Record Breaking Binance Hack Hits Markets, Kalshi Hits New Valuation, And More – Weekly Recap

WEEK IN REVIEW

Binance Founder Suggests Likely Hack arsenic Billions successful Crypto Leaves Exchange Wallets

Billions of dollars’ worthy of cryptocurrency was pulled from the wallets of starring speech Binance connected Thursday, according to onchain information and manufacture analysts…

Editor’s comment:

Binance’s probe recovered that the information incidental apt progressive a compromised laptop belonging to 1 of their DevOps engineers. This allowed idiosyncratic to entree a work instrumentality and taxable unauthorized withdrawal transactions. We inactive haven’t seen an authoritative fig connected the losses; they scope from $2.77 cardinal each the mode to $6.5 billion. We’ll spot however this plays retired successful the pursuing days, but it’s astir definite that this hack was the biggest of each clip successful dollar terms.

Kalshi Hits $40 Billion Valuation After Another $1 Billion Raise

Prediction-market relation Kalshi has secured different $1 cardinal successful funding, lifting its valuation to $40 billion, astir 82% supra its $22 cardinal valuation successful May.

Editor’s comment:

For perspective, $40 cardinal is ostensibly the aforesaid valuation arsenic Coinbase, a institution that has been astir 6 years longer than Kalshi and fundamentally had archetypal movers’ vantage successful the American crypto industry. The emergence of Kalshi and prediction markets cannot beryllium understated.

Nasdaq-Listed Firm’s Stock Plunges After Losing Access to Bitcoin, Spotlighting Treasury Risks

The astir caller “not your keys, not your coins” incidental involving a tiny Nasdaq-listed institution that lost entree to its bitcoin and saw its banal clang 50%…

Editor’s comment:

Hot wallets, hardware wallets, centralized exchanges, DATs… There are risks and onslaught vectors successful immoderate mode you take to get vulnerability to integer assets. A DAT losing their coins connected a CEX is simply a caller 1 that doesn’t person a precedent yet, but mightiness beryllium different happening to deliberation astir arsenic crypto treasuries proceed to proliferate.

Coinbase Swings to $719M Q3 Profit arsenic Market Share, Subscribers Grow

Coinbase reported a $719 cardinal nett profit for the 3rd 4th of 2026, reversing 2 consecutive quarterly losses arsenic the cryptocurrency exchange…

Editor’s comment:

Notably, astir $715 cardinal of Coinbase’s nett came from gains connected crypto held arsenic investments, leaving adjusted nett income of conscionable $78 cardinal erstwhile those are stripped out. Operating income, the nett from really moving the exchange, was $61.7 million, down from $480.5 cardinal a twelvemonth earlier.

Major Banks Sign connected arsenic DTCC Launches Tokenized Securities Service

The Depository Trust & Clearing Corporation has launched a blockchain tokenization service connecting Wall Street’s accepted securities infrastructure with integer markets…

Editor’s comment:

Everyone agrees tokenized stocks and tokenization successful wide is massive, and the metrics are showing it. However, it’s unclear however the mean idiosyncratic tin get vulnerability to the inclination erstwhile the bulk of it is overseen by the DTCC, connected backstage blockchains similar Besu, utilizing assets issued by the biggest banks. It’s astir arsenic if tradfi knew this was coming and tried to country the market.