Briefs · Morning brief
Binance says withdrawals are on track to resume in 45 hours and puts the estimated total impact at around $6.3 billion, while bitcoin traded at $77,242.52 at 6:21 a.m. ET, down 3.50% over 24 hours.
Binance paused withdrawals at 6:33 p.m. ET Oct. 29 and later said it "will cover all losses," putting the "estimated total impact" at around $6.3 billion, its own estimate. Bitcoin traded at $77,242.52 at 6:21 a.m. ET, down 3.50% over 24 hours. [1][3][4][5]
Bitcoin was at $77,242.52, ether at $2,220.40 and Solana at $96.25 at 6:21–6:22 a.m. ET, down 3.50%, 4.07% and 3.77% over 24 hours, a window not measured from the prior U.S. cash close. Total crypto market value was $2.594 trillion, down 3.03%. [1]
Bitcoin's share of total crypto market value was 59.88% as of 6:14 a.m. ET. [1]
Figure 1. Top 10 by market cap, excluding stablecoins and meme coins, CoinMarketCap quotes as of 6:21–6:22 a.m. ET Oct. 30:
| Rank | Token | Price | 24h change | Market cap |
|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $77,242.52 | −3.50% | $1,552.99B |
| 2 | Ether (ETH) | $2,220.40 | −4.07% | $271.28B |
| 3 | BNB | $701.35 | −5.36% | $92.24B |
| 4 | XRP | $1.2446 | −3.30% | $78.85B |
| 5 | Solana (SOL) | $96.25 | −3.77% | $56.79B |
| 6 | TRON (TRX) | $0.3335 | +0.75% | $31.69B |
| 7 | Hyperliquid (HYPE) | $91.66 | +15.71% | $23.24B |
| 8 | Zcash (ZEC) | $1,248.74 | −0.26% | $21.16B |
| 9 | Monero (XMR) | $587.27 | −1.92% | $11.05B |
| 10 | UNUS SED LEO (LEO) | $9.4306 | −0.27% | $8.67B |
Data: CoinMarketCap.
Hyperliquid's HYPE token (+15.71%) and TRON's TRX (+0.75%) were the only gainers in the table. [1]
Forced closures of leveraged positions totaled $1,598.8 million across all CoinMarketCap-tracked perpetuals, futures contracts with no expiry, over the 24 hours to 6:21 a.m. ET. By Le Coin's calculation from CoinMarketCap data, crypto perpetuals accounted for up to $1,431.3 million, with longs at $1,208.3 million, and non-crypto perpetuals such as stocks and metals for $167.5 million. The crypto figure is a ceiling: it subtracts only the non-crypto entries in CoinMarketCap's top-250 list. This window includes Thursday's 4:30–5:20 p.m. ET selloff and is not comparable to the 5:19 p.m. ET figure. Bitcoin led crypto at $559.0 million, then ether at $342.2 million and Solana at $100.2 million. [2]
Figure 2. Liquidations, 24 hours to 6:21 a.m. ET Oct. 30:
| Segment | 24h total | Longs | Shorts |
|---|---|---|---|
| All CMC-tracked perpetuals | $1,598.8M | $1,356.1M | $242.7M |
| Crypto perpetuals (ceiling) | $1,431.3M | $1,208.3M | $223.0M |
| Non-crypto perpetuals | $167.5M | $147.8M | $19.7M |
Data: CoinMarketCap.
01 · Binance pauses withdrawals after attack, says it will cover all losses. At 6:33 p.m. ET Oct. 29, Binance said its team was "conducting security checks" and that withdrawals would resume "as soon as the security issue is fully resolved." [3] At 8:13 p.m. it said "Binance will cover all losses" and that it was working with law enforcement. [4] At 10:25 p.m. it said its initial investigation suggested "a compromised DevOps engineer's laptop," meaning a computer used by staff who run its systems, let an attacker "submit unauthorized withdrawal transactions"; it found "no evidence of any wallet private key leak." The same post said "the estimated total impact sits at around $6.3B," with "~$3 billion frozen on-chain so far," and that losses will be covered from the SAFU fund, Binance's user-protection reserve, and company funds. [5] At 12:36 a.m. it said deposits "continue to operate as normal." [6] At 4:47 a.m. it said its later investigation "uncovered additional points of breach," that it remains "on track" to resume withdrawals "in 45 hours," and that it has frozen "around $3 billion thus far." [7] There has been nothing new from Binance since 4:47 a.m. ET, and the DOJ, SEC and CFTC have made no statement. [8] Bitcoin and BNB began falling about 4:30–4:45 p.m. ET, before Binance's first post at 5:15 p.m.; Le Coin does not attribute the move to the incident. [11] Powered by CoinGecko API
02 · SEC charges two firms over an alleged $130 million scheme built on false filings. The SEC on Oct. 29 charged BG Wealth Sharing Ltd and DSJ Exchange Pty Ltd, which it calls "foreign-operated, Colorado-incorporated entities," in federal court in Northern California. It alleges that from at least October 2025 through June 2026 they raised more than $130 million from "tens of thousands of retail investors" by promising returns from crypto trading "signals," and filed false Form ADV and Form D filings, an adviser registration and a private-offering notice, to look approved by the SEC. The SEC seeks permanent injunctions, disgorgement, meaning repayment of alleged gains, and civil penalties. These are allegations; the court has made no findings. [9] Le Coin report
03 · Stablecoin Development Corp. books Q3 profit on SKY token gain. Stablecoin Development Corp. (NYSE American: SDEV), which holds about 10% of the SKY token supply, reported third-quarter net income of $50.4 million, or $0.23 a share. Almost all of it came from a $58.8 million non-cash unrealized gain as SKY rose about 49% in the quarter; staking revenue, rewards earned for locking tokens, was $2.1 million ($6.8 million for nine months). It held 2,321,079,862 SKY at Sept. 30, worth $180.2 million against a $149.3 million cost basis, and about 2.33 billion at Oct. 26. It sold no tokens, raised about $45.9 million net through its at-the-market program, which sells new shares into the market, after quarter end, and said it had no debt outstanding at Sept. 30. [10]
Holding the Corner.
Not financial advice.