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Good Morning!
☕ Last week, my bank declined my debit card because I tried to buy lunch in a different ZIP code.
Apparently, a $14 turkey sandwich is suspicious financial activity.
Meanwhile, hackers managed to steal $6.3 BILLION from the world's largest cryptocurrency exchange in about 20 minutes.
And nobody asked them to verify their identity with a six-digit code.
I would like to speak to whoever designed this security system. 😂
The victim was Binance, the cryptocurrency exchange with approximately 335 million registered users.
Investigators say hackers compromised systems used to authorize transactions, allowing them to move billions of dollars into wallets they controlled.
And here's where this story gets even crazier.
The FBI has attributed the attack to North Korea's TraderTraitor hacking group.
That's right.
While I'm struggling to remember the password to my Netflix account, North Korean hackers are allegedly pulling off what could be the largest financial theft in history.
The criminals didn't need a getaway car.
They didn't need ski masks.
They didn't even need to dig a tunnel into a bank vault.
They needed access to the computers that tell the vault what to do.
And once they had it, billions disappeared.
Fortunately, there's some good news.
Binance says it's covering customer losses using company reserves and other funds.
Cryptocurrency companies have also managed to freeze billions in stolen assets.
But customers still withdrew billions from Binance after the attack.
And that tells us something important.
There's a difference between owning an investment and trusting somebody else to hold it.
You can be absolutely right about Bitcoin's future.
You can buy at the perfect price.
You can even survive a market crash.
But if the company holding your assets gets hacked, you've got an entirely different problem.
That's called custody risk.
And it doesn't disappear just because an investment is digital.
Before trusting any platform with your money, understand how your assets are stored, who controls access, and what happens if something goes wrong.
Because the most important question isn't always how much your investment could earn.
Sometimes it's whether you'll be able to get your money back.
💰 ONE LAST THOUGHT
After reading about the hack, I called my bank and asked whether my money was safe.
They assured me they had sophisticated security systems.
I said, "Great. Can I buy that turkey sandwich now?"
They said I'd need to visit a branch with two forms of identification.
Apparently, the safest place for my money is somewhere even I can't get to it. 🥪😂
Trevor
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Top Stories
1. Hackers Steal $6.3 BILLION From Binance
Binance is recovering from a reported hack affecting approximately $6.3 billion in assets. The exchange says it has frozen or secured much of the affected money and is working to reimburse customers. The size of the incident raises immediate questions about cryptocurrency custody and security. Read the free market report
2. The AI Crash Is Forcing Investors to Sell Their GOLD
Gold fell to a one-year low on Friday, while silver broke below $50 an ounce for the first time in 11 months. Analysts say the technology selloff contributed to forced selling as investors raised cash to cover losses elsewhere. Gold rebounded modestly Monday. Read Reuters' November 2 report
3. ServiceNow Loses 31% in One Day as AI Threatens Software Companies
ServiceNow shares plunged a record 31% after a disappointing sales forecast revived fears that AI could disrupt traditional software companies. The irony: the technologyindustry is investing heavily in AI while investors worry AI could undermine some existing technology businesses. Read the free Bloomberg-syndicated analysis
4. Meta's AI Spending Is So Enormous That Its Credit Outlook Was Cut
S&P Global Ratings changed Meta's credit-rating outlook from stable to negative, citing uncertainty about whether rising AI-related costs will generate sufficient revenue. Its credit rating was not downgraded, but the outlook change shows that concerns about AI spending extend beyond the stock market. Read the report
5. Oil Falls Below $100 as Hopes for Peace Move the Market
U.S. crude oil futures fell approximately 4.5%, dropping below $100 a barrel Monday morning, amid reports of continued diplomatic negotiations involving Iran. The price move shows how quickly expectations about geopolitical supply risks can change the value of energy assets.
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Your thoughts
THERE’S AN ETF THAT PICKS STOCKS BASED ON INTERNET BUZZ.
FINALLY, YOUR UNCLE’S FACEBOOK COMMENTS CAN INFLUENCE YOUR RETIREMENT. 📱
Meet the VanEck Social Sentiment ETF.
Its ticker symbol?
BUZZ.
And yes, it’s a real investment fund.
The idea is to track an index of large U.S. companies generating positive investor sentiment online. Its system analyzes information from social media, news articles, blogs and other sources.
Then it selects 75 stocks with some of the strongest positive sentiment.
In other words, Wall Street found a way to turn “EVERYONE IS TALKING ABOUT THIS STOCK!” into an ETF.
What could possibly go wrong? 😂
To be fair, investor enthusiasm can move stock prices. If enough people want to buy something, the price can rise.
But there’s a catch.
By the time EVERYONE is excited about a stock, the price may already reflect a lot of that excitement.
And the internet isn’t exactly known for calmly evaluating information before getting carried away.
One day, a company is “the future of humanity.”
The next day, someone posts a disappointing earnings report and suddenly it’s “the next Blockbuster.”
The lesson?
A popular stock can be a good investment.
But popularity alone won’t tell you whether you’re paying a good price.
And if your investment thesis includes the words “some guy online said,” you may want to ask a few more questions. 😉
WHO SHOULD PICK YOUR NEXT INVESTMENT?
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