Headline
▌Balancer Attacked, Losses Exceed $110 Million
On November 3rd, on-chain data showed that the DeFi protocol Balancer was attacked. Balancer's vault address transferred multiple assets, totaling over $70 million, to address 0xAa760D53...4675b8e3f. The transferred assets included 6587.44 WETH (approximately $24.4795 million), 6851.12 Staked ETH (approximately $26.8603 million), 4259.84 wstETH (approximately $19.2679 million), and other ERC-20 tokens. The total losses from the protocol attack have risen to $116.6 million.
The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expected standards for SFC-licensed virtual asset trading platform operators (Platform Operators), marking a significant step towards facilitating their access to global liquidity and expanding the range of products and services they offer. One circular states that the SFC will allow Platform Operators to merge trading orders from affiliated overseas virtual asset trading platforms into a shared listing register. This is the first step under Pillar A (Access) of the ASPIRe roadmap, aimed at attracting global platforms, trading volume, and liquidity providers. The SFC will next explore the feasibility of allowing licensed brokerages to transfer client trading orders to regulated overseas liquidity pools within the same group, and then consider whether to further expand such arrangements. To optimize the P (Products) pillar of the roadmap, which aims to expand new products and services, the SFC, in a separate circular, permitted platform operators to offer virtual assets without a 12-month track record to professional investors and stablecoins licensed by the Hong Kong Monetary Authority, as well as to sell tokenized securities and digital asset-related investment products. Furthermore, connected entities of the platform operators may provide custody services for virtual assets or tokenized securities not traded on the platform. As of press time, according to CoinGecko data: BTC price is $106,509, a 24-hour change of -3.4%; ETH price is $3,597.06, a 24-hour change of -7.2%; BNB price is $989.97, a 24-hour change of -8.5%. The price of SOL is $165.71, a 24-hour change of -11.1%; the price of DOGE is $0.1665, a 24-hour change of -10.2%; the price of XRP is $2.30, a 24-hour change of -8.4%; and the price of TRX is $0.2811, a 24-hour change of -5.5%. The WLFI price is $0.1145, a 24-hour change of -14.8%; the HYPE price is $39.96, a 24-hour change of -5.3%. The SEC has set a final deadline of November 12 for its decision on the Grayscale Hedera spot ETF. The SEC must approve or reject the Grayscale HBAR spot ETF by November 12, and there can be no further extensions. If approved, this ETF will become the first HBAR spot ETF in the United States, allowing investors to access the Hedera network's native token, HBAR, through a regulated channel. This decision comes against the backdrop of increasing institutional demand for altcoin ETFs amid heightened regulatory scrutiny. The Ministry of Finance and the State Administration of Taxation issued an announcement clarifying relevant tax policies for gold. According to the announcement, before the end of 2027, value-added tax (VAT) will be exempted for member units or clients trading standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange. For transactions without physical delivery, the exchange will exempt VAT; for transactions with physical delivery, the VAT refund policy and the policy of VAT exemption with the buyer calculating input tax at a 6% deduction rate will apply, depending on whether the standard gold is for investment or non-investment purposes.
Blockchain Applications
▌Balancer Forks Affected by Balancer Attack
On November 3rd, the DeFi protocol Balancer suffered an attack, and the current losses have risen to $116.6 million. Redstone co-founder Marcin tweeted a warning that Balancer forks, such as Beets on Sonic, appear to have been affected. According to DefILlama data, BEX TVL has rapidly dropped from $54 million to approximately $41 million, a decrease of over 24%. Furthermore, BEX on Berachain may also be affected; Beets TVL is currently around $10 million, a drop of over 30% in half an hour.
Blockchain Applications
▌Balancer Forks Affected by Balancer Attack
▌Animoca Brands Files for US IPO, Valued at Approximately $1 Billion
Hong Kong-based Web3 investment firm Animoca Brands has filed for a US IPO, planning to list on Nasdaq through a reverse merger with Singapore-based Currenc Group (CURR), with a valuation of approximately $1 billion. The filing shows that Animoca's revenue reached $165 million in 2024, a year-on-year increase of 116%, primarily driven by digital asset advisory and portfolio management services.
▌Jensen Huang: The US Underestimated the Potential of China's Tech Industry Development
Nvidia CEO Jensen Huang stated in an interview with Fox News that the US initially underestimated China's potential in the tech industry, and that China is now able to rely entirely on its own industries, rather than US technology.
According to reports, Jensen Huang said, "We underestimated China's ability to accelerate the development of its own technology industry. They now produce millions of artificial intelligence (AI) chips every year." Huang said that China has a large pool of talent, so its competitiveness in AI far exceeds outside expectations. Alphabet, Google's parent company, is reportedly planning to raise approximately $15 billion through a dollar bond issuance. The bond issuance will be divided into up to eight tranches with maturities ranging from 3 to 50 years. Banks handling the issuance include HSBC, Goldman Sachs, and JPMorgan Chase. Alphabet plans to use the funds raised from this dollar bond issuance, along with another euro bond issuance, for general corporate purposes, which may include repaying existing debt. Amazon (AMZN.O) has reached a $38 billion agreement with OpenAI to supply Nvidia chips. Cryptocurrency: Last week, US spot Bitcoin ETFs saw net outflows of $802 million, with trading volume reaching $25 billion. Most actively traded price last week: $109,881.
