Plus: Binance Hackers Top Coinbase Bitcoin Treasury, Suspected Binance Hacker Swaps Stablecoins for ETH
Good Morning Lions,
The Binance breach is the whole board today, and the hacker is already swapping freezable stablecoins for ETH. That tells me this crew planned around which issuers can freeze funds. BUT, Yi He says Binance revenue can absorb the loss. If that holds, the damage stays on Binance's books and nothing gets dumped in a fire sale.. a big if until Binance shows actual numbers.
TRM Labs Maps Binance Hack Timeline
TL;DR: The attacker behind a $6.36 billion Binance hack spent at least 36 hours preparing before moving any funds, according to a TRM Labs investigation reported by CryptoSlate. The first assets drained were $296 million in XRP.
Binance Hackers Top Coinbase Bitcoin Treasury
TL;DR: Bitquery traced 18,270 BTC to the Binance attackers in a Friday snapshot, Cointelegraph reported. That total is 199 BTC more than Coinbase reported holding for investment and operations as of Sept. 30.
Suspected Binance Hacker Swaps Stablecoins for ETH
TL;DR: Etherscan records analysed by Decrypt show wallets tied to a suspected Binance hack of at least $5.5 billion swapping freezable stablecoins for ETH through Uniswap and Aave. Aave and Kamino paused markets as the wallets moved funds.
Yi He Says Revenue Covers Hack Losses
TL;DR: Binance co-founder Yi He said the exchange's annual revenue can cover losses from the breach without selling its SpaceX shares, Crypto Briefing reported. Binance estimated the breach at about $6.3 billion.
Circle and ACI Worldwide Plan USDC Pilot
TL;DR: ACI Worldwide and Circle announced on Oct. 27 a stablecoin settlement pilot pairing ACI's Connetic platform with USDC infrastructure, starting in Colombia. The companies did not disclose participating banks, volumes or a rollout timetable.
Hedge Funds Sell Bitcoin ETF Shares
TL;DR: Nine hedge funds and banks sold about 68,000 BTC worth of Bitcoin ETF shares as the basis trade stopped paying, according to Tyler Warner's Decrypt newsletter. Sovereign wealth funds and wealth managers were on the buy side.
Chevron Expects Microsoft Power Deal on Schedule
TL;DR: Chevron expects to power Microsoft's Project Kilby data center near Pecos, Texas, on schedule, according to Crypto Briefing. The supply runs under a 20-year power deal, and Chevron's outlook holds despite a temporary Texas permit suspension.
The stablecoins are going out fast and ETH is coming in, and no issuer can freeze ETH. Until Binance publishes a revenue figure that actually covers the hole, Yi He's pledge is still only a pledge, lions 🦁 — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.
