Binance reports $6.3 billion hack; Delhivery reports net profit of 41 million rupees in Q2

Home appliance manufacturer Atomberg Technologies has received approval from the Securities and Exchange Board of India (SEBI) to conduct an Initial Public Offering (IPO).

This IPO will be a combination of a new equity issuance and a public offering. Atomberg plans to raise ₹450 crore through the new equity issue, in addition to selling 76,542,051 shares with a face value of ₹10 each.

The funds raised from the IPO are intended by the company to be used for debt repayment, investments in brand awareness enhancement and marketing, research and development (R&D), as well as general corporate purposes.

According to its reporting, Atomberg's revenue reached ₹1293.77 crore for the fiscal year 2026, compared to ₹959.51 crore in the fiscal year 2025, demonstrating a growth of 34.83%. However, in the fiscal year 2026, the company recorded a loss of ₹148.88 crore.

Founded in 2012, Atomberg produces a wide range of home appliances, including blenders, water purifiers, and cold-press juicers. Furthermore, the company develops, manufactures, and supplies proprietary and critical components, such as motors and controllers, for corporate clients, including Voltas, Godrej, and BlueStar.

Atomberg's products are sold through an omnichannel distribution model. This model covers both offline channels, such as general market distributors, retailers, modern retail chains, and institutional partners, and online channels, including e-commerce marketplaces, quick delivery platforms, and its own website.

Revenue from online channels increased to ₹456.45 crore in the fiscal year 2026, up from ₹234.51 crore in the fiscal year 2024. Meanwhile, revenue from offline channels grew to ₹820.11 crore from ₹562.47 crore during the same period. The online channel accounted for approximately 35.76% of the home appliance business revenue.

Atomberg operates two leased manufacturing facilities in Pune, Maharashtra, which support the operations of its home appliance and proprietary component manufacturing businesses. The factory in Chakan, located in Pune, which commenced operations in the fiscal year 2022, produces ceiling, table, floor, and wall fans, exhaust fans, blenders, cold-press juicers, and smart locks.

Binance, considered the largest global platform for cryptocurrency trading, was the victim of a hacker intrusion that resulted in the theft of $6.3 billion (equivalent to R$ 33.9 billion in direct conversion) in assets held in its users' wallets. This incident is cited as the largest cyberattack ever documented involving cryptoassets, although investigations must confirm this claim.

If confirmed as the largest attack, the event at Binance would surpass the $1.5 billion loss suffered by Bybit in February 2025, an attack linked to the North Korean hacker group known as TraderTraitor.

In response to the incident, Binance announced that it will assume full responsibility for the damage caused by the attack, as disclosed in its post on the X platform. However, the company had to temporarily suspend withdrawal and deposit processes (although the latter have since been reactivated) while analyzing its systems and investigating the situation.

The cyberattack began on October 29, 2026, with most of the fraudulent transfers occurring within a twenty-minute period, despite other movements being registered in the subsequent hours.

Preliminary analysis conducted by Binance suggests that the intruders gained access to a DevOps engineer's laptop. Using this computer, the hackers allegedly managed to penetrate Binance's internal systems by leveraging the engineer's access privileges. This allowed them to execute cryptocurrency transfer transactions using the company's own system authorizations, without needing to violate or capture cryptographic keys.

Binance also communicated that it has identified other potential vulnerabilities in its systems, indicating that the engineer's laptop may have been only one of the vectors used in the attack.

According to the initial investigation conducted by the digital security firm TRM Labs, the hacker group TraderTraitor reappears as the probable perpetrator of this action.

The total amount of the loss was not higher because a significant portion of the stolen cryptoassets consisted of stablecoins, which are digital currencies pegged to the value of fiat currencies and issued by corporations capable of blocking these assets in digital wallets.

In this specific case, Tether, the issuer of the USDT stablecoin, blocked assets totaling $1.77 billion. Concurrently, Circle, responsible for USDC, froze an equivalent amount of $825 million. Furthermore, other entities, such as Ripple, also participated in the blocks.

However, cryptocurrencies like Bitcoin and Ether do not have the same blocking mechanisms, which led the intruders to attempt to convert part of the stolen stablecoins into unprotected cryptoassets. The swift actions taken by Tether, Circle, and other companies helped contain these operations.

