Crypto Morning Brief: Suspected Binance Hack Exceeds $5.8 Billion; NYSE Parent ICE Plans to Partner with Trade.xyz to Launch Perpetual Futures Market in the U.S.

Author: TechFlow

Yesterday's Market Updates

Suspected Binance Hack Exceeds $5.8 Billion; About 40% Already Frozen

According to the latest statistics published by Lookonchain at 06:21 Beijing time, the assets involved in the suspected Binance hack have exceeded $5.8 billion.

Of these, approximately 1.58 billion USDT and 823 million USDC have been frozen, totaling about $2.41 billion—meaning about 40% of the affected assets have been frozen by stablecoin issuers.

TechFlow previously reported that Decrypt estimated the assets involved in the incident at at least $5.57 billion, spread across three public blockchains; Binance had previously said it was investigating potential security issues and had not confirmed that user funds were affected. The above figures are based on on-chain monitoring firms' statistics, and the final numbers are subject to Binance's official disclosure. TechFlow will continue to follow the story.

Mystery Whale Sells Off 1.02 Million SOL in 5 Days, Worth About $104.3 Million

According to monitoring by on-chain analytics platform Lookonchain (@lookonchain), a mystery whale has sold a cumulative 1.02 million SOL, worth about $104.3 million, over the past 5 days.

Bloomberg: Risks Related to GMO Hack Have Spread to Japan's Credit Market

According to Bloomberg, after Japanese IT giant GMO Internet was hit by a cyberattack, related risks are spreading to Japan's credit market. Market data shows that the spread on GMO Internet's yen-denominated bond maturing in June 2031 widened to about 174 basis points on October 28, up from about 122 basis points on October 20, before the company disclosed the security incident, reflecting investor concerns about impaired earnings and rising compensation costs.

GMO Internet previously suffered an attack that led to a suspected leak of customer information. The company refused to pay a ransom and said it plans to compensate customers for their losses. Reportedly, GMO Internet operates the crypto exchange “Z.com EX,” which has been licensed by the Securities and Exchange Commission of Thailand and Thailand's Ministry of Finance. The exchange disclosed that it has been acquired; the acquisition involves all shares of the target company held by shareholders including GMO Internet and its related subsidiaries. It remains unclear whether the customer information involved the crypto exchange.

Lead Actor in Netflix Series “The Altruists” Sent a Letter to SBF in Prison and Received a Reply

According to Cointelegraph, Irish actor Anthony Boyle, who plays former FTX CEO Sam Bankman-Fried (SBF) in the Netflix series “The Altruists,” contacted SBF by email while SBF was in prison during his preparation for the role; SBF answered most of his questions, and Boyle said he has promised not to reveal the content of their communications. The series is expected to debut in about three weeks, and the trailer indicates the storyline focuses on SBF's relationship with former Alameda Research head Caroline Ellison. SBF was previously sentenced to 25 years in prison on seven felony counts, while Ellison served more than a year under a plea agreement and was released in January this year.

In earlier news, former FTX COO Constance Wang said that the show's portrayal of characters made her “uncomfortable” and that the real-life SBF was more “antisocial” than the character in the show.

U.S. DOJ Investigates Nvidia's Acquisition of Hugging Face

According to Yonhap News Agency, citing Reuters, the U.S. Department of Justice has launched an investigation into Nvidia's acquisition of Hugging Face, focusing on whether the $12.9 billion deal would give Nvidia control of a core AI distribution hub and whether Nvidia could use the open-source AI model-sharing platform to harm competitors or leverage it as a bargaining chip.

The investigation also covers Nvidia's acquisitions, investments, sales practices and whether it pressured customers, including whether it allocated more AI chips to customers buying networking equipment and Groq processors after licensing Groq's technology and recruiting its core engineers, as well as SchedMD and Run:ai acquired in December 2025. Reports said the investigation does not indicate evidence of wrongdoing and does not necessarily lead to litigation; Nvidia said Hugging Face will remain open, and the transaction is expected to close in the first half of next year.

