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Evening wrap · October 30, 2026

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. 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. 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. 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. 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. 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].

Numbers

$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.

Watch

Binance platform withdrawal reactivation by Sunday and an updated proof of reserves by Monday. · Andrew Kang's official departure as Strategy CFO on Nov. 5.

Full text

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. The breach utilized EIP-7702 smart contract delegations to bypass internal controls.

  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. The upgrade, activated in May 2025, granted delegated smart contract code full control over externally owned accounts.

  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. Binance co-CEO Yi He noted annual revenue is sufficient to absorb the loss without selling SpaceX shares.

  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. Tether holds $132.4 billion in US Treasury bill exposure and $8.37 billion in $BTC reserves.

  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. Strategy sold 5,552 Bitcoin to service preferred dividends and buybacks, while announcing CFO Andrew Kang will step down Nov. 5.

Numbers

$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.

Watch

  • Binance platform withdrawal reactivation by Sunday and an updated proof of reserves by Monday.
  • Andrew Kang's official departure as Strategy CFO on Nov. 5.

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