Bonk Guy: Altcoins Remain Relatively Resilient Amid Bitcoin's Downtrend, Bullish on Market Outlook Over Next Few Weeks to Months

CZ responded in a post to discussions about the scale of Binance’s hack and its impact on Bitcoin (BTC) prices, noting that the $6.3 billion theft is the largest in U.S. dollar terms but not by BTC quantity. He cited the Mt. Gox incident, which involved 650,000 BTC—more than 5% of Bitcoin’s total supply at the time—arguing that market impact cannot be assessed solely by dollar amounts. CZ added that factors like the number of affected users and the share of their assets that were impacted must also be considered. According to him, both the Mt. Gox and FTX incidents affected nearly all users and their assets. He stressed that a more critical question is who will ultimately bear the losses, whether the platform can fully cover them, and avoiding passing the burden to users. CZ stated that the event remains a major disaster for the crypto industry, Binance, and himself, but that the exchange can weather the shock. He emphasized: “The most important thing is that we protect users.”

According to CNBC, Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said in an interview while discussing the Binance hack incident that he hopes to provide a federal-level option for such trading platforms to register with the CFTC.

Binance CEO He Yi said the recent hack involved approximately $6.3 billion in assets, and with assistance from industry partners, around $3 billion in assets has been frozen. She thanked all industry parties for their support, and stated that Binance will use its own corporate funds to cover the stolen assets, ensuring full parity with user funds. Regarding withdrawal arrangements, He Yi noted that the withdrawal suspension has lasted nearly a day, and is expected to resume within the next 42 hours. The pause was implemented to protect remaining assets; the team is currently rebuilding the security environment, wallet configurations, and conducting security reviews. Withdrawals will only be re-opened once the environment is confirmed secure and poses no risk to user assets. He Yi clarified that Binance’s daily revenue and held assets are mostly in cryptocurrencies, which align with most of the currencies involved in the stolen funds. Only a small portion of assets needs to be purchased via on-exchange or over-the-counter (OTC) channels, meaning it is not necessary to deploy the full $6 billion+ to repurchase coins in the market. On reserve verification, Binance will update its Proof of Reserves (PoR) in the coming days for users to verify their own assets. Regarding the investigation, He Yi said that based on current reviews from security and technical teams, the incident is a complex multi-vector attack. Future operations will be more cautious. Binance will release a detailed technical security audit report in the future, and invite industry participants to jointly build security environments and standards. She also stated that Binance will not abandon tracking the attackers, will collaborate with global law enforcement agencies to continue tracing the attack team and stolen funds, and will take further actions in security investment and combating hacking.

According to Bloomberg, Uber has joined a blockchain-based corporate treasury investment pilot that uses HSBC’s tokenized deposits to buy Franklin Templeton’s tokenized money market fund on Thursday and sell it on Sunday. Unlike traditional banks and markets, which typically exit investments on Friday ahead of weekend closures, this transaction generated roughly 1.5 extra days of returns. The pilot is a joint initiative by HSBC, Franklin Templeton, Tradeweb, and Fireblocks, with liquidity and settlement provided by the Canton Network. Michael Shaulov, CEO of Fireblocks, stated that large amounts of idle cash sit in gaps between corporate payments, and this model can boost interest income while keeping funds accessible. He forecasts hundreds of companies will adopt this framework in the next 18 months. Manish Kohli, HSBC’s Head of Global Payments, added that the pilot has confirmed the technology is ready for deployment and rollout to other U.S. clients, with future plans to explore adding investment options beyond Franklin Templeton.

The U.S. Secret Service said investigators are collaborating with private sector partners including Circle to identify, freeze, track, and recover stolen funds from Binance.

Flash news from Dongcha Beating AI: Z Finance’s exclusive report states that Zhou Chang, a core leader of ByteDance’s Seed division, has left to launch a startup focused on Physical AI, and has secured backing from top-tier US dollar funds. On October 26, multiple media outlets including The Paper and Jiemian News received responses from sources close to ByteDance that Zhou Chang had not left the company. Zhou Chang previously served as technical lead of Alibaba’s Tongyi large model, joined ByteDance in 2024, initially in charge of multimodal interaction and world models. In 2025, after Yang Jianchao went on leave and Feng Jiashi departed, visual generation businesses such as Seedream and Seedance were gradually placed under his management. In June this year, the Seed Robotics team, previously led by Li Hang, also began reporting to Zhou Chang; ByteDance was at the time recruiting an embodied intelligence lead to report directly to him. However, Z Finance notes that Zhou Chang’s management scope began contracting in the second half of this year, with more work transferred to Zeng Yan. Zeng Yan is the core R&D lead of Seedance 2.0, who joined ByteDance via campus recruitment in 2021. She persisted in efforts to train a video model with at least 200 billion parameters, and secured internal computing resources with support from Wu Yonghui and Zhou Chang. Physical AI aims to advance AI beyond understanding and generating digital content to perceiving, predicting, and acting on the physical world. The world models, multimodal, and robotics businesses Zhou Chang previously oversaw are all relevant to this. However, it has not yet been disclosed whether the new startup will focus on foundational models, simulation platforms, or robotics hardware.