Alipay denies supporting crypto trading, says Peer-related promotion is false

In a statement posted by Alipay's official account @Alipay on X, Alipay said it does not support virtual currency (cryptocurrency) trading or related services, and that claims it can be used to purchase cryptocurrencies on third-party platforms are false and unauthorized. It urged users to act cautiously to protect funds and account security. Previously on Oct. 27, P2P on/off-ramp protocol Peer (@peerxyz) announced that Alipay had launched a beta version on Peer's platform, allowing users to pay sellers in RMB via Alipay to buy USDC, or sell USDC and receive RMB.

Google Q3 cloud business grows 103% to record, net profit falls 25% and shares drop nearly 10% after hours

Alphabet released its Q3 2026 earnings early on Oct. 29 Beijing time. Quarterly revenue was $127.6 billion, up 25% year over year, marking the 13th consecutive quarter of double-digit growth and an annualized revenue run rate of $500 billion, but slightly below Wall Street expectations. Google Cloud revenue rose 103% year over year to $30.7 billion, a record increase driven mainly by demand for enterprise AI infrastructure, AI solutions and TPU-related business, accelerating from 82% in Q2. Google Services revenue increased 11% to $96.3 billion, with search and other advertising revenue up 12% and YouTube advertising revenue up about 9% to $11.2 billion, while search query volume growth was the fastest in nearly five years.

On profitability, net income attributable to common shareholders was $26.2 billion for the quarter, down about 25% year over year, with earnings per share of $2.12, mainly weighed down by about $8.7 billion in equity securities investment losses, compared with larger gains in the same period last year. Operating profit rose 30% year over year to $40.6 billion, and operating margin improved to 31.8%. The company maintained its full-year capital expenditure guidance at $195 billion to $205 billion, while free cash flow for the quarter was negative. After the earnings report, Alphabet shares fell 9.84% in after-hours trading as markets worried about revenue and profit slightly missing expectations, slowing advertising growth and cash flow pressure from high capital spending.

Federal Reserve holds rates steady, but two officials push for another rate hike

The Federal Reserve decided at this meeting to hold interest rates steady, after the central bank had just raised rates last month. The move gives the Fed more time to determine whether further rate hikes are needed to prevent rising energy costs and the AI infrastructure buildout boom from spreading into broader inflation. The decision kept the federal funds target range at 3.75% to 4%, approved by a 10-2 vote. Fed Governor Cook and Cleveland Fed President Hammack dissented, favoring a 25 basis point hike. The policy statement did not materially change Wall Street's expectation that the Fed may raise rates again at its next meeting in December. The statement said, 'As more information accumulates, the Committee will be able to assess the appropriate policy stance to ensure inflation returns to the Committee's 2% target in a timely manner.'

NYSE parent ICE plans to team up with Trade.xyz to launch perpetual futures market in the U.S.

According to Bloomberg, New York Stock Exchange parent Intercontinental Exchange (ICE) is working with Trade.xyz to launch perpetual futures products in a regulated U.S. market. The two parties plan to build a new perpetual futures trading market, supported by independent clearing, KYC and anti-money laundering systems, and regulatory approval is still required.

The market is planned to operate on Hyperliquid's infrastructure and will feature Trade.xyz products linked to equity, equity index, commodity, and FX prices. As part of the partnership, ICE will also take an equity stake in Trade.xyz, but the specific investment terms were not disclosed. Trade.xyz had previously expanded perpetual futures models to traditional assets such as crude oil and equity indices on Hyperliquid.

