Largest Crypto Hack in History

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Good Morning,

Here's a quick preview of today's content: $8M crypto kidnapping lands Texas brothers in prison, China communist party urges action on crypto corruption, OKX-ICE stock-token objections reach 50, Bitcoin's white paper turns 18, FBI confirms North Korea's role in $6B Binance hack, and so much more

Polymarket recently launched Polymarket Institutional Research, a publication exploring the intersection of prediction markets with the global financial system. It's proprietary research straight from their institutional desk with super valuable insights for public market investors. Your firm can request access here.

Happy Monday - Let's dive in.

Market Snapshot

Click here to learn more about the Gannon's portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon's Crypto Portfolio is up +31.9% Gannon's AI Fund is up +48.2%

• Bitcoin slides below $77,000 as a record $6.3B Binance hack shakes crypto, triggering $1.57B in liquidations

  • Binance exploit combines with tech woes, wiping out $1.5B in leveraged bets across BTC, ETH, and XRP

  • BTC ETFs see $643M in Friday outflows, ending October with roughly $516M in net outflows

  • BNB drops -8% as COIN and MSTR lead a crypto stock selloff

• BTC risks its worst October in 12 years as the tech selloff spreads to gold

Prediction Markets

• Call it now, who's got the World Series in 2027?

• Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Binance opens crypto withdrawals following $6.3B hack (CD)

• FBI confirms North Korea's role in Binance hack (CD)

• Elon and CZ trade blows over Binance exploit (DC)

• NYSE owner brings Hyperliquid futures to US (CD)

• Coinbase swings $719M profit on crypto gains (DC)

• OKX-ICE stock-token objections reach 50 (TD)

• Justin Sun's HTX agrees to leave UK (DC)

• India names Binance and Bybit in $585M probe (FM)

• Strategy posts record operating income (BM)

• Coinbase CEO adopts plan to sell $1.31B in shares (TD)

• Strategy CFO Andrew Kang resigns (CD)

• Uber tests tokenization with idle cash (CD)

• Stanley Druckenmiller backs Hyperliquid venture (CD)

• Mystery WSJ ad sparks fight over tokenized stocks (CD)

• Bitcoin's white paper turns 18 (CD)

• Tether Q3 profit hits $1.5B (CT)

• Crypto spends $176M on midterms (DC)

• Public companies double share of blockchain revenue (CT)

A Message from Polymarket

Polymarket Institutional Research is a new publication exploring the intersection of Polymarket with the global financial system - original analysis built directly on our markets, written by the Institutional Desk. From Anthropic's valuation strip, to the Hormuz reopening gap, to the future of Lagarde at the ECB.

If your financial institution is looking to engage with event contracts, the Polymarket Institutional Desk is scaling up. For information on block trades, market making, and commercial data sales on either our US or international exchanges, reach out below.

What's inside:

• Weekly market briefings

• Deep dives on forecast scenarios and LP opportunities

• Quarterly liquidity & microstructure reports with full depth data

• Direct access to our research team via dedicated Slack

Request access to Polymarket Institutional Research.

Venture Capital

• Kalshi closes a $1B round co-led by Wellington Management and Sequoia Capital (CT)

• Phase, a blockchain network, receives $45M from Unlimit founder Kirill Eves (CT)

Access the complete VC deal flow on Fundable.

Launches

• Franklin Templeton launches two Bitcoin ETFs (BM)

• Grayscale's HYPG offers HYPE exposure (TD)

• Polymarket adds 15-min gold and silver bets (TD)

• Polygon adds Solana to stack (TB)

Regulation

• China communist party urges action on crypto corruption (BBG)

• SEC charges two companies in $130M crypto trading scheme (BM)

• Utah files felony charges against Kalshi (DC)

• Uniswap, a16z and DEF seek exemption from Illinois crypto tax (CT)

• Russia approves group to oversee crypto exchanges (BM)

Cybersecurity

• CertiK puts 2026 crypto losses at record $9.2B (TD)

• Treasury sanctions 11 over North Korean crypto scheme (DC)

• Chainalysis hit by cybersecurity incident (CT)

• Trezor reports suspected hardware implant (TB)

• Polymarket resumes trading after $2.65M exploit (TB)

• $8M crypto kidnapping lands Texas brothers in prison (DC)

Extra Reads

• Binance just suffered the largest crypto hack in history, an estimated $6.3B, pinned by investigators on the same North Korean group, and the breach says less about broken code than about how exposed even the biggest exchange's internal systems really are - Here's how attackers pulled off the biggest crypto hack ever

Chart of the Day

Bitcoin remains the only major asset held mostly by individuals

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.