“Morning Minute” is a daily newsletter written by Tyler Warner. The analysis and opinions contained within represent solely the author's views and do not necessarily reflect the stance of Decrypt. At the end of the article, reference is also made to their daily news program “FOMO HOUR”, which covers the most important news and market trends of the day.

GM!

Today's top news:

• Mainstream crypto assets fell 1% to 2% along with the stock market; BTC traded at $77,500
• Binance was attacked by North Korean hackers, suffering a loss of $6.4 billion, with about half of the funds already frozen; Binance will use the SAFU fund to cover the losses.
• The v3 and v4 markets on Ethereum, owned by AAVE, have been forced to freeze due to attackers exploiting their lending services.
• Polymarket suspended trading after a hacker attack on its front-end extension, resulting in losses for users
• HYPE surges due to cooperation with the parent company of the New York Stock Exchange, and Druckenmiller was mentioned by Elon Musk

Binance's $6.3 billion hacker attack overshadowed the most important day of Hyperliquid

Someone stole approximately $6.4 billion from Binance. This is by far the largest crypto theft case to date, far exceeding the $1.5 billion stolen in February 2025 by Bybit, which is about four times that amount.

This funds were dispersed across three different blockchains: approximately $3.5 billion in ETH, $1.4 billion in BTC, and $630 million in Tron chain funds (final statistics are still being compiled).

Fortunately, stablecoin issuers have the ability to freeze the tokens they issue; this is a "switch" built into USDT and USDC. Tether and Circle have already utilized this mechanism, freezing a total of approximately $2.39 billion, which accounts for 43% of the stolen funds. This means that there is still about $2.6 to $3.2 billion in funds circulating in the market.

Aave also got involved, freezing its V3 and V4 markets on Ethereum. This was done as a precautionary measure, as the market feared that attackers might use the stolen funds for lending, ultimately causing the protocol to bear bad debts.

At the time of these incidents, Binance stated that it was "aware of reports of potential security issues" and claimed that users' funds were "completely safe." The exchange also temporarily suspended withdrawals across multiple networks. The most definitive statement came from CZ. Although he no longer operates Binance, he remains its largest shareholder. He stated that this "indeed appears to be a hack attack" and predicted that users' funds would be "fully compensated." Later that same night, Binance announced that it had set aside over $6.34 billion in company funds to cover the losses. Therefore, the funds are indeed " safu ".

ZachXBT indicates that the funds involved in the Binance hack have been mixed with the $388 million stolen in the previous Bitget attack, leading him to believe that there might be the same hacker group from North Korea behind both incidents. As for how the attacks occurred, Binance stated that a laptop belonging to an DevOps engineer was compromised, allowing the attackers to execute unauthorized transactions; subsequently, within the following hours, Binance identified 'other entry points' as well.

The market trend also reacted as expected. Bitcoin fell below $79,700, ETH fell below $2,200, and BNB fell below $700. On that day, more than $1.33 billion in positions were liquidated.

Unfortunately, all of this happened after what could have been one of the most positive days in the history of cryptocurrency projects.

Earlier on Thursday, Trade.xyz announced that Intercontinental Exchange (Intercontinental Exchange, the parent company of the New York Stock Exchange) would invest in it. The plan is to launch a regulated trading venue in the United States that will offer 24/7 perpetual contracts based on Hyperliquid, covering stocks, indices, commodities, currencies, and crypto assets, and will come with its own exchange and clearing infrastructure, although it still requires approval from CFTC.

Stanley Druckenmiller will also join, becoming the first among a few external market participants. He previously held relevant transactions; earlier this year, his family office disclosed holding a position in Hyperliquid Strategies worth 23 million US dollars.

Therefore, Hyperliquid has obtained a path to launch fully regulated perpetual contract products within the United States, Stanley Druckenmiller has also joined as an investor (and publicly supports it on X), while the CEO of ICE stated that Hyperliquid is “even bigger than NASDAQ.” It couldn’t get any better than this.

I am very pleased to become an investor in trade ( xyz ). They are collaborating with ICE to bring the 24/7 perpetual contracts from Hyperliquid to the United States. As a market participant, I look forward to using their innovative products to enhance my investment process.

—— Stan Druckenmiller (@ standuquesne), October 29, 2026

HYPE once rose to $97 during the day, with a maximum increase of over 20% during trading hours, but fell back to $89 after the Binance hack incident escalated. As of this morning, the price is $93, still up by 8% for the day.

