Binance customers withdrew $3.6 billion after a multi-billion-dollar theft at the cryptocurrency exchange, which has since resumed withdrawals. Binance said 90 percent of the stolen sum is secured.
The FBI said on Saturday evening that a state-sponsored North Korean hacking group called TraderTraitor was behind the cyberattack, which it described as the world's largest digital heist. Investigators observed members of the group converting stolen assets into the cryptocurrency Ether, and the FBI expects further money laundering. North Korea did not initially comment; Pyongyang has for years denied allegations that state cyber units are used for espionage or financial theft.
Stablecoin providers Tether and Circle froze assets worth almost $1.57 billion and $800 million respectively in response to the theft. Analysts at Chainalysis said the hackers are using new, highly sophisticated money-laundering methods. Industry leaders called for a coordinated warning system. Star Xu, head of the crypto exchange OKX, said a real-time system was needed so that actors could immediately exchange information during a hack and temporarily freeze suspicious stolen funds. Crypto firm GSR said the incident could serve as a catalyst for improvements in the sector.
IG Metall launched warning strikes, with district leader Thorsten Gröger accusing employers of trying to fob workers off with "mini-percentages" at the negotiating table. The union has demanded 5 percent more pay for employees and trainees over 12 months, a social component for lower pay groups and profit sharing at economically successful companies, as well as talks on safeguarding jobs. Employers have offered a one-time payment of 1 percent of average contractual annual gross income in July 2027 and a permanent increase of 1.3 percent from July 2028.
OpenAI is likely to raise $10 billion less than planned. The company had originally intended to raise $30 billion at a valuation of $1.4 trillion. The reduction follows losses in US technology stocks, with investors recently concerned about the massive spending on artificial intelligence.
Corporate insolvencies are heading toward a negative record. Dun & Bradstreet said 53 companies now file for insolvency each day, compared with 27 in 2022. At the current pace, the firm expects more than 19,000 corporate insolvencies for the full year 2026, which would be a record. Dirk Radetzki of Dun & Bradstreet said the sharp rise is not only due to the weak economy; companies are also under heavy pressure because digitalization is drastically changing business models, while rising energy and personnel costs are making the situation worse. On a brighter note, Dun & Bradstreet expects around 160,000 new business registrations in 2026, up from just under 150,000 in 2025.
Puma narrowed its full-year earnings forecast to earnings before interest and taxes of between €80 million and €130 million; previously it had guided for a loss of between €50 million and €150 million. The sportswear maker cut investments to less than €150 million, down from €200 million, citing the market environment. It still expects currency-adjusted sales to fall by a low-to-mid single-digit percentage. Chinese sportswear group Anta Sports completed its previously announced stake in Puma in early October, holding 29.1 percent and appointing the supervisory board chairman. Puma said demand from trading partners in China had become more restrained after the Anta stake was announced, because Anta relies heavily on direct sales through its own stores and online shops.
Bayer won another glyphosate case. Following a US Supreme Court ruling, lawsuits against Bayer that rely on a lack of cancer warnings on herbicide packaging are basically no longer possible. In the case in St. Louis that has now ended, lawyers had made a different argument, claiming that the weedkiller Roundup was defectively designed and that they had been intentionally deceived. The court victory is likely to give fresh momentum to Bayer's efforts to largely close the glyphosate matter, which has already consumed billions.
MPS shareholders rejected a counterproposal from the bank's management led by chief executive Luigi Lovaglio, with more than 90 percent of shareholders present voting against, equivalent to about two-thirds of all shareholders. Management had proposed that MPS instead acquire the two Italian banks Banco BPM and Banca Generali, as an alternative to Intesa Sanpaolo's takeover offer. The move brings Intesa closer to its goal, although the Italian market regulator Consob must still approve the offer document. Intesa's share exchange offer, including a cash component and worth around €31 billion, is expected in mid-November, and the acceptance period could run until the end of the year. Shareholders also rejected with a clear majority the merger of MPS and investment bank Mediobanca proposed by Lovaglio. MPS acquired Mediobanca last year but has so far run it only as a subsidiary. Lovaglio's position is now seen as significantly weakened.
Deutsche Bahn extended its last-minute ticket promotion and its free youth Bahncard for young people aged 6 to 18. The offers had originally been due to end in mid-December this year; the railway said it wants to appeal to flexible travelers and new customer groups. China wants to buy more German products, while the Swiss National Bank reported a profit in the billions and AstraZeneca announced a multibillion savings program. In Düsseldorf, scaffolding and plywood boards were already being put up in front of luxury boutiques on the Königsallee two days before youth protests announced under the slogan "GenZ regelt".
Sources: FAZ.