☕️ Binance Commits $6.34B to Cover Hack as Tether Profits Surge Binance pledged billions in corporate capital to reimburse users following a record cybertheft, while Tether disclosed a near-doubling of its surplus reserves.
1. Binance Allocates $6.34B in Corporate Capital to Absorb Exploit Losses — CEO Richard Teng stated the exchange reserved over $6.34 billion to fully absorb hot-wallet exploit losses and aims to resume platform withdrawals by Sunday [1]. The breach utilized EIP-7702 smart contract delegations to bypass internal controls [1]. 2. North Korean Hackers Exploited EIP-7702 in $6.4B Binance Heist — The TraderTraitor group drained funds across 10 chains using an EIP-7702 delegation on Ethereum, according to TRM Labs [1]. The upgrade, activated in May 2025, granted delegated smart contract code full control over externally owned accounts [1]. 3. CZ and Elon Musk Clash Over Binance's SpaceX Equity Following Hack — Changpeng Zhao told Elon Musk to stop mocking Binance after the theft, citing the exchange's $1 billion-plus SpaceX stake [1]. Binance co-CEO Yi He noted annual revenue is sufficient to absorb the loss without selling SpaceX shares [1]. 4. Tether Surplus Reserves Reach $7.95 Billion Supported by Treasuries — The stablecoin issuer reported a $1.5 billion third-quarter operating profit, pushing surplus reserves to $7.95 billion by the end of September [1]. Tether holds $132.4 billion in US Treasury bill exposure and $8.37 billion in $BTC reserves [1]. 5. Strategy Posts $20.9B Q3 Paper Gain as CFO Resigns — The firm recorded $20.91 billion in third-quarter operating income driven entirely by fair-value accounting markups [1]. Strategy sold 5,552 Bitcoin to service preferred dividends and buybacks, while announcing CFO Andrew Kang will step down Nov. 5 [1].
📊 $BTC trades at $76,758 and $ETH is at $2,235, with total market capitalization standing at $2.61 trillion while the Fear & Greed index registers at 30.
