25 4L

Haven’t done a proper CT catch-up in about two weeks. it’s been a rollercoaster of hacks. we really couldn’t catch a break. Here’s what happened over the past weeks, in case you missed a few. 1- THE PAST TWO WEEKS (OCT 18–31) Binance suffered what was reported as one of the largest crypto thefts in history, with approximately $6.3–6.4B drained across multiple chains around October 29. The FBI and blockchain analytics firms attributed the attack to North Korea’s TraderTraitor group, an attribution North Korea denied. Maybe I did it then🤷‍♀️ Before that, we had CoinDCX losing approximately $16M, Initia suffering an exploit involving an unauthorised mint worth about $2.7M, and X100 losing roughly $4.8M through a governance attack. There was also the $7.45M Avalanche multisig incident, where an MEV bot reportedly intercepted the exploit and returned most of the funds. 2- THIS WEEK (NOV 1–7) Mercado Bitcoin happened. The Brazilian exchange suffered another major security breach, with approximately $48.6M drained across multiple chains. Around $11–12M was frozen, and the exchange pledged to cover affected users. 3- CZ AND ELON MUSK Elon Musk appeared to troll Binance amid the incident, posting “Everyday is Zeroday” and reacting to conversations around the hack. CZ eventually reminded Elon that Binance had backed his Twitter acquisition with $500M, and that the resulting SpaceX stake was now reportedly worth over $1B. Recently, they’ve also been going back and forth on the TL. It’s been a bit dramatic and funny to watch, but they might actually have some serious beef going on. 😂 4- BUBBLEMAPS Bubblemaps announced that one of crypto’s largest KOLs had allegedly been secretly extracting millions from their audience and promised to expose them. People immediately started speculating, with Ansem among the names being pointed at, alongside a few others. What’s particularly interesting is that Bubblemaps made the announcement before actually publishing the investigation. One would wonder why they had to announce it first, with the whole teaser feeling almost like a call for negotiation. Either way, we’re waiting. 5- AI Cat Wu, who led product for Claude Code at Anthropic, left to join OpenAI’s Core Products team. Anthropic also made IPO-related moves, adding another major development to the AI race. The competition between AI labs continues to get more intense, with talent, products and capital all moving around. If you’re still slacking on embracing it,I don’t know what to tell you. 6- THE MARKET Honestly, it’s been a rough stretch. BTC traded around the $75K mark this week, with heavy spot Bitcoin ETF outflows and over $1B in liquidations during some of the sharper sell-offs. ETH and most of the broader market haven’t exactly been inspiring either with the stocks losing trillions in valuation. Of course, there are still people making money. Some selective perps traders and those catching the right narratives are finding opportunities. But if we’re being honest, only a handful are having a good time while the rest of the market is struggling. It’s been a difficult period to be heavily exposed to crypto this year. Definitely our waiting period. Let’s just keep holding on and hopefully see more good news by next week. Enjoy your weekend ❤️