The Block
@TheBlockCo
Industry-leading crypto news, research, and data. Free newsletters: | AI news: @TheLatentCo
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THE BLOCK: Samsung Wallet has launched USDC accounts on Solana for eligible U.S. Galaxy users.
The service allows users to buy, hold, send and receive USDC directly within Samsung Wallet, with around 82 million compatible devices in the U.S.
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THE BLOCK: Tron's USDT supply has climbed to approximately $93 billion, extending its lead over Ethereum to a record $25 billion.
Ethereum's USDT supply has fallen to around $68 billion from a peak of nearly $89 billion, according to The Block's data dashboard.
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THE BLOCK: Binance will reopen withdrawals for dozens of assets across BSC, Ethereum, Solana, XRP, Sui, Arbitrum, Optimism, TRX, and Base networks, starting at 4:00 UTC on Nov. 3.
The announced assets will be reopened in phases. Binance said it is prioritizing tokens based on user demand over the past week.
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THE BLOCK: NEAR Protocol's governance body has voted to lower the maximum annual issuance of near:native from 2.5% to 1.6% over 24 months. This is to reduce unnecessary dilution and sell pressure on the token.
Full effect still requires a security council review, a ~90-day grace period, and validators adopting the protocol upgrade.
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THE BLOCK: NYSE has added four more companies to its network of transfer agent partners for tokenized securities: Broadridge, Computershare, Equiniti, and Superstate.
The group had previously signed agreements with Securitize and tZERO. $BR $SECZ
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THE BLOCK: The SEC released its latest set of "frequently asked questions" in a move to clarify how federal securities laws apply to crypto following the release of its taxonomy in March.
On Monday, the agency specifically clarified its stance when it comes to certain aspects of decentralization.
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Curious to see what next week's midterms mean for crypto? Me too! 🙋♀️
Spoke with some folks, including @RonwHammond, to get their insight on how midterm elections could shake out for the industry:
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THE BLOCK: Securitize expanded its tokenized U.S. stock offering to 25 equities, adding 13 companies, including ExxonMobil, GameStop, Salesforce, and Disney, to its existing lineup. $SECZ
The tokens trade on Solana and are backed 1:1 by underlying shares, providing eligible investors with associated economic benefits and rights, including dividends and voting rights where applicable.
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THE BLOCK: Tether generated $1.5 billion in Q3 net operating profit, bringing its nine-month total to $4.5 billion. Its reserve buffer nearly doubled quarter over quarter to $7.95 billion, while direct and indirect U.S. Treasury holdings reached $132.4 billion.
"Our responsibility is to make sure USD₮ remains dependable when people need it most, including when markets and financial systems come under pressure," CEO Paolo Ardoino said in the firm's latest attestation report released on Friday.
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THE BLOCK: The DeFi Education Fund, alongside Uniswap and a16z, is pushing back against Illinois' controversial crypto tax, urging regulators to keep decentralized crypto exchanges and interfaces out of the state's broker definition and protect self-custody.
The law, which imposes a 0.2% tax on digital asset transactions, has faced legal challenges from crypto industry groups. Illinois has since agreed to delay implementation until July 2027.
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UPDATE: Binance co-CEO Richard Teng said the exchange is targeting Monday to publish its initial proof of reserves. He also said Binance is rebuilding its withdrawal service.
"We are very hopeful that users will be able to withdraw prior to our Sunday deadline, which is on track to be within 40 hours," Teng said in an X video on Friday.
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THE BLOCK: Binance said it has reserved $6.34 billion in company funds to cover losses from the recent security incident.
The exchange holds $5 billion in affected tokens and is acquiring the remainder through market and OTC channels. Recovery efforts continue with law enforcement and blockchain intelligence firms.
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THE BLOCK: Aave has unfrozen all markets across its V3 and V4 protocols following the Binance incident, saying its smart contracts were unaffected and user positions remained fully collateralized.
As a continued precaution, the protocol has temporarily set loan-to-value ratios to zero for USDT, USDC, USDT0, POL, WAVAX, sAVAX, XAUT, PAXG, and OP, preventing them from being used as collateral for new borrows.
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THE BLOCK: Binance said it has reserved $6.34 billion in company funds to cover losses from the recent security incident.
The exchange holds $5 billion in affected tokens and is acquiring the remainder through market and OTC channels. Recovery efforts continue with law enforcement and blockchain intelligence firms.
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THE BLOCK: ASIC Chair Sarah Court said the Australian regulator is not convinced prediction markets for retail clients are in the public interest.
The Australian securities watchdog cited gambling-like contract structures, market manipulation risks, and the potential misuse of confidential information.
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UPDATE: Binance estimated the total impact of the hack at around $6.3 billion, with roughly $3 billion frozen onchain so far via partners. It said it found no evidence of any wallet private key leak and will cover all user losses.
The exchange said its preliminary investigation suggests that the hack may involve a compromised DevOps engineer's laptop, which allowed an attacker to access a service container and submit unauthorized withdrawal transactions.
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BREAKING: Binance hot wallets appear to have transferred billions of dollars in assets to an unlabeled wallet in unusual activity flagged by onchain analyst Spreek.
Arkham data shows about $3.55 billion in incoming transfer volume, with nearly $900 million later moved across different wallets. Spreek said the contract call was funded through Tornado Cash. Binance has not confirmed a breach.
binancecoin:native
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UPDATE: Binance said the currently verified frozen amount from the hack is around $3 billion.
Chainalysis noted that its current estimate of the amount stolen is roughly $5.9 billion at the time of the theft.
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UPDATE: Binance co-founder Yi He said Arbitrum Security Council has executed a transaction to freeze roughly $30.5 million from the Binance exploit.
He said deposits and withdrawals are temporarily suspended, adding that Binance will cover all hacking losses.
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UPDATE: Binance co-founder Yi He said Arbitrum Security Council has executed a transaction to freeze roughly $30.5 million from the Binance exploit.
He said deposits and withdrawals are temporarily suspended, adding that Binance will cover all hacking losses.
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UPDATE: Binance co-founder Yi He said the exchange is investigating "reports of a potential security issue" and will provide an update once it has verified the information.
"User Funds SAFU," she said, while warning users not to trust unofficial links, messages, or requests for account information.
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BREAKING: Binance hot wallets appear to have transferred billions of dollars in assets to an unlabeled wallet in unusual activity flagged by onchain analyst Spreek.
Arkham data shows about $3.55 billion in incoming transfer volume, with nearly $900 million later moved across different wallets. Spreek said the contract call was funded through Tornado Cash. Binance has not confirmed a breach.
binancecoin:native
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UPDATE: Binance co-founder Changpeng Zhao said user funds are safe and that the activity "does look like a hack on Binance."
Zhao, who no longer manages Binance, said he expects all user funds to be fully covered. He also thanked Tether and Circle for freezing about $971 million in USDT and $823 million in USDC, respectively.
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THE BLOCK: Coinbase's Q3 revenue declined 35% year over year to $1.22 billion. The results included a $715 million gain on crypto assets held for investment, compared with a $424 million gain in the year-ago quarter.
Prediction markets surpassed $200 million in annualized revenue, while paid Coinbase One subscribers reached a record high.
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