millions of users worldwide.
Perfectly Timing the Cash-Out Exit? PIMCO Sells Down Meta Debt at High Levels to Avoid Partial AI Bond Market Losses
According to Bloomberg, asset management giant Pacific Investment Management Company (PIMCO) had heavily participated in debt financing for AI data centers in 2025. However, it recently successfully avoided partial losses from the pullback in the AI bond market and realized profits by exiting portions of its positions early, conducting interest rate hedging, and walking away from some follow-on transactions.
Circle Submits Comment Letter to SEC on Proposed Crypto Asset Regulation Rules, Recommends Treating GENIUS Act-Compliant Payment Stablecoins as Cash
Circle has submitted a comment letter to the U.S. Securities and Exchange Commission regarding proposed crypto asset regulation rules, supporting the promotion of innovation under clear rules while maintaining transparency, investor protection, market integrity, liquidity, and efficiency. Circle recommends that the relevant rules be aligned with the GENIUS Act and requests clarification that payment stablecoins compliant with the Act may be used for on-chain capital formation and settlement, and that they constitute "cash" under proposed Rule 302(b), subject to the corresponding USD valuation, accounting, and customer reserve treatment. Circle also recommends reducing the broker-dealer haircut for payment stablecoins compliant with the GENIUS Act from 2% to zero, and requests that the SEC clarify that technical services provided after network operation do not constitute necessary administrative functions, while establishing a safe harbor rule for technology roadmaps.
Galaxy Digital Q3 net income reached $323 million, adjusted EBITDA reached $455 million
Galaxy Digital released its Q3 2026 financial results, reporting a net profit of $323 million, marking a turnaround from an $85 million loss in the previous quarter. Adjusted EBITDA reached $455 million, while total assets grew sequentially by 51% to $16.4 billion. Cash, stablecoins, and U.S. Treasuries totaled $4.9 billion, nearly doubling quarter-over-quarter. In its digital asset business, trading volume increased sequentially by 12%, outperforming the broader spot market. The combined scale of asset management and staking grew sequentially by 46% to $10.4 billion, alongside a multi-year partnership with BNY Mellon to provide staking support for its digital asset custody platform. The data center business saw adjusted EBITDA rise nearly fivefold sequentially to $69 million, primarily driven by the first full operating quarter following the delivery of 133 MW of compute capacity for Phase I of Helios to CoreWeave. Phase II has broken ground with fully funded financing. The company completed a $3.5 billion issuance of senior secured bonds for this purpose, and its overall power pipeline has expanded to over 5.7 GW, with server room deliveries expected to begin in Q2 2027. Regarding capital operations, the $200 million share repurchase program launched in February was completed on October 15, with approximately 9.8 million shares cumulatively repurchased. On October 26, the Board of Directors approved a new $200 million repurchase authorization.
Progress in Qian Zhimin’s 40-Billion-Yuan Illegal Fundraising Case: Prosecutors Apply to Confiscate Over 61,800 Bitcoins and Other Assets, Court Has Accepted the Application
According to The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fund-raising and more than 60,000 bitcoins, has seen new progress in China's judicial proceedings. On October 13, the Second Intermediate People's Court of Tianjin Municipality announced that it accepted the case on September 28 concerning an application by the Second Branch of the Tianjin Municipal People's Procuratorate to confiscate the illegal proceeds of criminal suspect Qian Zhimin. The assets targeted for confiscation include 61,896.41552945 bitcoins, 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin SV, 3,605,989.9995 Ripple (XRP), 70,081,208.62553222 Dogecoin, as well as cash, jewelry, financial assets, and other items.