Today's Market Overview

Recommended Reading

Japan to Enable Stablecoin Tax Refunds Starting November 1: Tourists Can Receive Yen Stablecoin JPYC via Avalanche

https://www.techflowpost.com/article/34972

Japan Tax-free, a Japanese tax-refund service provider, will enable tourists to receive consumption tax refunds in the yen stablecoin JPYC starting November 1, with underlying technology provided by UPBOND and refunds sent directly to tourists' personal wallets via Avalanche C-Chain. This move coincides with Japan's tax-free shopping system shifting to paying the tax-inclusive price first and receiving a refund after departure verification, and is expected to reduce waiting times and intermediary fees associated with traditional credit card refunds and cross-border wire transfers, while also reducing merchants' need to collect bank card information. After receiving JPYC, tourists can keep it for future spending or exchange it for other stablecoins according to relevant service terms. The significance of this partnership lies in bringing a compliant yen stablecoin into real cross-border consumer scenarios, but the actual experience still depends on wallet usability barriers, network fees, and specific refund terms.

Ledger Purchased at Singapore Airport Counter Had Surveillance Hardware Embedded: Are Your Crypto Assets Still Safe?

https://www.techflowpost.com/article/34967

This article exposes a Ledger hardware wallet supply-chain attack affecting Singapore and Malaysia. Singapore police confirmed that since September 10, at least two thefts have occurred due to purchases of tampered Ledger wallets, with losses of about $2.7 million; a similar incident involving Malaysian distributor CryptoBilis has estimated on-chain losses of $86 million to $93 million. Attackers opened genuine devices, embedded microcontrollers and LTE/eSIM communication modules, then repackaged and sold them, stealing information when users viewed their 24-word recovery phrases. Because the original security chips remained intact, official device authenticity verification may still pass, exposing security vulnerabilities in hardware wallet logistics and distribution. The article warns that hardware wallet security depends not only on cryptography and the device itself, but also on the trustworthiness of the supply chain; devices recently purchased through unofficial direct-shipping channels should be initialized cautiously, and users who have already stored assets should use a trusted new device to generate a new recovery phrase and transfer assets.

GMO Cyberattack Ripples Through Japan's Credit Market: Bond Spreads Jump 52 Basis Points

https://www.techflowpost.com/article/34965

This article focuses on how the risk was transmitted to traditional bond markets after Japanese internet and fintech giant GMO Internet was hit by a cyberattack. Data shows that the spread on a yen-denominated corporate bond maturing in 2031 widened from 122 basis points on October 20 to about 174 basis points on October 28, rising 52 basis points in just a few days, reflecting investor concerns about potential customer compensation, regulatory fines, system rebuilding costs, and reputational damage. GMO has refused to pay a ransom and pledged to compensate affected customers in accordance with the law, but the scale of the data breach and the final payout amount remain unclear. Meanwhile, its crypto exchange Z.com EX was acquired outright by a third party, and it remains to be confirmed whether its user data was affected by this attack. The incident shows that cybersecurity risks can not only cause direct asset losses, but also raise corporate borrowing costs, spreading digital business security crises into traditional financial markets.

Sony Steps Up Commitment to Soneium Ecosystem: Launches Global On-Chain Entertainment Incubation Program, Opening Music, Film and TV, and Gaming Resources

https://www.techflowpost.com/article/34963

Sony Group launched a global on-chain entertainment incubation program on October 29, focusing on supporting music, film and television, gaming, and fan-economy applications built on Soneium, an Ethereum Layer 2 network. Across its two previous incubation rounds, Sony has supported 43 projects. This round further opens resources from businesses including music, film and television, and PlayStation, while providing selected teams with technical integration, IP collaboration, global marketing, community operations, and funding support. Global applications will remain open until the end of December, with subsequent screening expected to be completed before March 2027. Sony's strategic focus is shifting from validating blockchain technology to exploring real-world commercialization, aiming to connect its entertainment IP, creators, and fans and drive Web3 from on-chain transactions and token speculation toward mainstream consumer applications; however, the ultimate outcome will still depend on actual user growth, IP conversion capability, and sustainable revenue.

Source: 深潮 TechFlow