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Hackers stole US$6.3-billion from Binance, the world’s biggest cryptocurrency exchange, in a theft that analysts blamed on North Korea and said could be the largest financial heist of all time.

Cryptocurrency prices fell on the news, while Binance halted withdrawals and said it would use company funds to cover the losses. Stablecoin issuers including El Salvador-based Tether and the Trump-backed World Liberty Financial froze about half of the stolen assets.

Binance is working with the Federal Bureau of Investigation and the United States Secret Service (USSS), a person familiar with the situation told Reuters.

“This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” Binance said in a post on X.

Gone in 20 minutes: How the biggest heist in crypto history unfolded

The exchange said customer funds were safe and it was working with partners to freeze some of the affected assets, with about US$3-billion located so far. It said earlier on Friday it expected to resume withdrawal services in the next 48 hours. It did not mention the status of the remaining US$3.3-billion.

Binance said it had set aside about US$6.34-billion of company funds internally to cover the losses, without giving details about where the funds had come from. The company has a US$1-billion bitcoin reserve fund designed to protect customer assets in the event of security breaches, according to its website. Binance founder Changpeng Zhao said on X that the company owned SpaceX shares worth more than US$1-billion.

The bulk of the heist unfolded in about 20 minutes on Thursday and bore similarities to previous large attacks blamed on North Korea, according to U.S. blockchain analysis firms TRM Labs and Chainalysis.

TRM said the attackers were able to order Binance wallets to empty into hacker-controlled wallets, mirroring a 2025 heist at crypto exchange Bybit, which the FBI attributed to North Korea.

“TRM attributes the attack to … North Korea’s elite hacking unit,” the firm said in an analysis posted on its website. Both TRM and Chainalysis said they were highly confident North Korea was responsible.

British blockchain analysts Elliptic also said they believed North Korea was behind the theft.

“This incident is almost certainly the single largest known theft of any kind,” Elliptic said.

‘Biggest hack in history’

North Korea has for years used state-linked cyber units for espionage, financial theft and revenue, according to U.S. and South Korean authorities as well as cybersecurity experts.

North Korea routinely denies that. Its mission in Geneva and embassy in China did not immediately respond to Reuters requests for comment.

The U.S. embassy in London said it had no comment on a possible investigation. The USSS did not respond to a request for comment sent via email outside of US hours.

Abu Dhabi’s Financial Services Regulatory Authority, which issued Binance’s main operating licence, said it was “engaging closely with Binance and monitoring the incident”.

“Your money is safe and we’re covering every loss,” Binance co-CEO Richard Teng said on X. “Our investigation has not attributed responsibility to any individual.”

“It’s the biggest hack in history,” Aravind Srinivasan at market maker GSR said, as crypto prices fell broadly.

Bitcoin hit a six-week low of US$76,368 and ether fell more than 3 per cent to a two-month low of US$2,178 before markets stabilized.

BNB, a token originally launched as Binance Coin that can be used to pay Binance fees, was down 5.3 per cent over the past 24 hours at US$699.54, according to CoinGecko, while shaky confidence hit listed crypto exchange shares.

Compromised laptop

An initial investigation suggested the breach may have started with a hacked laptop belonging to one of Binance’s engineers, which let an attacker gain access to one of its systems and make unauthorized withdrawals, Binance said.

“Our security team is tracing the full attack path through the compromised computer which may be the entry point of the incident,” Binance said. The company later added it had uncovered additional points of breach.

Beyond the potential loss of assets, the security breach was likely to have wider ramifications for the crypto sector, which had already been under pressure due to higher US interest rates and softer demand from exchange-traded fund buyers, analysts said.

“It may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralized exchanges,” said Tim Sun, senior researcher at HashKey Group.

Hack size tops Binance secure asset fund

Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally and had about US$162.8-billion in assets under custody as of its 2025 annual report.

Stablecoin issuer Tether said it had frozen nearly US$1.57-billion in assets linked to the incident, while Circle froze more than US$800-million.

World Liberty Financial said it worked with custodian BitGo to freeze funds, and Binance co-founder Yi He said US$27-million in stablecoins and about US$2-million worth of World Liberty tokens had been frozen. Crypto firm Ripple also froze roughly $200-million in funds, Yi said.

The incident adds to a string of crypto thefts. Last year, attackers stole US$2.9-billion worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs.

In September, Bitget said roughly US$350-million in crypto had been stolen from its platform.

“The broader credit and industry implications will depend on the ultimate losses, affected counterparties, asset recovery, and importantly, whether the incident leads to wider disruption or loss of confidence across the digital-asset ecosystem,” said Cristiano Ventricelli, vice president, digital assets at Moody’s Ratings.

