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

Author: TechFlow

Previous Day Market Dynamics

Binance Suspected Theft Exceeds $5.8 Billion, About 40% Frozen

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

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

TechFlow previously reported that Decrypt estimates the assets involved in this incident at least at $5.57 billion, distributed across three public chains; Binance had previously stated it was investigating potential security issues and had not yet confirmed that user funds were affected. The above figures are based on the metrics of on-chain monitoring agencies, and the final numbers are subject to official disclosure by Binance. TechFlow will continue to monitor the situation.

Mysterious Whale Sells Off 1.02 Million SOL Within 5 Days, Worth Approximately $104.3 Million

According to monitoring by the on-chain analytics platform Lookonchain (@lookonchain), a mysterious whale cumulatively sold off 1.02 million SOL over the past 5 days, valued at approximately $104.3 million.

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

According to Bloomberg, following the hacker attack on Japanese IT giant GMO Internet, related risks are spreading into Japan's credit market. Market data shows that the yield spread on a yen-denominated bond issued by GMO Internet maturing in June 2031 widened to approximately 174 basis points on October 28, up from about 122 basis points on October 20, prior to the company disclosing the security incident, reflecting investor concerns over impaired profitability and rising compensation costs for the firm.

GMO Internet was previously attacked, leading to a suspected leak of customer information data. The company refused to pay a ransom and stated plans to compensate customers for their losses. It is understood that GMO Internet operates the cryptocurrency exchange "Z.com EX," which has received approval from the Thai Securities and Exchange Commission and the Thai Ministry of Finance. The exchange disclosed it has been acquired, with this acquisition involving all shares held by GMO Internet and its related subsidiaries, among other shareholders, in the target company. It remains unclear whether the leaked customer information data involves this cryptocurrency exchange.

Lead Actor in Netflix Series "The Altruists" Corresponded with 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 in prison via email during his preparation for the role. SBF answered most of his questions, and Boyle stated he has promised not to disclose the contents of their correspondence. The series is expected to premiere in about three weeks, with trailers indicating the plot focuses on the relationship between SBF and Caroline Ellison, former head of Alameda Research. SBF was previously sentenced to 25 years in prison on seven felony counts, while Ellison served over a year under a plea agreement and was released in January this year.

In earlier reports, former FTX COO Constance Wang stated she felt "uncomfortable" with how characters were portrayed in the show, noting that the real-life SBF is more "unsociable" than depicted.

U.S. Department of Justice Investigates NVIDIA Acquisition of Hugging Face

Korean News Agency Yonhap, citing Reuters, reported that the U.S. Department of Justice has launched an investigation into NVIDIA's acquisition of Hugging Face. The inquiry focuses on whether the $12.9 billion deal would give NVIDIA control over core AI distribution nodes, 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 M&A, investment, and sales practices, and whether it pressures customers, including whether it allocates more AI chips to customers purchasing networking equipment and Groq processors after licensing Groq technology and recruiting key engineers, as well as its December 2025 acquisitions of SchedMD and Run:ai. The report notes that the investigation does not imply evidence of wrongdoing nor necessarily lead to litigation; NVIDIA stated that Hugging Face will remain open, and the deal is expected to close in the first half of next year.

Alipay Denies Supporting Cryptocurrency Trading, Calls Peer's Related Claims False

The official Alipay account @Alipay posted a statement on X, clarifying that Alipay does not support virtual currency (cryptocurrency) trading or related services. It stated that claims enabling users to purchase cryptocurrencies on third-party platforms are false and unauthorized, urging users to proceed cautiously to protect their funds and account security. Previously on October 27, P2P fiat on/off-ramp protocol Peer (@peerxyz) announced that Alipay has launched a beta version on its platform, allowing users to pay RMB to sellers via Alipay to purchase USDC, or sell USDC and receive RMB.

Google's Q3 Cloud Business Surges 103% Record High, Net Profit Falls 25%, Driving After-Hours Stock Drop Near 10%

Alphabet released its third-quarter 2026 financial results at the early hours of October 29 Beijing time. Quarterly revenue reached $127.6 billion, up 25% year-over-year, marking the 13th consecutive quarter of double-digit growth, with an annualized run rate reaching $500 billion, slightly below Wall Street expectations. Google Cloud revenue surged 103% year-over-year to $30.7 billion, achieving record growth primarily driven by demand for enterprise AI infrastructure, AI solutions, and TPU-related businesses, accelerating from the 82% growth in Q2. Google Services revenue grew 11% to $96.3 billion, including a 12% increase in search and other advertising revenue, and YouTube advertising revenue increasing approximately 9% to $11.2 billion, with search query volume growth hitting a five-year high.

Regarding profitability, net income attributable to common shareholders for the quarter was $26.2 billion, down approximately 25% year-over-year, with earnings per share at $2.12, mainly dragged down by an approximately $8.7 billion loss on equity securities investments, compared to a significant gain in the same period last year. Operating profit increased 30% year-over-year to $40.6 billion, with the operating margin rising 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. Following the earnings release, Alphabet's stock fell 9.84% in after-hours trading, as markets expressed concerns over revenue and profit slightly missing expectations, slowing advertising growth, and cash flow pressure from high capital expenditures.

