📉 BTC −6% to $75.6K, ETH −8%: the crowd is scared and only stablecoins are smiling
Bitcoin is down 5.97% to $75,648.87, Ether is down 8.07% to $2,227.81 over 24 hours. The gainers board is a parking lot of stablecoins sitting at 0.0–0.1%. The only real green is INJ, and that's it.
▪️ INJ +3.0% on $24M volume is the only green that actually moved. U, RLUSD, USDC and USD1 are flat stables. Their volume is money parked in the lot, not buyers. Don't mistake a parking lot for a rally.
▪️ The real bloodbath is in the losers: SOXLB −25.4% on $107M, KORUB −25.0% on $22M, SNDKB −14.0% on $98M. These look like tokenized wrappers, so before you average down, check what you actually own.
▪️ MUB −10.6% and MSTRB −10.3% close out the bottom five. Nothing in the sources explains either move, so I'd treat it as sell-side flow until someone proves otherwise.
▪️ Polygon: Binance and Polymarket are pushing a proposed hard fork to recover $6.8M in stolen crypto. Block producers have already frozen the tokens, so the fork is the whole game from here.
▪️ Tendril: a flaw in the sell hook of its custom token logic let attackers drain roughly $555K in USDT. Custom DeFi token code keeps getting people robbed, and it's never the flashy protocol that gets…
▪️ Loopscale: the DeFi lender paused operations after a sustained attack on its Genesis Vaults. Amount lost and outcome are not disclosed yet, which in this business usually means the number is ugly and…
📊 Short squeeze on the Nov. 4 rally:
🔮The Nov. 4 short squeeze is already dead. So who's holding the bag now, the shorts or the longs?
@rmpltg
Bitcoin is down 5.97% to $75,648.87, Ether is down 8.07% to $2,227.81 over 24 hours. The gainers board is a parking lot of stablecoins sitting at 0.0–0.1%. The only real green is INJ, and that's it.
▪️ INJ +3.0% on $24M volume is the only green that actually moved. U, RLUSD, USDC and USD1 are flat stables. Their volume is money parked in the lot, not buyers. Don't mistake a parking lot for a rally.
▪️ The real bloodbath is in the losers: SOXLB −25.4% on $107M, KORUB −25.0% on $22M, SNDKB −14.0% on $98M. These look like tokenized wrappers, so before you average down, check what you actually own.
▪️ MUB −10.6% and MSTRB −10.3% close out the bottom five. Nothing in the sources explains either move, so I'd treat it as sell-side flow until someone proves otherwise.
▪️ Polygon: Binance and Polymarket are pushing a proposed hard fork to recover $6.8M in stolen crypto. Block producers have already frozen the tokens, so the fork is the whole game from here.
▪️ Tendril: a flaw in the sell hook of its custom token logic let attackers drain roughly $555K in USDT. Custom DeFi token code keeps getting people robbed, and it's never the flashy protocol that gets…
▪️ Loopscale: the DeFi lender paused operations after a sustained attack on its Genesis Vaults. Amount lost and outcome are not disclosed yet, which in this business usually means the number is ugly and…
📊 Short squeeze on the Nov. 4 rally:
$378MFear means the crowd is spooked, not washed out. Yesterday it was neutral, so this is the zone where weak bounces get sold into and dips get bought by whoever still has nerves. BTC and ETH are both down 6–8%. Today is about protecting your size, not chasing green stablecoin lines like they're a signal.
🔮
@rmpltg
🚨 $6.3B walked out of Binance hot wallets. Record heist, North Korea is the suspect
Someone drained Binance's hot-wallet infrastructure for $6.3B, the biggest theft in crypto industry history. Per TRM Labs, most of it was gone in about 20 minutes. Reports link the job to North Korea, which reportedly rewards its top hackers with apartments in Pyongyang. Now that's a retention plan.
▪️ The target was hot-wallet infrastructure, the internet-connected layer exchanges use to process withdrawals. Nobody in the sources says how they got in. Convenient.
▪️ Attribution is still a report, not a verdict. Cryptobriefing calls the Binance heist 'alleged' and files the reward story under 'reports'. Read that twice before you repost it.
▪️ Binance CEO Richard Teng says the 'vast majority' of user assets sit in cold wallets. Binance has not published the exact cold/hot split. 'Vast majority' is a vibe, not a number.
▪️ Binance restored withdrawals and covered the damage through its SAFU fund and its own reserves. Prices sold off first, then rebounded more than expected.
▪️ Rivals went straight into PR mode. Gate launched a 'Proof of Security' framework claiming its cold storage could cover 104.58% of customer assets even if hot wallets were fully drained, pending…
▪️ Offline isn't a magic shield. Hong Kong's SFC warned in an August 2025 circular that compromised signing systems, weak access controls or staff approving fraudulent transactions can hit cold wallets…
📊 Coinbase cold storage:
📊 Gate cold storage:
📊 Upbit cold storage (Sept 2026):
📊 Bithumb cold storage (end Sept):
💬 «the 'vast majority' of user assets are held in cold wallets» — Richard Teng
🔮Everyone's flexing cold-storage pie charts this week. Nobody's showing who holds the signing keys.
@rmpltg
Someone drained Binance's hot-wallet infrastructure for $6.3B, the biggest theft in crypto industry history. Per TRM Labs, most of it was gone in about 20 minutes. Reports link the job to North Korea, which reportedly rewards its top hackers with apartments in Pyongyang. Now that's a retention plan.
▪️ The target was hot-wallet infrastructure, the internet-connected layer exchanges use to process withdrawals. Nobody in the sources says how they got in. Convenient.
▪️ Attribution is still a report, not a verdict. Cryptobriefing calls the Binance heist 'alleged' and files the reward story under 'reports'. Read that twice before you repost it.
▪️ Binance CEO Richard Teng says the 'vast majority' of user assets sit in cold wallets. Binance has not published the exact cold/hot split. 'Vast majority' is a vibe, not a number.
▪️ Binance restored withdrawals and covered the damage through its SAFU fund and its own reserves. Prices sold off first, then rebounded more than expected.
▪️ Rivals went straight into PR mode. Gate launched a 'Proof of Security' framework claiming its cold storage could cover 104.58% of customer assets even if hot wallets were fully drained, pending…
▪️ Offline isn't a magic shield. Hong Kong's SFC warned in an August 2025 circular that compromised signing systems, weak access controls or staff approving fraudulent transactions can hit cold wallets…
📊 Coinbase cold storage:
more than 99%📊 Gate cold storage:
88.26%📊 Upbit cold storage (Sept 2026):
99.17%📊 Bithumb cold storage (end Sept):
94.76%Binance says it covered the damage and the market bounced, so the panic phase is over. Now comes the real question: the biggest exchange still hasn't disclosed its cold/hot split, and everyone else is posting pie charts to look safe. US regulators are checking banks after the hack, so expect more heat on custody and hot-wallet exposure. Pie charts don't stop heists, and the fireworks aren't over.
💬 «the 'vast majority' of user assets are held in cold wallets» — Richard Teng
🔮
@rmpltg