Intel INTC-Q -28.64%decrease tumbled 29 per cent on Friday and ​was on track for its ‌sharpest one-day decline, deepening a broader retreat in technology stocks as investors grew increasingly wary of weakening PC demand and the vast spending required to build out ⁠AI infrastructure.

The ​steep fall put the U.S. chipmaker on track to shed more than US$137-billion in market value, underscoring the challenges facing CEO Lip-Bu Tan’s turnaround as a prolonged PC slump offsets heavy investments in AI ​and manufacturing expansion.

Semiconductor stocks, including Advanced Micro ‌Devices AMD-Q -9.78%decrease , Arm Holdings ARM-Q -11.28%decrease, Qualcomm QCOM-Q -11.56%decrease, Nvidia NVDA-Q -3.76%decrease, , Broadcom AVGO-Q -5.61%decrease and Micron MU-Q -5.44%decrease, fell between 2 per cent and 10 per cent.

“The market is in a sell first, ask questions later mood right now, and Intel’s warning has given investors an easy excuse to take some money off the ‌table ​across chip stocks,” said Matt ‌Britzman, senior equity analyst, Hargreaves Lansdown.

The selloff spread to server makers, ​reflecting investor caution toward companies tied to the ⁠semiconductor and AI infrastructure supply chain.

Shares of server makers Dell ⁠Technologies DELL-N -10.35%decrease, Hewlett Packard Enterprise HPE-N -6.61%decrease and Super Micro Computer SMCI-Q -6.42%decrease fell between 6 per cent and 10 per cent.

The STOXX Europe ​600 Technology Index fell 2 per cent, with sector heavyweight ASML ASML-Q -5.74%decrease shedding 4.6%. U.S.-listed shares of TSMC TSM-N -5.48%decrease, the world’s largest contract chipmaker, fell 3.3%.

Intel forecast fourth-quarter revenue of US$15-billion to US$16-billion, below analysts’ average estimate of US$17.07-billion, according to data compiled by LSEG.

Finance chief David Zinsner ⁠also said Intel does not expect positive cash flow this year.

Higher memory prices, driven by suppliers shifting capacity toward AI-focused high-bandwidth memory chips, are raising PC costs and weighing on already weak consumer demand.

PC chips accounted for roughly half of Intel’s third-quarter revenue, and the ⁠company expects sales from the segment ​to decline more than 20 per cent sequentially this quarter after a 5 per cent drop in the ⁠September period.

“It will be important to see if Intel can expand the highly profitable Xeon product ‌supply to help offset this developing weakness in PC,” said Brian Mulberry, chief ​market strategist at Zacks Investment Management.

“Bottom line, weaker sales volumes, higher manufacturing costs, and an out-of-cycle product mix is a recipe for the stock to decline over the near term as future earnings ​are under a lot of pressure.”

• The U.S. economy grew at a 3.4% pace in the third quarter, faster than expected.
• Inflation continued to run above the Fed’s 2% target in September, with a headline rate of 3.6% and core at 3.1%, according to the central bank’s preferred gauge.
• Consumer spending was slightly below forecasts, though still up 0.5%. Personal income increased just 0.2%

The pace of price increases stepped up in September, keeping inflation well above the Federal Reserve’s target, while the economy grew faster than expected in the third quarter, according to Commerce Department reports Thursday.

The personal consumption expenditures price index increased a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 3.6%. The monthly increase was the largest since March but in line with the Dow Jones consensus, while the annual rate was 0.1 percentage point below.

Excluding food and energy, the core PCE posted respective readings of 0.3% and 3.1%, in line with the consensus. While the Fed follows both measures closely, officials generally see the core reading as more indicative of longer-term inflation trends.

While inflation continued to run ahead of the Fed’s 2% target, the Commerce Department also reported that gross domestic product was strong in the third quarter.

GDP increased at a seasonally adjusted annualized pace of 3.4%, better than the 3.1% estimate and well ahead of the 2.2% in the second quarter.

Also, in September consumer spending proved resilient, climbing 0.5%, a bit below the forecast for a 0.6% gain, while personal income rose 0.2%, compared with the estimate for 0.3%.

The reports come the day after the Fed voted to hold its benchmark interest rate in a range between 3.75%-4%. Despite elevated inflation readings, central bank officials insist they can afford to evaluate incoming data before deciding on their next move.

“The period right in front of us is information rich. There is a lot that’s happening in the world. My colleagues and I are keen to take notice of it,” Fed Chairman Kevin Warsh said Wednesday.

However, the data deluge from Thursday shows the Fed could have more work to do.