Bloomberg: SpaceX IPO Becomes Goldman Sachs' "Multiple-Fee" Feast, Advisor Fees Bring in Roughly $100 Million as Client Cash-Outs Further Contribute Hundreds of Millions in Incentive Fees
According to Bloomberg, Goldman Sachs earned hundreds of millions of dollars in incentive fees by helping clients make early investments in SpaceX ahead of its listing this June at a $1.77 trillion valuation. Insiders revealed that more than five years ago, Goldman Sachs had already assisted select high-net-worth clients in investing in SpaceX, when the company's valuation was only tens of billions of dollars. Following SpaceX's listing, Goldman Sachs clients who sold their shares realized massive gains, while simultaneously generating hundreds of millions of dollars in incentive fees for Goldman Sachs.
"The Bitcoin Standard" Author: Other Bitcoin Treasury Companies Struggle to Compete With Strategy, Its Scale and Cash Reserves Provide an Advantage
According to Cointelegraph, Saifedean Ammous, author of The Bitcoin Standard, stated that other treasury companies focused on buying Bitcoin as their core business may struggle to compete with Strategy, noting there is currently no sufficient reason to choose alternative Bitcoin treasury firms over Strategy. Ammous pointed out that Strategy's larger Bitcoin holdings enable it to secure financing at a lower cost, and the company maintains approximately $5.02 billion in cash reserves, which can be used to pay preferred stock dividends and interest on its debt, providing a financial buffer even if Bitcoin experiences a sharper drawdown. However, he also emphasized that investing in Strategy still entails risks, and personally favors holding Bitcoin directly.
Cash App to Transform into a Comprehensive Digital Bank: Expanding into Stocks, ETFs, Custom Debit Cards, and Other Financial Products
Odaily reports: Block, the fintech company under Jack Dorsey, has announced it will push its crypto and payment platform Cash App to transform into a comprehensive digital bank, aiming to boost user engagement and customer retention through products including stock, ETF, and Bitcoin trading, short-term loans, high-yield savings, and custom debit cards. Currently, Cash App has 9.4 million users who use it as their primary banking tool, up 17% year-over-year. However, it still faces stagnant user growth and regulatory pressure, as some users primarily use Cash App for occasional transfers rather than everyday banking, investing, and spending services. (Bloomberg)
EIP-7702 authorization exploited to move Binance wallet assets, with an additional $780M USDC transferred out
Odaily reports: According to Bitcoin News monitoring, on-chain analysis shows that attackers appear to have exploited the Ethereum EIP-7702 mechanism to obtain signature authorization, installing malicious code without directly accessing the private keys of Binance-associated wallets. The attackers then called a function named "sweep" to transfer ETH and dozens of tokens into wallets under their control; the same delegation permission was reportedly also used to transfer $780 million USDC out of another Binance hot wallet. The attackers' transaction relayer received funding through Tornado Cash, and nearly 195,460 ETH was subsequently transferred to a newly created wallet. How the attackers obtained the relevant authorization remains unclear. Binance stated that user funds are safe and that an investigation is currently underway.
Circle Submits Comment Letter to SEC on Proposed Crypto Asset Regulation Rules, Recommends Treating GENIUS Act-Compliant Payment Stablecoins as Cash
Circle has submitted a comment letter to the U.S. Securities and Exchange Commission regarding proposed crypto asset regulation rules, supporting the promotion of innovation under clear rules while maintaining transparency, investor protection, market integrity, liquidity, and efficiency. Circle recommends that the relevant rules be aligned with the GENIUS Act and requests clarification that payment stablecoins compliant with the Act may be used for on-chain capital formation and settlement, and that they constitute "cash" under proposed Rule 302(b), subject to the corresponding USD valuation, accounting, and customer reserve treatment. Circle also recommends reducing the broker-dealer haircut for payment stablecoins compliant with the GENIUS Act from 2% to zero, and requests that the SEC clarify that technical services provided after network operation do not constitute necessary administrative functions, while establishing a safe harbor rule for technology roadmaps.
