Dear PointPay Family,
What a week it was, whisking right past us at breakneck speed. Still, let's catch it by the tail and take a closer look at the top 5 most important and interesting stories it brought along. We've rounded everything up for you in TL;DR format, so you can get up to speed quickly and stay on top of the changes.
Arbitrum security council moves $30 million from a wallet linked to the Binance hack
Arbitrum's security council has moved around $30 million in crypto from an address tied to the attack on Binance. To make it happen, the committee invoked emergency powers to upgrade one of the network's core smart contracts, which allowed the transfer to go through without the signature of the address's owner - the attacker.
The decision required approval from at least 9 of the council's 12 members. The assets now sit at a separate address, and any further handling of them will require a vote by the Arbitrum DAO. The episode has once again raised the question of where the boundaries lie for blockchain governing bodies: just how far can emergency intervention go in the pursuit of recovering stolen funds?
Binance resumes withdrawals after the $6.34 billion hack
On November 1, Binance began gradually restoring withdrawals after the largest incident in crypto industry history. According to The Block, in the first 9.5 hours after operations resumed, users withdrew about $4.65 billion, while deposits came to $1.01 billion. Net outflows reached $3.64 billion, or roughly 2.1% of the exchange's assets.
On November 3, Binance published preliminary findings from its investigation. In the company's account, the attackers used a fake job interview, malware, and an internal AI tool to gain access to the transaction-signing infrastructure. The exchange reported recovering 98% of the affected assets, with roughly $2.85 billion frozen or intercepted. Separately, Tether announced it had frozen more than $1.5 billion in USDT linked to the attack within 30 minutes of it starting.
Ethereum sets its sights on completing the transition to post-quantum security by the end of 2028
Ethereum Foundation researcher Justin Drake presented a more ambitious target at Devcon 8 for Ethereum's transition to post-quantum and post-AI cryptographic protection. According to him, developers hope to complete the work by December 2028. To get there, they will need to ship three more major network upgrades in roughly 24 months.
For now, however, this remains a researcher's goal rather than an official change to the Ethereum Foundation's roadmap. The previously published plan calls for reaching quantum resistance by December 2029, with a review of the timeline scheduled for January 2027. The work touches several key layers of Ethereum, including transaction execution, consensus, and data availability.
Consensys unveils infrastructure for cross-chain settlement without moving assets
Consensys has introduced Sovereign Network Interoperability - a technology stack designed for interoperability between independent blockchains used by financial institutions. The solution is meant to help coordinate securities settlement, international payments, and the movement of collateral assets between individual networks.
The key feature of the approach is the ability to cryptographically verify transaction execution across ledgers without moving the assets themselves to another network through traditional bridges. Support for EVM networks is already live, while integration with Canton is flagged as the next step. It's yet another attempt to tackle the fragmentation of blockchain infrastructure at the institutional level.
Circle reports 49% growth in quarterly onchain USDC turnover
Circle has published its financial results for the third quarter of 2026. The average amount of USDC in circulation reached $73.3 billion, up 8% year over year. Meanwhile, the volume of onchain transactions using USDC totaled $13.9 trillion - a 49% increase over the same period last year.
The company's total revenue and reserve income grew 17%, reaching $865 million. Net income from continuing operations came in at $226 million, up 5% year over year. The report makes clear just how substantial a role stablecoin usage volumes already play in the financial performance of their issuers.
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