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@TFTC21@TFTC21

North Korea's Binance laundering just hit an unexpected snag. This morning's Ethereum reorg made THORChain double refund a 10 ETH deposit and trigger an emergency pause. No cross-chain swaps for anyone until it returns.

@TFTC21@TFTC21

OpenAI's latest funding round values it at $1.25 trillion, short of the $1.4 trillion it was targeting. It had been seeking $30 billion. Annualized revenue is $50 billion, with a goal of $70 billion by year-end.

@TFTC21@TFTC21

Zelensky says Ukraine, the US and Russia are preparing a trilateral meeting in the first half of November. He discussed it with Erdoğan, including holding talks in Türkiye and involving Europe. No date or venue confirmed yet.

@TFTC21@TFTC21

An extortion group called n0n published the passwords and keys to a firewall that guards the link Finzly's bank clients use to send payment instructions to the Federal Reserve. Finzly connects 11 listed banks and credit unions to ACH, Fedwire and FedNow through a single shared connection. The leaked files describe a direct link labeled "FED" and rules for FedNow and FedACH traffic. Finzly says it rotated its keys and credentials and that the files can't get anyone into its systems. The Fed says its payment services were not impacted. The passwords were the easy part to fix. The map of how everything connects is still out there. h/t @CaitlinLong_ americanbanker.com/news/extortion…

@TFTC21@TFTC21

Where it all started.

@TFTC21@TFTC21

18 years ago a post on an obscure mailing list changed the course of human history. Happy White Paper Day.

@TFTC21@TFTC21

Binance says hot wallets were compromised and about $6.3B in token assets were stolen. The breach hit around 20:05 UTC on October 29. Co-CEOs Yi and Richard say Binance will absorb the loss, not users, through SAFU and the corporate treasury. The exchange has set aside more than $6.34B in company funds, with $5B held in the exact stolen assets, including USDC, USDT, BTC, ETH and BNB. That covers roughly 80% of the impacted amount. Binance says it will cover the rest through market and OTC purchases.

@TFTC21@TFTC21

Binance exploiters are moving stablecoins into DeFi protocols to dodge freezes, @chainalysis says. The method has been used on the Tron blockchain since the early hours of the $6.4 billion attack. Hackers swap TRX for stablecoins, then swap those stablecoins for depository receipt tokens. Unlike the stablecoins they represent, the receipt tokens cannot be frozen. Whoever holds them can redeem them for the underlying stablecoins on new, clean addresses. The stablecoin issuer can freeze the original funds. It cannot freeze the receipt. x.com/chainalysis/st…

@TFTC21@TFTC21

"Microsoft's revenue went from 198 billion to 332 billion in the last four years, while staff only increased by 2,000 people." @chamath on AI productivity gains at Microsoft.

@TFTC21@TFTC21

"That $80 billion loss is a phantom number." @DavidSacks on why Anthropic's $80 billion loss was not real.

@TFTC21@TFTC21

Trump DOJ backs OpenAI against the New York Times in court. The filing calls training LLMs on copyrighted texts 'extraordinarily transformative' and fair use, and rejects any argument that it violates copyright law.

@TFTC21@TFTC21

Riot police are deployed around the Constitutional Tribunal in Warsaw. President Karol Nawrocki went inside, and scuffles broke out at the entrance. Protesters and police are facing off outside Poland's top court. x.com/newsforbiddenx…

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The Commoner

Truth for the Commoner, every weekday. Money, machines, and the people trying to control both.

Independent writing by Marty Bent at TFTC since 2017. Money, markets, AI, energy and privacy, delivered free to your inbox.

Free, every weekday. Unsubscribe anytime using the link in each newsletter. By subscribing you agree to our Terms and acknowledge our Privacy Policy. Read recent issues.