· Fieldnote Daily
Binance hack sends $3.6bn running for the exits
Subscribers read this a day early. Want tomorrow's in your inbox by 7am?
Morning, Crypto had a rough weekend after a record hack rattled Binance users. Meanwhile the UK is quietly laying the groundwork for the AI boom with a giant new substation, and there's a Buy Now Pay Later update that could catch shoppers off guard this Christmas. Let's get into it.
BBC Business
Binance hit by the biggest crypto heist ever
Someone stole $6.3bn worth of digital assets from the exchange last week, believed to be the work of North Korean hackers. Binance froze transactions to contain the damage, but that didn't stop the panic.
- $3.6bn has already been withdrawn by spooked investors
- Withdrawals have since reopened, but confidence is dented
- Why it matters: crypto exchanges aren't covered by the same protections as UK banks, so if you hold any, this is a reminder that 'not your keys, not your coins' isn't just a slogan
The Guardian Business
National Grid plans Britain's biggest substation for an AI datacentre
National Grid has bought 73 acres of land on Teesside to build the UK's largest electricity substation, aimed at powering a huge new AI datacentre nearby. It's part of the bigger push to get Britain's grid ready for the AI boom, and could pull in serious investment to the north east.
BBC Business
Buy Now Pay Later gets stricter
New affordability checks are coming in, meaning some shoppers will suddenly find themselves blocked from using BNPL services.
- Lenders will now check if you can actually afford repayments before approving you
- Good news if it stops people overspending, less fun if you're relying on it for Christmas shopping
- Worth checking your own finances before you hit checkout this winter
This is Money
Could the state pension be means-tested one day?
A reader asked former pensions minister Steve Webb whether higher earners might lose out on the state pension by the time they retire. Webb's answer: there's no current plan to scrap it for higher earners, but with an ageing population and stretched public finances, it's a fair question to keep asking.
The Motley Fool UK
Shell's dividend outlook for 2027 and 2028
Shell's share price is up nearly 50% this year, and that strength is helping underpin expectations for further dividend growth over the next couple of years. For income investors, it's one more data point to watch alongside the usual oil price swings.
The Guardian Money
Why your birthday is a scammer's favourite detail
Your date of birth is often used by banks and companies to verify your identity, which means it's gold dust for fraudsters too. Using a fake DOB or leaving the field blank on non-essential accounts can make it harder for criminals to impersonate you if your data ever leaks.
Marcus's take
Today's theme is basically "check your foundations". Crypto exchanges, BNPL apps, even your own birthday, they all look solid until something shakes them. The good news is a bit of housekeeping, like reading the small print or tightening your account security, goes a long way. Boring? Maybe. Useful? Definitely.
One more thing
If anyone asks for your date of birth to "verify" something today, maybe just tell them you were born on the internet.
That is all for today.
Marcus
Fieldnote