A Record $6.3B Binance Hack Rattles Crypto. Canada Hikes Rates.
The biggest story this week was a security failure, not a price chart. On October 29, an attacker drained about $6.3 billion USD (roughly $9 billion CAD) from Binance, the world’s largest crypto exchange, moving funds out of its hot wallets on 10 blockchains in about 20 minutes. Binance froze roughly $3 billion, paused withdrawals, and pledged to cover all losses. The FBI said on Saturday that North Korea was responsible, and most customers can now withdraw again.
Bitcoin fell to about $76,000 USD on Friday, a six-week low, then recovered to roughly $78,000 ahead of tomorrow’s U.S. midterm elections. It ended October down about 7%, breaking a run of six straight positive Octobers. Ether, Solana and BNB fell harder than Bitcoin during the selloff.
At home, the Bank of Canada raised its policy rate by a quarter point to 2.50% on Wednesday, its first hike since July 2023, and said more increases may be needed. It also lifted its 2027 inflation forecast to 3.1%. The Fed held at 3.75% to 4% in a 10 to 2 vote, with two members voting for a hike, and markets price about an 85% chance of a December increase. The loonie barely reacted, since the Bank’s move was widely expected, and sits near 1.397 per U.S. dollar, close to a six-week high.
On trade, Prime Minister Mark Carney said Sunday after a call with President Trump that teams from both countries will work toward a deal in the coming weeks. RapidEX is a Canadian company built for Canadians watching the loonie as closely as the market, with fast funding, real human support, and 100+ locations across the country.
Market Intelligence & Action
Weekly Snapshot (October 26 to November 2, 2026)
A shaky week. The record Binance hack sent Bitcoin to a six-week low on Friday, and gold fell to a one-year low below $3,950 USD at the end of its worst month since 2008, before rebounding Monday as oil eased on Iran diplomacy. The loonie held near 1.397 per U.S. dollar. In Canadian dollars, Bitcoin is down 2.9%, Ethereum 1.5%, Litecoin 2.5%, gold 2.1%, and silver 6.5%.
| Asset | Week Open (CAD) | Current Level (CAD) | 7-Day Trend |
|---|---|---|---|
| Bitcoin (BTC | $112,100 | $108,900 | -2.9% |
| Ethereum (ETH) | $3,245 | $3,195 | -1.5% |
| Litecoin (LTC) | $79 | $77 | -2.5% |
| USD Coin (USDC) | $1.40 | $1.40 | -0.0% |
| Gold (XAU/oz) | $5,620 | $5,500 | -2.1% |
| Silver (XAG.oz) | $75.50 | $70.60 | -6.5% |
This Week’s Updates
1. Canada: Bank of Canada Hikes to 2.50% and Keeps the Door Open
The Bank of Canada raised its overnight rate to 2.50% on October 28, with the Bank Rate at 2.75%, saying it wants to keep high energy prices from spreading to other goods and services. Governor Tiff Macklem said inflation should end the year near 3.5% and stay around 3% for most of next year before returning close to 2% by mid-2028, and that growth should pick up in 2027 even as new U.S. tariffs slow the fourth quarter. Economists who opposed the hike pointed to core inflation near 2% and a soft job market. The next decision is December 9. For Canadians, the increase means higher borrowing costs on variable-rate loans and lines of credit.
Pro Tip: A hike that markets expect moves a currency less than the guidance that comes with it. The loonie held steady this week because the Bank’s message, taking decisions one meeting at a time, matched what traders already assumed.
2. Industry News: What the Binance Hack Means for Everyone Else
Blockchain analytics firm TRM Labs said the attacker gained the ability to make Binance’s hot wallet signing system approve transactions of its choosing, then moved funds out on ten blockchains. The FBI attributes the theft to TraderTraitor, the North Korean unit also behind February 2025’s $1.5 billion Bybit theft, making this roughly four times the previous record. Binance says it found no evidence that any wallet private key leaked and that deposits were unaffected. About $1.5 billion in leveraged crypto positions were liquidated over 24 hours as the selloff spread.
Market Insight: Binance has pledged to cover all losses, so its customers are protected here. The broader lesson, according to a Macquarie University market expert, is that crypto held at a centralized exchange is only as safe as the exchange itself. That is the subject of this week’s Knowledge Centre.
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The RapidEX Knowledge Centre
Hot Wallets vs. Cold Wallets: Why Big Exchanges Get Hacked
This week’s Binance hack was a hot wallet attack. If that phrase sounds like jargon, think of the difference between cash in your pocket and money in a safe.
What a Hot Wallet Is. A hot wallet is connected to the internet, which makes it fast and convenient for sending and receiving crypto. A cold wallet keeps its keys offline, on a hardware device or a paper backup. Hot is the cash in your pocket and the till. Cold is the safe in the basement.
Why Exchanges Are Targets. Exchanges keep a working balance in hot wallets so they can process withdrawals quickly, and a big pool of online funds is exactly what attackers look for. The Binance attacker emptied hot wallets on 10 blockchains in about 20 minutes.
What It Means for You. Crypto left on an exchange depends on that exchange’s security. Many people keep only what they plan to trade on an exchange and hold the rest in a wallet they control, with the seed phrase stored offline. Whatever you choose, turn on two-factor authentication and never share your seed phrase with anyone.
The RapidEX View: RapidEX operates as a non-custodial trading platform, which means it does not hold your crypto on your behalf. Whatever platform you use, the key question is who holds your keys. This is educational only, not financial advice.
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