However, now we have to face the subsequent impacts of the Binance hack incident. Compared to centralized exchanges like Binance, Hyperliquid may emerge as one of the winners, as the trust in the latter might further decline. But it is also very likely that the overall market will be dragged down by concerns about more vulnerabilities.

It won't be long before we find out. The market is expected to be quite volatile...

🌎 Macroeconomics, Cryptography, and Markets

• Amid the aftermath of the Binance hack incident, mainstream crypto assets generally saw declines; BTC fell 3.6% to $77,500, ETH fell 4% to $2,235, SOL fell 4% to $97, HYPE rose 8% to $92, and ZEC fell 2% to $1,250.
• Among the main altcoins, PEPE has risen by 8%, SKY by 5%, and ZRO by 2%.
• Crude oil rises 2% to $104; gold falls 1.2% to $3,980
• After Amazon's financial report, stock index futures weakened; Amazon's shares fell 12% after the market closed; the Dow Jones Industrial Average remained flat, while the Nasdaq Composite Index dropped 2.6%.
• Aave A wallet associated with the Binance attacker deposited $60 million in USDT within three minutes and lent out 19,762 WETH, worth approximately $44.6 million. Following this, all V3 and V4 markets operated by DAO (292 reserves across 16 networks) were frozen.
• Coinbase announced third-quarter profits of $719 million, far exceeding analysts' expectations of a loss of 15 cents per share. However, approximately $715 million of this profit came from the book value gains on the company's holdings of crypto assets.
• Wal-Mart, Eli Lilly, Cigna, Carnival Cruise Lines, and Arcos Dorados have prevented the tokenization of their stocks from trading on the OKX-ICE platform, increasing the number of stocks that have been blocked to 38 within two weeks.
• Cryptographic groups have spent approximately $176 million in over 100 mid-term election campaigns, among which Fairshake and its affiliates contributed $150.8 million as of October 20th.
• Last Friday, there was an expiration of Bitcoin options worth approximately $11 billion on Deribit, amounting to around 135,000 BTC, which constitutes one-third of the open contracts; the biggest pain point was at $78,000, while the market price was around $81,500. The number of call options was nearly twice that of put options.
• Trezor reminds users who have purchased wallets from reseller CryptoBilis since March of this year to transfer their funds immediately. Previously, a Indonesian customer reported finding an additional circuit board in a Safe 5 device with a cellular module, which is capable of reading the content displayed on the screen.

Enterprise Treasury and ETF

• Bitcoin ETF recorded a net inflow of $17 million on Thursday; Ethereum ETF recorded a net outflow of $105 million.
• Strategy announced a net profit of $19.53 billion for the third quarter, of which nearly all came from unrealized gains of $20.91 billion from its holdings of Bitcoin.

Meme Coin Tracking

• Most meme coin leaders are falling; DOGE drops by 4%, SHIB drops by 3%, PEPE rises by 8%, PENGU drops by 8%, TRUMP drops by 8%, SPX drops by 10%, BONK drops by 4%.
• The leading names on the Robinhood chain also generally saw declines; Pons fell by 15% to $160 million, Cashcat fell by 10% to $90 million, AI fell by 12% to $63 million, while Index led the gains with a 50% increase.
• The main movements on Solana include a 40-fold surge for Hyperchan, a 50% increase for Purr, and a 25% rise for GTA6; Stonk fell by 8% to $105 million.

💰 Tokens, Airdrops, and Protocol Tracking

• In that day's settlement rush, Hyperliquid led the blockchain protocols with revenue of $4.87 million; followed by Papertrade with $2.34 million, Uniswap with $1.70 million, and Pump with $1.69 million.
• Polymarket suspended trading after users reported that their account funds were transferred away, while Hudson Rock traced the attack to a script that had infiltrated the network monitoring service DebugBear. This script would search for logged-in trading sessions.
• Polygon will bring its Open Money Stack to Solana, enabling enterprises on the blockchain that have processed over $5 trillion in stablecoin transactions this year to access banking services.

🚚 What's going on with NFT?

• NFT Leading stocks show divergence; Punks Up 2% to 29.9 ETH, BAYC Down 1% to 6.2 ETH, Pudgy Down 1% to 2.5 ETH
• Minds, dot, Games and OTC Desks all rose by 12%, leading the gains on the list.

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