Phantom Launches Prediction Market Service for U.S. Users, Says It Is "Confident and Reassured" on Regulatory Disputes
Odaily reports: Crypto wallet Phantom began rolling out Kalshi prediction market services to U.S. users on October 23, allowing users to trade event contracts directly within the app, with availability set to gradually expand over the coming weeks. Users must complete Kalshi's KYC verification and can fund trades through a Phantom Cash account using CASH, a U.S. dollar-pegged stablecoin. Due to lawsuits in various states, Phantom will temporarily restrict sports, election, political, and certain other category markets in some states.Kevin Jacobs, Phantom's general counsel, said the company believes the U.S. Commodity Futures Trading Commission (CFTC) has clear jurisdiction over such products and will comply with state restrictions during the litigation. (The Block)
Bank of America: Only Shifts to Bonds When U.S. Treasury Yields Hit 6%; Crowded Trade Risks Mount in 3.9% Cash Allocations
According to Trendfollowing Research, a Bank of America research report dated October 13, 2026 states that the October global fund manager survey shows cash levels at 3.9%, with 37% of investors indicating they would shift from equities to bonds once the 10-year US Treasury yield reaches 6.0%. The most crowded trades are long global semiconductors (45%) and short US Treasuries (27%). Meanwhile, 39% of respondents identify AI hyperscaler capital expenditures as the most likely source of credit events, and 76% expect the Federal Reserve to hold rates steady on October 28. Bank of America concludes that while the market is bullish, positioning is crowded, with bond yields and AI capital expenditures posing the greatest risks. For allocation strategy, they recommend contrarian trades: going long on bonds, REITs, and the consumer sector, while shorting equities, technology, banking, and emerging markets.
BIS Innovation Hub Releases Project Aurum Phase 2 Report, Exploring Privacy-Enhancing Technologies for Digital Cash
According to the BIS Innovation Hub, Project Aurum Phase 2 has been officially released. Built upon the existing Aurum codebase, this project develops a privacy-preserving digital cash prototype aimed at helping central banks and policymakers better understand how Privacy-Enhancing Technologies (PETs) can address the dilemma between privacy protection and regulatory compliance in digital cash systems. The prototype adheres to "Privacy by Design" and "Privacy by Default" principles, striking a balance between complete anonymity and full transparency while providing customizable features to meet compliance and operational requirements. The project emphasizes that privacy protection must be embedded directly into the digital cash architecture through technical measures, rather than relying solely on institutional safeguards, thereby minimizing the unnecessary exposure of personal and transaction data and preserving system integrity. The report also indicates that relevant features can be flexibly adjusted according to varying policy orientations and risk appetites, offering a reference for central banks when formulating policies in the digital payments sector. Concurrently, BIS recommends that central banks further investigate the application potential of PETs across broader scenarios.
Binance hacker transfers $38.82 million ETH to new wallet, still holds $1.12 billion in ETH
According to Arkham's monitoring, Binance hackers just transferred $38.82 million worth of ETH to a new wallet, possibly preparing to deposit it into Tornado Cash. The wallet still holds $1.12 billion in ETH.
Stolen BTC Short-Term Selling Pressure Nearly Zero, Benson Sun Says ETH More Likely to Form Selling Pressure
Odaily Report: According to monitoring by Benson Sun, Coinkarma founder Benson Sun posted that in Binance's recent theft incident, the exchange has confirmed the freezing of approximately $2.5 billion in assets, accounting for about half of the total stolen amount, with the remaining assets primarily consisting of Bitcoin and ETH. The stolen Bitcoin is worth approximately over $1 billion, but Bitcoin lacks deep mixing pools similar to Tornado Cash, and the relevant addresses will be flagged by trading platforms and on-chain analytics firms, making it far more difficult to liquidate than ETH. Reviewing cases such as the 2016 Bitfinex stolen Bitcoin that remained untouched for years, and the approximately 1,800 BTC stolen from Coldcard in July this year with 90% still unmoved as of early September, Benson Sun stated that this theft is larger in scale, and splitting addresses, mixing coins, and then discounting through OTC trading could take years, with short-term selling pressure nearly zero. If Binance uses SAFU to compensate and replenish Bitcoin, it could instead create buying pressure. In contrast, large amounts of ERC-20 tokens converted into ETH and then deposited into Tornado Cash are harder to trace, and the amount that could genuinely translate into market selling pressure may be in the range of over $1 billion. Benson Sun believes that market confidence will be impacted, but the direct selling pressure on Bitcoin is not as large as imagined, and called on the industry to seriously address security arrangements for hot wallet management, signature authorization, and quantum resistance in the post-AI era.
