Binance’s $6.3B breach, Fed rate pause, CFTC plans | Weekly recap

In this week’s edition of the weekly recap, Binance has reported a $6.3 billion breach, the Federal Reserve has held interest rates steady, and the CFTC has advanced plans for voluntary crypto exchange registration. Summary Binance pledged to cover customer losses after reporting a $6.3 billion security breach. The Fed held rates at 3.75%–4.00%, with two officials voting for another hike. The CFTC continued developing voluntary exchange registration while Congress’s market-structure legislation remained unfinished. Coinbase reported $719 million in quarterly profit, largely supported by unrealized cryptocurrency investment gains. Tether posted $1.5 billion in quarterly operating profit and nearly $8 billion in excess reserves. Binance pledges to cover losses after $6.3 billion breach Binance said its Oct. 29 breach affected approximately $6.3 billion, with partners freezing roughly $3 billion in assets. The exchange promised to cover customer losses using its SAFU fund and company resources. Its preliminary investigation pointed to a compromised DevOps engineer’s laptop that may have enabled unauthorized withdrawals. Binance said it found no evidence that wallet private keys leaked...