A Labor Department report also released Thursday showed that layoffs remain low. Initial jobless claims edged lower to a seasonally adjusted 194,000 for the week ended Oct. 24, below the estimate for 200,000 and near levels last seen in the late 1960s.

Stock market futures were negative following the releases while Treasury yields also fell.

“Net, net, economic growth is powering ahead despite the uncertainty of geopolitical risks and the damage posed to many sectors of the economy by higher energy costs,” said Chris Rupkey, chief economist at Fwdbonds. “The economy was thought to have been a lost cause during much of the current Administration’s time in office, but real GDP has bounced back above a 3 percent run rate in Q3 2026 for the first time in a year.”

Read more CNBC economics coverage

• Analysis: Kevin Warsh is keeping Wall Street guessing. It may be his most powerful tool.
• Five key takeaways from the Fed rate decision
• How the latest Fed decision could affect your wallet
• Treasury’s Bessent says ‘not necessarily’ a mistake if the Fed hikes again

Economic growth has been driven by higher levels of investment from the artificial intelligence build-out, as well as high levels of consumer and government spending.

Consumer spending rose 3.8% in the third quarter, the same pace as the prior period. Gross private domestic investment soared 19.4%, driven by a 20.9% surge in equipment spending and an 8.4% jump on intellectual property products.

Real sales to private domestic purchasers, a proxy that Fed officials use for underlying demand, rose 4.9%, compared with a 4.6% increase in the second quarter.

There was some good inflation news for the period: On a quarterly basis, PCE prices rose 2.1% on the headline number and 2.5% for core, down respectively from 5% and 3.3% in the second quarter.

September’s price increases were driven largely by a surge in energy costs that economists fear could be spreading to other parts of the economy. Gasoline and other energy goods saw a 9.2% rise for the month while energy goods and services broadly jumped 5.4%.

At the same time, services prices excluding energy and housing rose 0.4%, and housing costs increased 0.3%.

• Audi plans to invest about $4 billion in its first U.S. manufacturing plant in Georgia, with production expected to start in the early 2030s.
• Audi executives said the project aims to expand the brand in the U.S. while reducing its exposure to import tariffs and other trade risks.
• Audi expects the factory to have an annual capacity of up to 200,000 vehicles.

The bank revised its inflation and economic growth forecasts higher, sees the annual rate of inflation remaining above 3 per cent through 2027

The Bank of Canada raised its benchmark interest rate to 2.5 per cent, up from 2.25 per cent, for the first time in three years. The bank also revised its inflation and economic growth forecasts higher, and sees the annual rate of inflation remaining above 3 per cent through much of next year.

Key moments:

• BoC hikes rate, suggests more may be needed to contain oil-price shock
• New bank forecasts show higher inflation, faster economic growth
• What the hike means for markets, homebuyers, mortgages and consumer costs
• Economists react to the decision and the possibility of further rate hikes

• Markets expect the Fed to hold benchmark rates steady when it releases its decision Wednesday.
• Focus will turn to Chairman Kevin Warsh, who has preferred to let the markets derive their own message from data and less from central bankers.
• The current strategy poses a “material execution risk,” said Evercore ISI economist Krishna Guha.

https://www.cnbc.com/2026/10/27/federal-reserve-rates-kevin-warsh.html

North America’s main indexes edged up on Monday, led by advances in technology shares, while investors assessed Anthropic’s IPO filing at the start of a week ⁠packed with corporate ​earnings and the Federal Reserve’s interest-rate decision.

Anthropic disclosed steep losses and red-hot revenue growth in its filing for a U.S. initial public offering, laying out its ambition to build AI systems capable of reshaping the global economy despite the high costs of developing the technology.

The AI lab is pushing ahead with its listing plans even as a once-busy fall listing calendar has ​thinned out, with market volatility prompting companies to delay offerings.

“It’s a challenging environment, to ‌say the least exactly when this IPO will take place, but there’s a lot riding on not only the company, but the AI industry,” said Robert Pavlik, senior portfolio manager at Dakota Wealth In Fairfield.

Semiconductor and chip-related companies, widely viewed as some of the biggest winners of the AI boom, were leading the gains. The broader Philadelphia chips index was up around 1 per cent after a turbulent few weeks.

Anthropic’s filing also arrived at ‌a time when ​investors are increasingly scrutinizing the payoff from ‌AI spending. About a third of S&P 500 companies are scheduled to report earnings this week, including hyperscalers Alphabet, Microsoft and Amazon.com, whose ​results would be closely watched for signs if the hefty AI investments ⁠are translating into growth.

