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Lastly, as part of our "stealth" bear market thesis, we noted broader uncertainty baked into markets. Without the global energy crisis, the S&P 500 would be above 8,500. We expect an eventful November ahead. Follow us @KobeissiLetter for real time analysis as this develops.

New details on how the $6.3 billion Binance hack likely occurred: According to initial reports, hackers compromised a Binance engineer's laptop, gaining access to internal systems used to authorize withdrawals. The attackers then: 1. Hijacked a Binance hot wallet using Ethereum's EIP-7702 mechanism 2. Redirected wallet transactions to a malicious smart contract 3. Transferred billions in crypto attacker-controlled wallets 4. Spread the stolen funds across multiple wallets and converted some assets into ETH to avoid freezes The attack unfolded across multiple blockchains, with most funds drained in ~20 minutes. ~$3 billion of these funds have now been frozen, and Binance says it will cover all unrecovered hacking losses. The full investigation remains ongoing.