EIP-7702 authorization exploited to move Binance wallet assets, with an additional $780M USDC transferred out
Odaily reports: According to Bitcoin News monitoring, on-chain analysis shows that attackers appear to have exploited the Ethereum EIP-7702 mechanism to obtain signature authorization, installing malicious code without directly accessing the private keys of Binance-associated wallets. The attackers then called a function named "sweep" to transfer ETH and dozens of tokens into wallets under their control; the same delegation permission was reportedly also used to transfer $780 million USDC out of another Binance hot wallet. The attackers' transaction relayer received funding through Tornado Cash, and nearly 195,460 ETH was subsequently transferred to a newly created wallet. How the attackers obtained the relevant authorization remains unclear. Binance stated that user funds are safe and that an investigation is currently underway.
Market News: Over $2.5 Billion in Assets Reportedly Stolen from Binance Hot Wallet
According to on-chain reports, abnormal fund outflows have occurred from Binance's hot wallet, with funds flowing to newly created addresses. These addresses were initially funded via Tornado Cash, and the stolen funds are valued at over $2.5 billion.
Predict Fun on BSC Suspected of Being Attacked, Approximately $300,000 in Funds Flows Into Tornado Cash
According to monitoring by on-chain analyst Onchain Lens (@OnchainLens), the BSC-based prediction market platform Predict Fun was allegedly compromised via a vulnerability, with approximately $300,000 in suspected stolen funds transferred from multiple contracts through intermediary wallets to Relay. These funds were reportedly routed into Tornado Cash following a cross-chain transfer.
A user's private key is suspected to have been leaked, with approximately $1.58 million in assets stolen.
According to monitoring by Scam Sniffer, a user's assets on the Ethereum and Base networks were reportedly stolen due to a leaked private key, resulting in losses of approximately $1.58 million. The attacker drained 682 ETH in under two hours, with approximately 281 ETH subsequently transferred to Tornado Cash.
Binance hacker transfers $38.82 million ETH to new wallet, still holds $1.12 billion in ETH
According to Arkham's monitoring, Binance hackers just transferred $38.82 million worth of ETH to a new wallet, possibly preparing to deposit it into Tornado Cash. The wallet still holds $1.12 billion in ETH.
Stolen BTC Short-Term Selling Pressure Nearly Zero, Benson Sun Says ETH More Likely to Form Selling Pressure
Odaily Report: According to monitoring by Benson Sun, Coinkarma founder Benson Sun posted that in Binance's recent theft incident, the exchange has confirmed the freezing of approximately $2.5 billion in assets, accounting for about half of the total stolen amount, with the remaining assets primarily consisting of Bitcoin and ETH. The stolen Bitcoin is worth approximately over $1 billion, but Bitcoin lacks deep mixing pools similar to Tornado Cash, and the relevant addresses will be flagged by trading platforms and on-chain analytics firms, making it far more difficult to liquidate than ETH. Reviewing cases such as the 2016 Bitfinex stolen Bitcoin that remained untouched for years, and the approximately 1,800 BTC stolen from Coldcard in July this year with 90% still unmoved as of early September, Benson Sun stated that this theft is larger in scale, and splitting addresses, mixing coins, and then discounting through OTC trading could take years, with short-term selling pressure nearly zero. If Binance uses SAFU to compensate and replenish Bitcoin, it could instead create buying pressure. In contrast, large amounts of ERC-20 tokens converted into ETH and then deposited into Tornado Cash are harder to trace, and the amount that could genuinely translate into market selling pressure may be in the range of over $1 billion. Benson Sun believes that market confidence will be impacted, but the direct selling pressure on Bitcoin is not as large as imagined, and called on the industry to seriously address security arrangements for hot wallet management, signature authorization, and quantum resistance in the post-AI era.
