Bitcoin traded below $80,000 as long liquidations reached $1.34 billion, according to The Defiant, reflecting a sharp market-wide deleveraging across crypto derivatives.

The event marks a material market-wide deleveraging in crypto derivatives, with leveraged long positions forced out as bitcoin fell below the $80,000 level.

The $1.34 billion figure refers to long positions, meaning traders betting on higher prices were liquidated during the drop.

Polymarket has been hit by its second multimillion-dollar security breach in four months, according to CryptoSlate. The incident renews concerns about the prediction market platform's security posture and the safety of user funds.

A second multimillion-dollar breach in four months raises questions about whether the platform's security weaknesses are systemic, given that real user funds are at stake.

The report characterizes the incident as the platform's second multimillion-dollar breach within a four-month window and links it to renewed concerns over user fund safety.

Intel shares fell nearly 30% to $65.76 on Friday, the steepest single-day decline in more than 50 years, wiping out over $146 billion in market value. The drop followed fourth-quarter guidance of $15–16 billion in revenue (midpoint $15.5 billion) and adjusted earnings per share of $0.25, versus analyst estimates of $17.07 billion and $0.43.

Intel said demand for its AI server processors is booming but that manufacturing and packaging shortages are limiting how many chips it can produce, so the AI infrastructure buildout is not translating into near-term revenue. The company also said it expects the PC market to contract through 2027.

Third-quarter results beat guidance: revenue rose 21% year over year to $16.5 billion and adjusted EPS reached $0.52 versus the $0.40 Street estimate, with the Data Center and AI division generating $7.3 billion, up 78%. Intel guided fourth-quarter non-GAAP gross margin down to 38% from 44.1%, and CFO Dave Zinsner cited weaker PC demand, manufacturing constraints on server processors and an accident at a factory in Israel, while warning Intel probably will not generate positive free cash flow next year.

DeepSeek's second funding round has raised RMB105.5 billion (about $15.8 billion) from nearly 30 investors, according to The Information, citing two people with direct knowledge. Tencent and CATL remained the two largest investors, and state-owned investors contributed about 27% of this round, up from 2% in the first round.

The disclosure shows a sharp rise in state-linked participation between DeepSeek's two rounds, and the company doubled its fundraising target mid-way through a four-month process, which the report links to rising chip procurement costs and a desire to build a cash buffer.

Tencent put in RMB10 billion in each of the two rounds, while CATL and its chairman invested RMB5 billion in the first round and RMB10 billion in this one. Other participants included ChangXin Memory Technologies and its chairman Zhu Yiming, SMIC, vivo, Meituan, Geely, Midea, Luxshare Precision, Ctrip and Xiaohongshu at RMB1-3 billion each; China Mobile, China Telecom, CICC, CITIC Securities and China Life invested RMB2-8 billion each, and the National AI Development Fund contributed RMB1 billion again.

CFTC Chairman Michael Selig told CNBC on Friday that the roughly $6.4 billion Binance hack "proves our exact point" in support of the crypto-market rules the agency proposed earlier this month, pitching a "federal option" that would let offshore venues register with the CFTC and meet the same cybersecurity standards as U.S. markets. Binance, which initially blamed a compromised DevOps engineer's laptop, said its investigation had since uncovered "additional points of breach," with CEO Richard Teng describing a "more complex attack process" that "did not simply use one engineer's permissions."

The remarks hand the CFTC a concrete, record-setting case as it advances its own crypto rulemaking instead of waiting on Congress. Selig argued that on-chain traceability gives regulators leverage even when obfuscation tools are used.

Selig said the exploit did not break Ethereum or its smart contracts but a vulnerability he believed was "introduced from someone's laptop," though the attack partly played out on-chain: the attacker used EIP-7702 to turn a Binance hot wallet into a "sweeper" with 50 pre-signed authorizations. TRM Labs said the broader breach points to a compromise of Binance's signing infrastructure rather than a blockchain weakness; Binance has set aside $6.34 billion to cover losses, the Secret Service and FBI have opened a probe, and TRM Labs and Chainalysis tied the theft to North Korea's TraderTraitor group.

Utah prosecutors filed criminal charges against prediction-market operator Kalshi and two of its co-founders, with the company and each executive facing 13 felony counts and one misdemeanor for violating the state's gambling laws, according to Ars Technica and the Associated Press. The case is tied to a $10 sports-related event contract, escalating a legal conflict over Kalshi's sports offerings.

The charges mark a new front in the dispute over who can regulate event contracts: Kalshi operates under CFTC oversight federally, while Utah enforces its own strict anti-gambling statutes. Ars Technica reported that Utah had already defeated Kalshi in federal court after the company filed a preemptive suit seeking to block enforcement of state gambling law.

The charges were filed on a Wednesday, months after a federal judge rejected Kalshi's effort to bar Utah from enforcing its gambling laws, per the AP. Ars Technica reported that the Trump administration has separately sued Utah over the state's total ban on gambling in an effort to protect Kalshi.