Federal Reserve Holds Rates Steady, But Two Officials Advocate for Another Rate Hike

The Federal Reserve decided to hold interest rates steady at this meeting, coming shortly after the central bank raised rates last month. This move buys the Fed additional time to assess whether further hikes are necessary to prevent rising energy costs and the AI construction boom from spilling over into broader inflationary pressures. The decision keeps the Fed's benchmark rate within the 3.75% to 4% range, passing with a 10-to-2 vote. Fed Governor Cook and Cleveland Fed President Harmer cast dissenting votes in favor of a 25-basis-point hike. In its policy statement, the interest-setting committee did not significantly shift Wall Street's expectation that the Fed may raise rates again at its next meeting in December. The statement read: "As more information accumulates, the Committee will be able to judge what appropriate policy stance will be needed to ensure that inflation is returning timely to the Committee's symmetric 2 percent goal."

NYSE Parent Company ICE Partners with Trade.xyz to Launch Perpetual Futures Market in the U.S.

According to Bloomberg, Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, is partnering with Trade.xyz to plan the launch of perpetual futures products in a regulated U.S. market. The two parties intend to build a new perpetual futures trading market, complete with independent clearing, KYC, and anti-money laundering systems, pending regulatory approval.

The market is planned to operate on Hyperliquid's infrastructure and utilize Trade.xyz's products pegged to stocks, stock indices, commodities, and foreign exchange prices. As part of the partnership, ICE will also acquire a stake in Trade.xyz, though specific investment terms were not disclosed. Trade.xyz had previously expanded the perpetual contract model to traditional assets such as crude oil and stock indices on Hyperliquid.

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

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

Japanese tax refund service provider Japan Tax-free will support tourists using the yen stablecoin JPYC to receive consumption tax refunds starting November 1. Powered by underlying tech from UPBOND, refunds will be sent directly to tourists' personal wallets via the Avalanche C-Chain. This initiative coincides with Japan's duty-free system shifting to a "pay含税 price upfront, verify upon departure, then refund" model, which is expected to reduce wait times and intermediary fees associated with traditional credit card refunds and cross-border wire transfers, while also lowering merchants' need to collect bank card information. Upon receiving JPYC, tourists can retain it for future spending or exchange it for other stablecoins according to relevant service conditions. The significance of this partnership lies in introducing compliant yen stablecoins into real-world cross-border consumer scenarios, though actual user experience will depend on wallet accessibility, network fees, and specific refund terms.

Ledgers Purchased at Singapore Airport Counters Implanted with Surveillance Modules: Are Your Crypto Assets Still Safe?

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

This article exposes a supply chain attack affecting Ledger hardware wallets spanning Singapore and Malaysia. Singapore police confirmed that since September 10, there have been at least two theft incidents linked to purchases of tampered Ledger wallets, causing losses of approximately $2.7 million; similar cases involving Malaysian distributor CryptoBilis resulted on-chain estimated losses ranging from $86 million to $93 million. Attackers disassembled genuine devices, implanted microcontrollers and LTE/eSIM communication modules, and resealed them for sale, stealing information when users viewed their 24-word mnemonic phrases. Since the original secure chips remained intact, official authenticity verifications for the devices may still pass, exposing security vulnerabilities in the logistics and distribution channels of hardware wallets. The article warns that hardware wallet security relies not only on cryptography and the devices themselves, but even more critically on supply chain trustworthiness; users who recently purchased devices through unofficial direct-mail channels should exercise caution during initialization, while those who already stored assets should generate completely new mnemonic phrases on trusted devices and transfer their funds.

GMO Hacker Incident Spreads to Japan's Credit Market: Bond Yield Spikes 52 Basis Points

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

This article focuses on how risks from the hacker attack on Japanese internet and fintech giant GMO Internet have propagated to the traditional bond market. Data shows the yield spread on a GMO corporate yen bond maturing in 2031 widened from 122 basis points on October 20 to approximately 174 basis points on October 28, surging 52 basis points in just a few days, reflecting investor worries over potential customer compensation, regulatory fines, system reconstruction costs, and reputational damage. GMO has refused to pay a ransom and pledged to compensate affected clients in accordance with the law, though the scale of the data breach and final payout amounts remain uncertain. Meanwhile, its subsidiary crypto exchange Z.com EX was fully acquired by a third party, and it is yet to be confirmed whether its user data was impacted by the attack. The incident demonstrates that cybersecurity risks can cause not only direct asset losses but also elevate corporate financing costs, extending digital business security crises into traditional financial markets.

Sony Doubles Down on Soneium Ecosystem: Launches Global On-Chain Entertainment Incubation Program, Opening Up Music, Film, and Gaming Resources

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

Sony Group launched its global on-chain entertainment incubation program on October 29, focusing on supporting music, film, gaming, and fan economy applications developed on the Ethereum Layer 2 network Soneium. Through its previous two incubation rounds, Sony has backed 43 projects. This time, it is further opening business resources across music, film, and PlayStation, 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 IPs, creators, and fans, and push Web3 from on-chain trading and token speculation toward mainstream consumer applications; however, ultimate success will ultimately depend on actual user growth, IP conversion capabilities, and sustainable revenue.