EIP-7702 authorization exploited to move Binance wallet assets, with an additional $780M USDC transferred out
Odaily reports: According to Bitcoin News monitoring, on-chain analysis shows that attackers appear to have exploited the Ethereum EIP-7702 mechanism to obtain signature authorization, installing malicious code without directly accessing the private keys of Binance-associated wallets. The attackers then called a function named "sweep" to transfer ETH and dozens of tokens into wallets under their control; the same delegation permission was reportedly also used to transfer $780 million USDC out of another Binance hot wallet. The attackers' transaction relayer received funding through Tornado Cash, and nearly 195,460 ETH was subsequently transferred to a newly created wallet. How the attackers obtained the relevant authorization remains unclear. Binance stated that user funds are safe and that an investigation is currently underway.
Market News: Over $2.5 Billion in Assets Reportedly Stolen from Binance Hot Wallet
According to on-chain reports, abnormal fund outflows have occurred from Binance's hot wallet, with funds flowing to newly created addresses. These addresses were initially funded via Tornado Cash, and the stolen funds are valued at over $2.5 billion.
Hifi Finance Suffers Governance Takeover by DAO, Approximately $1 Million in User Collateral Drained
According to on-chain researcher Spreek, DeFi protocol Hifi Finance suffered a DAO governance takeover. The attacker gained control through four last-minute votes funded by Tornado Cash, subsequently minted 25 million governance tokens, and drained user collateral assets worth approximately $1 million, most of which were RWA tokens.
Predict Fun on BSC Suspected of Being Attacked, Approximately $300,000 in Funds Flows Into Tornado Cash
According to monitoring by on-chain analyst Onchain Lens (@OnchainLens), the BSC-based prediction market platform Predict Fun was allegedly compromised via a vulnerability, with approximately $300,000 in suspected stolen funds transferred from multiple contracts through intermediary wallets to Relay. These funds were reportedly routed into Tornado Cash following a cross-chain transfer.
Circle Submits Comment Letter to SEC on Proposed Crypto Asset Regulation Rules, Recommends Treating GENIUS Act-Compliant Payment Stablecoins as Cash
Circle has submitted a comment letter to the U.S. Securities and Exchange Commission regarding proposed crypto asset regulation rules, supporting the promotion of innovation under clear rules while maintaining transparency, investor protection, market integrity, liquidity, and efficiency. Circle recommends that the relevant rules be aligned with the GENIUS Act and requests clarification that payment stablecoins compliant with the Act may be used for on-chain capital formation and settlement, and that they constitute "cash" under proposed Rule 302(b), subject to the corresponding USD valuation, accounting, and customer reserve treatment. Circle also recommends reducing the broker-dealer haircut for payment stablecoins compliant with the GENIUS Act from 2% to zero, and requests that the SEC clarify that technical services provided after network operation do not constitute necessary administrative functions, while establishing a safe harbor rule for technology roadmaps.
Galaxy Digital Q3 net income reached $323 million, adjusted EBITDA reached $455 million
Galaxy Digital released its Q3 2026 financial results, reporting a net profit of $323 million, marking a turnaround from an $85 million loss in the previous quarter. Adjusted EBITDA reached $455 million, while total assets grew sequentially by 51% to $16.4 billion. Cash, stablecoins, and U.S. Treasuries totaled $4.9 billion, nearly doubling quarter-over-quarter. In its digital asset business, trading volume increased sequentially by 12%, outperforming the broader spot market. The combined scale of asset management and staking grew sequentially by 46% to $10.4 billion, alongside a multi-year partnership with BNY Mellon to provide staking support for its digital asset custody platform. The data center business saw adjusted EBITDA rise nearly fivefold sequentially to $69 million, primarily driven by the first full operating quarter following the delivery of 133 MW of compute capacity for Phase I of Helios to CoreWeave. Phase II has broken ground with fully funded financing. The company completed a $3.5 billion issuance of senior secured bonds for this purpose, and its overall power pipeline has expanded to over 5.7 GW, with server room deliveries expected to begin in Q2 2027. Regarding capital operations, the $200 million share repurchase program launched in February was completed on October 15, with approximately 9.8 million shares cumulatively repurchased. On October 26, the Board of Directors approved a new $200 million repurchase authorization.
