🧐 Jeff Yan, 31, views Hyperliquid as “the infrastructure underlying exchanges.” Reporter @RyanJamesWeeks traveled to Washington, D.C., to meet with Jeff Yan @chameleon_jeff and learn about the future strategic plans for Hyperliquid, the rapidly growing crypto platform he built from the ground up. We sat down in the lobby café of the prestigious Riggs Hotel, where his security team kept watch nearby. During our conversation, I found that this 31-year-old founder doesn’t always offer straightforward or definitive answers. This billionaire-valued programmer deeply understands the linguistic nuances of the crypto industry. While outsiders commonly define Hyperliquid as a digital asset exchange, he consistently emphasizes that Hyperliquid is not an exchange itself—but rather “the foundational infrastructure layer upon which exchanges are built.” He compares it to the internet: developers building applications on top of Hyperliquid must design their own risk controls and governance mechanisms. Jeff Yan avoids vague discussions about industry visions and instead focuses intently on coding. “I spend nearly all my time working,” he says. “For me, work consumes everything.” That dedication has yielded remarkable results: Hyperliquid began as a small offshore platform focused solely on perpetual contracts (Perps)—derivatives that trade continuously with no expiration date. Today, it has evolved into a core trading hub supporting proxy contracts for assets ranging from stocks to gold, generating $713 million in revenue over the past 12 months. Launched in 2023 and not yet open to U.S. markets, Hyperliquid’s rapid growth has disrupted industry giants—including the world’s largest derivatives exchange, CME Group—and drawn attention from the White House. Donald Trump, a supporter of the crypto industry, earned over $1.4 billion last year through his own crypto ventures and has stated that regulators are actively developing a regulatory framework for perpetual contracts. Jeff Yan is based in Singapore but traveled to Washington to support the Hyperliquid Policy Center, an independent lobbying entity that regularly submits filings to U.S. regulators to articulate the platform’s value. *Photo credit: Greg Kahn, Bloomberg Businessweek*

🚨 Still not under control? Another $27 million anomalous withdrawal from a European entity raises total losses to over $133 million. On-chain detective @zachxbt released an update stating that a European entity has again initiated an anomalous CEX withdrawal exceeding $27 million, bringing the total funds involved in the incident to over $133 million. Some of these withdrawals occurred after ZachXBT’s initial public disclosure of the event. ZachXBT initially speculated that the victim may be a large financial institution in Western Europe, which is concealing the incident. He criticized the institution for failing to disclose the breach promptly, resulting in over $30 million being laundered—funds that could have been frozen by EU law enforcement.

😧 ZachXBT: A European entity is suspected of having over $106 million stolen from multiple centralized exchange accounts. ZachXBT @zachxbt issued a community alert stating that a European entity is suspected of having over $106 million stolen from multiple centralized exchange accounts on November 1, with funds withdrawn in USDC and USDT. Over the past 24 hours, the attacker has continuously exchanged USDC for ETH, transferring it to instant swap platforms such as WellWallet and Kyrrex, and then converting it to XMR via Wagyu, while moving funds across multiple blockchains. ZachXBT has published 11 related stolen addresses.

📜 Foresight News October Creator Rankings Are Out! Congratulations to all the creators who made it onto this month’s list: 🔥 Popularity Ranking: ▪️ Mankun Blockchain Legal Services @mankunlaw ▪️ Beosin @Beosin_com ▪️ Fugui @AliceLordghost ▪️ Biteye @BiteyeCN ▪️ JiaYi @mscryptojiayi 🧑‍🌾 Hardworking Ranking: ▪️ Dao Shuo Blockchain Looking forward to more great content in the future—and thank you to all the creators for your hard work and BUIDLing 🫡 Take a look back at last month’s top articles below ▻

💧 Suiet Wallet will cease development and maintenance after November 14. The Sui ecosystem wallet @suiet_wallet has announced that it will stop development and maintenance after November 14, 2026. API services will be suspended after this date, and the Chrome extension will be discontinued. Users should back up their mnemonic phrases or private keys and migrate to another Sui-compatible wallet promptly.

🧐 The Central Committee of the Communist Party of China: Firmly Crack Down on Corruption Activities Involving Virtual Currencies, Blockchain, and Other Technologies According to Xinhua News Agency, the Central Committee of the Communist Party of China has issued a decision titled “On Persistently Advancing Comprehensive and Strict Governance of the Party: Key Issues.” It emphasizes thoroughly investigating new and hidden forms of corruption, including anticipated benefits, agreed-upon holdings, “white gloves,” and the “revolving door” between government and business, and firmly combating corruption carried out through the internet, virtual currencies, cross-border funds, blockchain, and other related technologies.

🤖 Grok subscription service now supports Alipay payments. According to the Grok subscription page, users who select China as their billing region can now choose to pay for their Grok subscription via Alipay or UnionPay. @elonmusk @Alipay

🕵️ North Korean hackers have become professional plunderers. Every year, North Korean hackers "withdraw" funds from the cryptocurrency industry. They have established a highly professional cyberattack infrastructure, consistently targeting global financial systems, enterprises, and government institutions to acquire funds and intelligence. In the early stages, North Korean hackers primarily focused on traditional financial systems. For instance, as far back as 2016, they infiltrated Bangladesh’s central bank and orchestrated fraudulent SWIFT transfers totaling approximately $951 million, successfully stealing $810 million. However, as the cryptocurrency industry has evolved, so too have the hackers’ targets. Recent high-profile thefts reveal that cryptocurrency exchanges, wallets, cross-chain bridges, and DeFi protocols have become key targets for their financial gains. Of the 28 major security incidents in the cryptocurrency industry that I have documented, 10 have been explicitly attributed—or assigned with high confidence by security agencies—to North Korean-linked hacking groups. More notably, I’ve observed that the methods and preferences of North Korean hackers are also shifting: they are no longer solely exploiting code vulnerabilities in smart contracts but are increasingly targeting people. North Korean operatives have even fabricated identities to directly apply for remote positions at cryptocurrency companies. Meanwhile, attackers impersonate recruiters, business partners, or investment firms, building long-term trust with teams before seizing opportunities to compromise employee devices, development environments, and critical signing processes.

🧐 Wall Street legend investor Stanley Druckenmiller has posted his first tweet, revealing an investment in @tradexyz. Wall Street legend investor Stanley Druckenmiller has posted his first tweet, disclosing an investment in @tradexyz, stating, “They are partnering with ICE to bring 24/7 perpetual contract trading from the Hyperliquid platform to the U.S. As a market participant, I look forward to using their innovative products to enhance my investment process.” Stanley Druckenmiller is a globally renowned macro investor who previously served as Chief Investment Manager of George Soros’s Quantum Fund and was a key player in the 1992 short-selling of the British pound. His firm, Duquesne Capital, is renowned for its long-term high returns, and he currently manages the Duquesne Family Office.

Alipay responds: It does not support cryptocurrency trading or related services. Alipay stated on Twitter that it does not support cryptocurrency trading or related services. Claims that it enables cryptocurrency purchases on third-party platforms are false and unauthorized. Users are advised to remain vigilant to protect their funds and account security. Previously, the P2P fiat gateway project Peer tweeted that it had enabled the purchase and sale of USDC via Alipay using CNY.