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Binance and Polymarket Propose Polygon Hard Fork To Recover About $6,500,000 in Hacked Crypto

Crypto exchange giant Binance and prediction markets platform Polymarket want the Polygon (POL) network to move about 70 million tokens out of the hands of the hackers who stole them late last month.

The two firms have filed a Polygon Improvement Proposal for a one-time hard fork that would set the POL balances in five attacker-controlled addresses to zero and credit the same amounts to recovery wallets the companies control, the proposal says.

The five addresses hold about 70.49 million POL, worth roughly $6.5 million at the October 29th price used in the proposal.

About 23.86 million POL sits in four addresses tied to the Polymarket hack on October 29th, while about 46.63 million POL sits in one address tied to the Binance hack that hit late the same day.

Polygon’s block producers have already added the addresses to a block list, so the funds cannot move.

But the companies say that is only a stopgap.

β€œThe funds cannot move, but nothing in the current setup lets them be returned either.”

The proposal says the attacker has kept trying to get the funds out, including by offering validators cash to help unblock a transaction.

The fork would leave Polygon’s total supply unchanged.

It would only go live after approval through Polygon’s governance process, a test run on the Amoy testnet and proof that Binance and Polymarket control the recovery wallets.

The firms call it an extreme action that should not be reproduced commonly.

The plan is set to be presented at the Polygon Protocol Governance Call on November 5th at 14:30 UTC, with rollout expected to take about two weeks after approval.

Binance says it has already replaced most of the roughly $6.3 billion stolen from its hot wallets in the October 29th attack.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney

The post Binance and Polymarket Propose Polygon Hard Fork To Recover About $6,500,000 in Hacked Crypto appeared first on The Daily Hodl.

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Cardano Faces Bearish Signals as Futures Demand Cools and Whales Sell

Cardano’s (ADA) recent price surge is running into fresh headwinds from fading trader interest and large-holder exits.

Futures open interest for ADA has dropped 9% over the past week, sliding from $1.99 billion to $1.81 billion as traders cut back on leveraged bets, says Ali Charts on X.

Whales also appear to be taking profits.

β€œSince September 20, large holders have offloaded roughly 90 million ADA, worth approximately $22.5 million, adding to the recent selling pressure.”

This decline in demand aligns with a Tom DeMark Sequential sell signal that appeared on Cardano’s daily chart.

β€œSince then, ADA has fallen 10%, and the correction may not be over yet.”

According to the analyst, a parallel channel on the daily chart points to $0.24 as the key mid-range support.

β€œIf ADA loses that level, a move toward the channel’s lower boundary near $0.21 becomes likely.”

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Source: Ali Charts/X

If $0.21 holds, it could present the next buying opportunity, targeting the channel top near $0.28.

Looking at Bitcoin, Ali says whales have cut their BTC holdings significantly over the last seven days.

β€œMost of the market has moved sideways over the past week. So what have whales been doing during the lull?

Bitcoin whale holdings have fallen by roughly 30,000 BTC, worth about $2.52 billion.

Large holders appear to be reducing their exposure.”

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Source: Ali Charts/X

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Cardano Faces Bearish Signals as Futures Demand Cools and Whales Sell appeared first on The Daily Hodl.

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Quant (QNT) Could Explode to $2,000: Analyst Reveals the Critical Factor

September was a strong month for many cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC), all of which posted significant gains.

Nonetheless, their pumps can’t be compared to what happened with Quant (QNT). The altcoin became a sensation after surging nearly 400% in a month, fueling expectations of a continued bull run among top analysts. On the other hand, traders and investors should tread lightly, as key signals suggest a short-term pullback may be coming.

Final Barrier Before the Real Boom?

As of this writing, it seems surreal that less than two weeks ago QNT was worth around $60. By the end of September, the token’s price skyrocketed to nearly $350, and now it trades just under $280.

Perhaps the biggest catalyst for the rally was the announcement that The Clearing House (which operates payment networks that process over $2 trillion each day) selected Quant to power its On-Chain Money Initiative.

One of the many analysts commenting on the token’s bull run lately is Ali Martinez. Earlier today (October 1), he set $430 as key resistance, which sits at the top of a certain channel.

In his view, a decisive break above this level could send QNT into price discovery mode, potentially triggering another parabolic expansion toward an all-time high of $2,000.

Jia Crypto also made an optimistic prediction, albeit far less bullish than Martinez’s take. She believes QNT could cross $300 β€œsoon with big profits,” and then might rise to $400.

Beware, Bulls

Despite the overall optimism, a further price uptrend is not guaranteed. Lookonchain revealed that the Quant Network founder’s wallet has woken up after seven years of inactivity and has moved almost $7 million worth of QNT. Even if no actual sale occurs, traders may interpret the move as a sign of potential profit-taking, which can trigger uncertainty and panic selling.

Meanwhile, QNT investors have been abandoning self-custody en masse and flocking to centralized exchanges over the past several days. This in turn increases immediate selling pressure.

QNT Exchange Netflow
QNT Exchange Netflow, Source: CoinGlass

The token’s Relative Strength Index (RSI) should also serve as a warning. The ratio has surged past 70, suggesting that QNT has entered overbought territory and could be on the verge of a short-term correction. The index ranges from 0 to 100, where anything below 30 is considered a buying opportunity.

QNT RSI
QNT RSI, Source: CryptoWaves

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The post Quant (QNT) Could Explode to $2,000: Analyst Reveals the Critical Factor appeared first on CryptoPotato.

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Altcoin Trading Volume Hits 4x Bitcoin as One Trader Says He’s Out

The altcoin market is showing signs of overheating, as spot trading volume is now four times higher than that of Bitcoin. The sharp rise in activity has also pushed leverage higher across the market.

This has prompted one trader to take profits and reduce exposure to altcoins.

Bitcoin Over Altcoins?

Doctor Profit said ONDO was sold with a 73% profit, while HBAR was closed with a smaller gain. XRP remains on watch, with a possible entry planned at a better price. The trader said there is no interest in buying altcoins while market conditions remain this hot. He also called altcoins a β€œgreat distraction and liquidity grab” and went on to add,

β€œThis is why I’m out of Alts!”

Instead, the trader is betting on a Bitcoin correction, reiterating his previous stance. A short position was opened at $86,200, and additional short orders were placed between $86,500 and $89,500.

While he remains bullish overall, Doctor Profit had previously pointed to a potential pullback toward $79,000, near the 50-week moving average, before the broader uptrend continues. The analyst had flagged bearish signals across RSI, MACD/PPO, and MFI, while ADX showed weaker trend strength.

Warning Signs Emerge

A few days earlier, Darkfost also identified a few warning signs. According to the analyst, Total2, which tracks the altcoin market cap including Ethereum, absorbed more than $371 billion in inflows since June 2026. This is a 45% increase in just a few months.

The shift is also visible across Binance, where 87% of listed altcoins are trading above their 200-day moving average. That is a major change from August, when 80% were still below the crucial trend level. Darkfost explained that the move is indicative of a growing euphoria around altcoins, something that has historically been difficult to sustain for long.

Another signal is the rise in altcoin deposits to exchanges. Weekly deposit transactions have climbed above 22,700 on Binance and 8,300 on Coinbase, with another 32,000 or so across other platforms. The numbers are still below the levels seen early in the previous bull cycle. However, Darkfost also pointed to a developing bearish divergence on Total2’s RSI, which suggests that the altcoin momentum could be starting to cool after the recent surge.

The post Altcoin Trading Volume Hits 4x Bitcoin as One Trader Says He’s Out appeared first on CryptoPotato.

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