Ethereum Researchers Propose New Privacy Pool Solution: Supports Post-Quantum Resistance and Recursive Aggregation, Significantly Boosting Proof Generation Speed
Ethereum Research Forum researcher Pierre proposes a faster, aggregatable, and quantum-resistant privacy pool scheme. The scheme ports a Tornado Cash-like privacy pool onto the hash-based SNARK system Flock, which may offer post-quantum security, and adopts SHA-256. It replaces large circuits with small “single-pass” compression circuits.
Binance Launches Covered Call and Cash-Secured Put Option Selling Strategies
According to an official announcement from Binance, Binance has officially launched Covered Call and Cash-Secured Put seller options strategies as the latest expansion of its TradFi product line. The Covered Call strategy allows users holding the underlying stock to sell call options and collect premium upfront; if the option is exercised, the stock is sold at the strike price. The Cash-Secured Put strategy requires users to sell put options while freezing sufficient USDC, and if assigned, they must purchase the underlying stock at the strike price. Both strategies support limit orders only, with trading hours from 9:30 AM to 4:00 PM ET, physical settlement, and execution and custody handled by Alpaca Securities LLC. Users must complete an options suitability test and sign a disclaimer before they can start trading.
Progress in Qian Zhimin’s 40-Billion-Yuan Illegal Fundraising Case: Prosecutors Apply to Confiscate Over 61,800 Bitcoins and Other Assets, Court Has Accepted the Application
According to The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fund-raising and more than 60,000 bitcoins, has seen new progress in China's judicial proceedings. On October 13, the Second Intermediate People's Court of Tianjin Municipality announced that it accepted the case on September 28 concerning an application by the Second Branch of the Tianjin Municipal People's Procuratorate to confiscate the illegal proceeds of criminal suspect Qian Zhimin. The assets targeted for confiscation include 61,896.41552945 bitcoins, 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin SV, 3,605,989.9995 Ripple (XRP), 70,081,208.62553222 Dogecoin, as well as cash, jewelry, financial assets, and other items.
Court Has Accepted the Case: Prosecutors Seek Forfeiture of Over 61,800 Bitcoins and Other Assets in Qian Zhimin's 40 Billion Yuan Illegal Fundraising Case
Odaily News: On October 13, the Tianjin Second Intermediate People's Court issued an announcement stating that on September 28, the court filed and accepted a case in which the Tianjin People's Procuratorate Second Branch applied for the forfeiture of illegal gains involving criminal suspect Qian Zhimin. The case involves over 40 billion yuan in illegal fundraising and more than 61,800 bitcoins.According to the list of property subject to forfeiture published by the Tianjin Second Intermediate People's Court, the virtual currencies involved also include approximately 72,700 Bitcoin Cash, approximately 72,700 Bitcoin Gold, approximately 72,700 Bitcoin SV, approximately 3.606 million XRP, and approximately 70.0812 million Dogecoin. The aforementioned Dogecoin has been converted by UK judicial authorities and deposited into an interest-bearing account. The property subject to forfeiture also includes cash in US dollars, euros, and pounds sterling, jewelry, as well as bank balances, investment portfolios, and other assets. The Tianjin People's Procuratorate Second Branch holds that Qian Zhimin is suspected of the crime of fundraising fraud, and after fleeing and being wanted for one year has failed to appear in court. The more than 61,800 bitcoins and other property seized in the UK constitute illegal gains and their proceeds, and should be recovered in accordance with the law, with forfeiture imposed after lawful restitution to the affected fundraising participants.