The focus follows a subdued reception to earnings from AI-linked megacaps last week. Meta disappointed investors after ⁠raising its annual AI spending forecast again and said it would sell new stock to help pay for it, while Tesla also came under pressure after ​its results.

Canada’s main stock index rose on Monday, ​lifted by technology stocks after ‌Anthropic’s IPO filing, while a pullback in oil prices and declining bond yields eased inflationary concerns and bolstered risk appetite.

The S&P/TSX Composite Index was ⁠up ​0.6 per cent at 36,031.35 points.

TSX’s technology index rose 1.1 per cent after Anthropic disclosed steep losses but red-hot revenue growth in its filing for a US initial public ​offering

Nine of TSX’s 10 sectors ‌were trading higher, with energy the lone loser after Brent crude retreated 0.9 per cent on hopes of easing tensions between the U.S. and Iran

Meta said on Monday it plans to raise up to US$95-billion in equity to fund its AI-related expansion of data centers, cloud computing power and other infrastructure. Its shares were last down 1.8 per cent.

The AI trade has come under pressure this month amid concerns that debt-funded spending may become harder to justify in the face of rising borrowing costs.

Neocloud firm CoreWeave fell 2 per cent and Nebius dipped 4.8 per cent after Elon Musk said in an X post ⁠markets have “almost entirely shut off access to money” for companies without substantial revenue independent of AI data centers, and predicted neocloud consolidation.

The Dow Jones Industrial Average rose 236.42 points, or 0.45 per cent, to 52,451.58. The S&P 500 gained 43.20 points, or 0.57 per cent, to 7,666.88, while the Nasdaq Composite edged up 119.43 points, or 0.46 per cent, at 26,074.96.

Market breadth was strong, with 10 of the 11 S&P 500 sectors trading higher. Consumer discretionary and industrials led the gains.

Megacap and growth stocks were mixed. Tesla jumped 5.9 per cent to a ⁠more than three-month high after Barclays upgraded its rating on the stock to “overweight” ​from “equal-weight”.

Crude oil prices eased after hitting a near six-month high last week. On Sunday, Qatari mediators traveled to Tehran as part of an ⁠effort to de-escalate regional tensions in coordination with the United States.

Elsewhere, the Fed’s rate decision is due on Wednesday, with a pause widely expected after its September raise. ‌Traders still see a December hike as firmly possible, and at least two 25-basis-point increases by mid-2027, according to LSEG data.

Both the Fed’s preferred ​inflation gauge, the Personal Consumption Expenditures index for September, and third-quarter GDP, expected to show 3.2 per cent growth, are due on Thursday.

Investors are also monitoring the November 3 midterm elections, which will decide control of the U.S. Congress.

Reuters

The biggest issues facing the S&P/TSX Composite Index this week are surging oil prices, the Bank of Canada’s interest-rate decision, weakness in bank and technology stocks, and a heavy corporate earnings calendar.

The TSX finished Friday, October 23, at 35,788.18, down 0.5% on the day and 1.1% for the week. Energy shares provided some support, but financial and consumer-related stocks weighed on the index.

1. Oil surge and Middle East tensions

Mixed for TSX

Brent crude climbed above US$115 per barrel on Friday amid fears of renewed conflict involving Iran and threats to Gulf energy infrastructure.

• Potential winners: Canadian oil producers such as Canadian Natural Resources and Suncor Energy.
• Potential losers: Airlines, transportation companies and consumer-facing businesses if fuel and operating costs rise.

What to watch: Whether crude remains elevated or geopolitical tensions ease.

2. Bank of Canada decision — Wednesday, October 28

High impact

The Bank of Canada is scheduled to announce its next interest-rate decision and Monetary Policy Report on October 28. Its last announced policy rate was 2.25%.

Bank of Canada

Inflation accelerated to 3.1% in September, while Canada lost 68,000 jobs and unemployment reached 6.5%. Those competing signals complicate the policy outlook.

• If rates stay unchanged: Potential relief for banks, real estate and interest-sensitive stocks.
• If the Bank signals tighter policy: Bond yields could rise, putting pressure on rate-sensitive stocks and valuations.

The announcement and the Bank’s explanation may matter as much as the rate itself.

3. Financial stocks remain under pressure

Watch closely

Canadian financial shares helped pull the TSX lower last week, alongside consumer-related stocks.

Why it matters: Canada’s large banks have substantial index weight. Continued weakness in bank shares could offset gains in oil and gas stocks.

Watch Royal Bank of Canada, TD Bank and Bank of Montreal for signs of stabilization, credit-quality concerns and changes in bond yields.

4. Celestica earnings — Monday, October 26

High stock-specific risk

Celestica is scheduled to report third-quarter results after the market closes on Monday. The stock had already suffered a sharp sell-off, according to recent market coverage.