Despite this, a considerable volume of cryptocurrencies was captured by the intruders. CEO Richard Teng and co-founder Changpeng Zhao assured that Binance will fully cover the $6.3 billion lost, using its own funds and a guarantee fund called SAFU (Secure Asset Fund for Users).

Affected customers should await further instructions provided by Binance itself.

Binance, the world's largest cryptocurrency platform, announced on Thursday the freezing of $3 billion in crypto assets during an investigation into a potential security breach. Consequently, related assets belonging to stablecoin issuers Circle and Tether were also frozen.

Binance co-founder Yi He stated that 'Binance will cover all losses from the hack,' but provided no further details about the incident. The impact of this potential hack, which the analytics firm Chainalysis considers potentially the largest crypto heist in history, was immediately felt during early trading in Asia on Friday.

As a result of the incident, Bitcoin dropped by approximately 2%, reaching a six-week low of $77,646, while Ethereum fell about 2% to a two-month low of $2,238.76. The BNB token, originally launched as Binance Coin for paying Binance fees, lost over 8% in the last 24 hours, settling at $694, according to the market aggregator CoinGecko. The cryptocurrency exchange Coinbase Global slipped by 4.8%, and the Bitcoin buyer exchange Strategy fell nearly 6% during extended trading in the US.

Binance clarified that the amount of frozen funds may increase as the company collaborates with law enforcement agencies, token issuers, blockchain analytics firms, and other industry partners to track and block additional assets. Binance co-founder Changpeng Zhao, who no longer leads the company, stated in an X post that the incident 'resembles a hack.'

Binance, which allows users to buy, sell, and trade digital assets, has over 335 million registered users worldwide and held approximately $160 billion in assets under custody as of its 2024 annual report.

Binance Maintains a Protected Asset Fund

According to the Binance website, the exchange manages a protected asset fund for users. This reserve consists entirely of Bitcoin and is intended to safeguard user assets in the event of security breaches. Bernardo Brites, CEO of Trace Finance, a company specializing in payment and stablecoin infrastructure, noted that 'it is becoming very difficult to resist hacks because AI can find vulnerabilities faster than you can fix them.' He added that he believes users will start leaving smaller and medium-sized exchanges because 'it is too risky to keep your money where they cannot cover a significant hack.'

Tether reported freezing assets related to the incident worth nearly $1.57 billion, while Circle froze over $800 million. Binance stated that it is conducting security checks and will resume withdrawals after the issue is fully resolved, emphasizing that user funds remain safe while teams investigate the incident. As a precautionary measure, the exchange also temporarily suspended trading on its Binance Alpha platform.

World Liberty Financial, a crypto company associated with US President Donald Trump and his family, announced on Thursday that it had cooperated with cryptocurrency custodian BitGo to freeze funds stolen in what they termed the Binance hack. According to Yi from Binance, $27 million in stablecoins and about $2 million in World Liberty Financial tokens were frozen. Additionally, the crypto firm Ripple froze approximately $200 million in funds. Jack McDonald, Vice President of Stablecoins at Ripple, stated that the company is closely monitoring reports of a possible exploit related to Binance and is freezing affected funds while coordinating with relevant parties.

Incident Adds to String of Crypto Heists

Miguel Morel, CEO of blockchain analytics firm Arkham, reported that data suggests billions of dollars may have been stolen from Binance by an unknown perpetrator, although the exact cause has not yet been confirmed. Morel noted that the incident began around 4:30 PM EDT (8:30 PM GMT) and apparently continued. This case joins a series of crypto heists. According to researchers at TRM Labs, attackers stole $2.9 billion in cryptocurrency in almost 150 attacks last year. In September, the cryptocurrency exchange Bitget reported a theft of approximately $350 million from its platform, highlighting the industry's vulnerability to hackers.

Authorities warn that organized crime groups are increasingly using cryptocurrencies for cross-border fund transfers outside the traditional financial system. Binance.US, a separate cryptocurrency exchange, stated that it was not affected by the security incident. Coinbase also stated that it was unaffected and is monitoring the situation. In an unrelated incident earlier on Thursday, the prediction market operator Polymarket temporarily suspended trading following a security incident involving a third-party provider but later resumed trading and promised to fully compensate affected traders.