Related news
Cash App to Transform into a Comprehensive Digital Bank: Expanding into Stocks, ETFs, Custom Debit Cards, and Other Financial Products
Odaily reports: Block, the fintech company under Jack Dorsey, has announced it will push its crypto and payment platform Cash App to transform into a comprehensive digital bank, aiming to boost user engagement and customer retention through products including stock, ETF, and Bitcoin trading, short-term loans, high-yield savings, and custom debit cards. Currently, Cash App has 9.4 million users who use it as their primary banking tool, up 17% year-over-year. However, it still faces stagnant user growth and regulatory pressure, as some users primarily use Cash App for occasional transfers rather than everyday banking, investing, and spending services. (Bloomberg)
Binance hacker transfers $38.82 million ETH to new wallet, still holds $1.12 billion in ETH
According to Arkham's monitoring, Binance hackers just transferred $38.82 million worth of ETH to a new wallet, possibly preparing to deposit it into Tornado Cash. The wallet still holds $1.12 billion in ETH.
Stolen BTC Short-Term Selling Pressure Nearly Zero, Benson Sun Says ETH More Likely to Form Selling Pressure
Odaily Report: According to monitoring by Benson Sun, Coinkarma founder Benson Sun posted that in Binance's recent theft incident, the exchange has confirmed the freezing of approximately $2.5 billion in assets, accounting for about half of the total stolen amount, with the remaining assets primarily consisting of Bitcoin and ETH. The stolen Bitcoin is worth approximately over $1 billion, but Bitcoin lacks deep mixing pools similar to Tornado Cash, and the relevant addresses will be flagged by trading platforms and on-chain analytics firms, making it far more difficult to liquidate than ETH. Reviewing cases such as the 2016 Bitfinex stolen Bitcoin that remained untouched for years, and the approximately 1,800 BTC stolen from Coldcard in July this year with 90% still unmoved as of early September, Benson Sun stated that this theft is larger in scale, and splitting addresses, mixing coins, and then discounting through OTC trading could take years, with short-term selling pressure nearly zero. If Binance uses SAFU to compensate and replenish Bitcoin, it could instead create buying pressure. In contrast, large amounts of ERC-20 tokens converted into ETH and then deposited into Tornado Cash are harder to trace, and the amount that could genuinely translate into market selling pressure may be in the range of over $1 billion. Benson Sun believes that market confidence will be impacted, but the direct selling pressure on Bitcoin is not as large as imagined, and called on the industry to seriously address security arrangements for hot wallet management, signature authorization, and quantum resistance in the post-AI era.
EIP-7702 authorization exploited to move Binance wallet assets, with an additional $780M USDC transferred out
Odaily reports: According to Bitcoin News monitoring, on-chain analysis shows that attackers appear to have exploited the Ethereum EIP-7702 mechanism to obtain signature authorization, installing malicious code without directly accessing the private keys of Binance-associated wallets. The attackers then called a function named "sweep" to transfer ETH and dozens of tokens into wallets under their control; the same delegation permission was reportedly also used to transfer $780 million USDC out of another Binance hot wallet. The attackers' transaction relayer received funding through Tornado Cash, and nearly 195,460 ETH was subsequently transferred to a newly created wallet. How the attackers obtained the relevant authorization remains unclear. Binance stated that user funds are safe and that an investigation is currently underway.
Market News: Over $2.5 Billion in Assets Reportedly Stolen from Binance Hot Wallet
According to on-chain reports, abnormal fund outflows have occurred from Binance's hot wallet, with funds flowing to newly created addresses. These addresses were initially funded via Tornado Cash, and the stolen funds are valued at over $2.5 billion.
Hifi Finance Suffers Governance Takeover by DAO, Approximately $1 Million in User Collateral Drained
According to on-chain researcher Spreek, DeFi protocol Hifi Finance suffered a DAO governance takeover. The attacker gained control through four last-minute votes funded by Tornado Cash, subsequently minted 25 million governance tokens, and drained user collateral assets worth approximately $1 million, most of which were RWA tokens.