Hash Browns
GM, Hash Browns crew. Daylight saving time ended overnight, so you got an extra hour of sleep. We'd like to think you're spending it with us.
On today's plate:
The wallet with a hidden spy inside
Wait, what's proof of reserves?
Scam Watch: fake wallet apps
THE MENU BOARD
What prices did
Prices as of 8am CT
Bitcoin: $BTC ( ▲ 0.62% ) $77,890.20
Ethereum: $ETH ( ▲ 0.78% ) $2,265.75
Solana: $SOL ( ▼ 1.39% ) $94.97
XRP: $XRP ( ▼ 0.42% ) $1.25
What happened: Prices spent the weekend catching their breath after last week’s hacks. Bitcoin is sitting near $78,000, basically a reheated leftover: same as yesterday, a little colder than last week.
THE BIG BITE
The crypto wallet that came with a spy inside
What happened: Trezor, a company that makes hardware wallets (small devices that keep your crypto keys offline), warned that someone may have planted spy hardware inside one of its wallets. The device was sold through CryptoBilis, a reseller in Southeast Asia that Trezor cut ties with in early October.
Why it matters: A customer in Indonesia opened his Trezor Safe 5 and found an extra circuit board with a tiny cellular antenna. It was reportedly built to read the recovery phrase, the secret words that unlock a wallet, right off the screen and send it to someone else. Trezor hasn't tested the device yet, but it called the report believable and told everyone who bought from CryptoBilis since March 2026 to move their funds.
No one has reported losing money yet. This is also the second time a wallet from this reseller has turned up tampered with: rival wallet maker Ledger found a similar implant in one of its own devices sold by CryptoBilis.
What it means for you: A hardware wallet is only as safe as where you buy it, which is why wallet makers tell people to buy directly from them, not from resellers or secondhand sellers.
WAIT, WHAT'S...
Proof of reserves?
When you put money in a bank, you trust it's actually there. Proof of reserves is a crypto exchange's way of showing it.
The exchange publishes a report showing it holds enough crypto to cover every customer's balance. Think of a restaurant that posts its kitchen inspection on the window: you don't have to take their word for it.
This matters right now because Binance says it's taking a fresh snapshot of its reserves after Thursday's hack. That report will show whether it has really replaced what was stolen.
SIDE DISHES
Quick bites
Binance reopens withdrawals: Binance says it has covered 90% of the $6.3 billion stolen in Thursday's hack and plans to start reopening withdrawals today, in phases. Its users have been unable to move crypto off the platform since Thursday, so this is the first real test of its promise to pay everyone back.
Crypto robbers sentenced: Two Texas brothers who robbed a Minnesota family of more than $8 million in crypto at gunpoint were sentenced to about 15 years each. Attacks like this, called wrench attacks, are a reminder not to tell people how much crypto you own.
Coinbase's new money-maker: Coinbase's profit jumped in its latest quarter even as trading slowed. Its prediction markets, where people bet on real-world events, doubled their revenue. Crypto companies are finding ways to make money beyond just buying and selling coins.
REAL OR RUG?
Can you spot the scam?
Three of these are normal. One is a scam.
A: You buy a hardware wallet directly from the company's official website.
B: A hardware wallet arrives with a recovery phrase already printed on a card for you.
C: An exchange publishes a proof-of-reserves report.
D: Your wallet app charges a small network fee to send crypto.
Answer at the bottom. No peeking.
SCAM WATCH
Fake wallet apps
Scammers build apps that copy the name, logo and look of real crypto wallets, then sneak them into app stores. When you type in your recovery phrase or add crypto, it goes straight to them.
How to avoid it: Download wallet apps only from the link on the company's official website, and check the developer name before you install. Be suspicious of any app that has very few reviews or a name that's slightly off.
QUICK POLL
If you bought crypto tomorrow, where would you keep it?
On the exchange app I bought it on
In a hardware wallet
In a wallet app on my phone
I haven't thought about it yet
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See you at breakfast,
The Hash Browns Team
Real or Rug answer: B. A real hardware wallet never comes with a recovery phrase already filled in. You create your own words during setup, and if someone else already knows them, they can empty your wallet.
Hash Browns is for education only. Nothing here is financial advice.