Investors will focus on revenue growth, profit margins, demand for data-centre infrastructure and management’s forward guidance.

Potential impact: A positive outlook could support Canadian technology shares; disappointing guidance could prolong pressure on AI-related stocks.

5. Gold and mining stocks face a cross-current

Gold and silver prices weakened amid changing interest-rate expectations, weighing on mining shares.

Higher yields and a stronger US dollar can pressure gold, while geopolitical uncertainty can support demand for safe-haven assets.

Watch Agnico Eagle Mines and Barrick Mining as well as bullion prices and the US dollar.

Other major events to watch this week

Date	Event	TSX implications
Mon, Oct. 26	Celestica (CLS) earnings	Technology-sector volatility
Wed, Oct. 28	Bank of Canada decision; Agnico Eagle Mines (AEM) earnings after market close	Interest-rate sensitivity; gold-miner outlook
Thu, Oct. 29	Air Canada (AC) and Restaurant Brands International (QSR) earnings are scheduled	Consumer demand, fuel costs and margins
Fri, Oct. 30	Cameco (CCO) and Canadian National Railway (CNR) earnings	Uranium demand, freight volumes and economic activity

Dates based on published earnings schedules; confirm with each company’s investor-relations website because schedules can change.

Elevated oil prices may support energy producers. Strong corporate results or easing geopolitical tensions could also improve sentiment.

Main downside risks

A further oil-price spike could increase inflation concerns, push bond yields higher and intensify pressure on banks, technology stocks and consumer businesses.

Most important catalyst

Wednesday’s Bank of Canada announcement, combined with corporate earnings, could determine whether the recent pullback stabilizes or extends.

For October 26–30, the main TSX risks are central-bank decisions, U.S. inflation data, Middle East oil disruptions and changes to Canadian tariffs. Information below is as of October 24; market impacts are conditional.

Date	Key event	Potential TSX impact
Wed., Oct. 28	Bank of Canada decision and Monetary Policy Report. A Reuters poll showed 19 of 34 economists expecting a 0.25-percentage-point increase to 2.50%—a divided forecast, not a certainty.	A more restrictive outlook could pressure REITs, utilities, ENB, PPL and consumer stocks. Banks face mixed effects: potentially better lending spreads, but weaker borrowing and greater credit risk. bankofcanada.ca
Wed., Oct. 28	U.S. Federal Reserve decision. Markets broadly expect unchanged rates; guidance on subsequent meetings matters.	A tougher inflation message could pressure SHOP and other growth stocks, gold and gold equities. A softer message could support them. Calendar: October 2026
Thurs., Oct. 29	U.S. Q3 GDP and September PCE inflation.	Strong growth supports Canadian exporters and commodity demand. Strong inflation could raise expected interest rates; weak growth combined with sticky inflation would be particularly difficult for equities. U.S. Bureau of Economic Analysis (BEA)
Fri., Oct. 30	Canadian August GDP; U.S. Employment Cost Index.	Canadian growth affects banks, retailers and industrials. U.S. wage-cost pressure could reinforce concerns about persistent inflation. Post
Throughout week	Iran/Gulf escalation and energy infrastructure risks. Friday’s December WTI settled near US$103.27, Brent US$116.72.	Further disruption could support CNQ, SU and IMO, while increasing costs for transportation and consumers. ENB/PPL have less direct oil-price sensitivity. De-escalation could reverse these effects. wsj.com
Fri., Oct. 30	Changes to U.S. tariffs on Canadian goods take effect, including exemptions for selected plywood, packaging and machinery products.	Potential relief for affected exporters, but benefits depend on exact product coverage. This is not a broad removal of Canadian tariffs. apnews.com
Oct. 28–29	Agnico Eagle results Wednesday after close; Teck Thursday before open.	Watch production, operating costs, capital spending and guidance. These can move the stocks independently of gold or copper prices. archive.fast-edgar.com

Scenarios for the week

Scenario	Conditions	Likely sector response
Bull	Softer inflation, reassuring central-bank guidance, easing oil disruption risks	Broader participation from technology, consumers and rate-sensitive stocks
Base	Decisions broadly match expectations; geopolitical uncertainty persists	Volatile trading, with earnings and guidance driving individual names
Bear	Inflation surprises higher, restrictive policy signals and further oil escalation	Pressure on growth stocks, consumers and REITs; energy may outperform, while gold’s response remains mixed

Key focus: Whether oil-driven inflation pushes interest-rate expectations higher. Falling oil prices and softer inflation would weaken that concern; renewed supply disruptions would strengthen it.