▌Strategy added 397 BTC last week at an average price of $114,771
According to market news, Strategy purchased 397 Bitcoins at approximately $114,771 each, for a total value of approximately $45.6 million. Its Bitcoin return so far in 2025 has reached 26.1%. As of November 2, 2025, the company held a total of 641,205 Bitcoins ($BTC), with a cumulative purchase cost of approximately $47.49 billion, and an average holding cost of approximately $74,057 per Bitcoin.
▌BitMine increased its holdings by 82,353 ETH last week, bringing its total holdings to 3.395 million ETH
As of November 3, BitMine's cryptocurrency holdings included: 3,395,422 ETH (an increase of 82,353 ETH from the previous week), worth approximately $12.61 billion at current prices; 192 BTC; $62 million worth of shares in Eightco Holdings (NASDAQ: ORBS); and $389 million in uncollateralized cash.
▌SOL Strategies Discloses It Holds Approximately 526,500 SOL in Its Treasury
In its October business update, listed company SOL Strategies disclosed that as of October 31, 2025, its treasury currently holds 526,513 SOL; of which 8,000 SOL have been converted into laineSOL and invested in the DeFi field, while the underlying SOL remains staked on Laine validator nodes. In September, its own validator nodes earned approximately 787 SOL in SOL rewards.
▌CZ: Never Proposed Establishing a Bank, Nor Has He Intended to Operate One
Regarding Coin Bureau's claim that CZ proposed establishing a private crypto bank in Kyrgyzstan, CZ stated on the X platform that this claim is incorrect.
While it hasn't reached the level of "Level 4" panic dissemination (FUD), it's still wrong. I have never proposed starting my own bank. Although I generally support cooperation between banks and the cryptocurrency space, I personally have no intention of running a bank. I have no recollection of the names mentioned below; they are not my suggestions. Binance Alpha will be the first platform to list Intuition (TRUST) on November 5th. Eligible users can claim the airdrop using their Binance Alpha points on the Alpha event page after trading opens. Further details will be announced later. Coinbase will list Kite (KITE). Coinbase has announced the listing of Kite (KITE). If liquidity conditions are met and the trading zone supports trading, the KITE/USD trading pair will open later that day. Coinbase Incorporates Monad (MON) into its Listing Roadmap Coinbase announced that it will include Monad (MON) in its listing roadmap. Important Economic Developments Trump: Cooperation with China Can Make America Better Following the consensus reached in the US-China trade negotiations, high-ranking US officials have made numerous statements, and the White House has also announced a specific timetable for implementing the relevant consensus. US President Trump stated that cooperation with China can make America better. On the evening of November 2nd local time, CBS broadcast an interview with US President Trump. When discussing US-China relations, Trump stated that maintaining good relations with China is in America's interest. On the same day, U.S. Treasury Secretary Bessant told two U.S. media outlets that the U.S. has no intention of decoupling from China. (CCTV.com) Federal Reserve Governor Smirnov stated that it is inappropriate to overemphasize the strength of the stock market and corporate credit market when assessing monetary policy. He believes that current monetary policy is still too tight and increases the risk of economic downturn. In an interview, Smirnov said, "Financial markets are driven by many factors, not just monetary policy." He used this to explain why, in last week's vote on a first-quarter rate cut, he opposed a 25 basis point cut and favored a 50 basis point cut. He pointed out that in situations where interest rate-sensitive sectors such as the housing market are performing poorly and some private credit markets are under pressure, factors such as rising stock prices and narrowing corporate credit spreads "do not necessarily tell you what the stance of monetary policy is." Goldman Sachs economist Alec Phillips warned that the US government shutdown could have the biggest economic impact in history, potentially lasting longer than the 35-day shutdown of 2018-19 and affecting more institutions. A six-week shutdown could reduce fourth-quarter economic growth by 1.15 percentage points, with a rebound not expected until early 2026. According to CME's FedWatch tool, the probability of a 25-basis-point rate cut by the Federal Reserve in December is 67.3%, while the probability of keeping rates unchanged is 32.7%. The probability of the Federal Reserve cutting interest rates by a cumulative 25 basis points by January next year is 55.8%, the probability of keeping rates unchanged is 21.8%, and the probability of a cumulative 50 basis point cut is 22.3%. RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equal to 1 US dollar. Each RLUSD maintains a 1:1 peg. These collateralized assets are either US dollar deposits or cash equivalents. On December 10, 2024, RLUSD received regulatory approval. A week later, on December 17th, RLUSD was officially launched and listed on cryptocurrency exchanges. RLUSD works similarly to other stablecoins primarily pegged to the US dollar, allowing individuals and institutions to deposit capital assets such as US dollars to mint each new coin. The cryptocurrency can be traded on the Ethereum and XRP Ledger blockchains. The technology and concept of Ripple's new stablecoin are not inherently new. It is a direct competitor to established players like USDT and USDC. Collateral backing ensures price stability and avoids the volatility issues present in some other cryptocurrencies. This reliability allows businesses and traders to trade away from unpredictable price fluctuations. RLUSD is available on the XRP Ledger and Ethereum blockchains. Ripple has committed to stablecoin audits and transparency, and regularly conducts third-party audits of collateral reserves alongside monthly financial reports. However, details regarding who will perform the audit process are yet to be determined.
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