Forma chain Announces Termination of Operations, Assets to Migrate to Ethereum

A Chainalysis report indicates that the $6.3 billion in crypto assets stolen by the Binance hack are being transferred through thousands of wallets and multiple blockchains, with some funds already flowing into money laundering networks in China.

Chip stocks continued their decline, with the Philadelphia Semiconductor Index falling 10.1% intraday. The index was dragged down by US election policies and earnings reports from Arm and Qualcomm. Election results showed support for policies restricting the construction of new AI data centers, prompting Wall Street analysts to lower target prices for several AI infrastructure-related chip companies. Arm reported second-quarter revenue, profit, and outlook that all exceeded expectations, but third-quarter royalty income fell short, partly due to weak smartphone sales. Qualcomm's fourth-quarter results and current-quarter outlook slightly exceeded market expectations, but its smartphone chip sales were affected by weak market conditions. Other chip companies reported that Astera Labs' third-quarter results and fourth-quarter guidance both exceeded expectations; Coherent reported first-quarter results that exceeded expectations and raised its outlook. (Source: Investor's Business Daily)

Hut8 reported net income of $189.5 million in the third quarter, while revenue fell to $71.1 million. Net income included $413.8 million in unrealized Bitcoin gains. Hut8 sold approximately 3,100 bitcoins to fund a $250 million stock buyback and cancelled 3.3 million shares. The board increased the buyback mandate to $1 billion. The company's AI data center project, currently under construction, is projected to have a lease value of approximately $26.6 billion. (Source: Bitcoin News)

Solana Labs' new subsidiary, Leap, has launched a high-performance mobile trading app of the same name, available for early access starting today. The app supports trading in tokenized stocks, ETFs, commodities, forex, and crypto assets, and provides profit and loss displays covering deposits and transaction fees. Leap plans to use a portion of each transaction fee to buy back and burn SOL after the fee is implemented. Solana's official account has confirmed this news.

Chainalysis reports that the hackers behind the $6.3 billion Binance theft are transferring some of their assets through Chinese money laundering networks, with hundreds of thousands of dollars already traced flowing into these networks. The hackers have reportedly transferred approximately $500 million through the TRON network, distributing it across more than 1,000 addresses before transferring it to networks such as Ethereum and Bitcoin. Crypto companies have frozen approximately $3 billion in stolen assets, with about $2.42 billion in BTC and ETH remaining virtually untouched since the theft, while the remaining nearly $1 billion has entered money laundering channels. A Binance spokesperson stated that they are cooperating with law enforcement, on-chain analytics companies, and stablecoin issuers to track and freeze the relevant assets. (Source: Bloomberg)