Robinhood made $120 million from crypto in the third quarter of 2026, down 55% from a year earlier. The rest of the company grew. Total net revenue rose 12% to $1.42 billion, and options revenue was up 31% to $399 million, in results Robinhood reported on October 27.

The crypto slump didn’t sink the quarter because something else filled the gap. Event contracts, the prediction markets business, brought in $173 million, more than six times the figure a year ago and $53 million more than crypto. That’s the second quarter in a row. In Q2 event contracts made $156 million while crypto made $100 million.

The most useful detail in the Bitget breach is what the attacker did in the first six minutes. Unauthorized transfers began at 18:31 UTC on September 24 with a 0.84 ETH test from a wallet labelled Bitget 6. Within minutes, the USDT, USDC and Tether Gold in the haul were being swapped into ether on Uniswap at prices up to 5% above spot. A thief holding roughly $67M of dollar tokens and $12.8M of tokenized gold accepted up to about $4M of slippage to avoid holding any of it for an hour. Those assets can be frozen by their issuers. Ether can’t. By the time the last transfer landed at 21:23 UTC, about 24,590 ETH sat in three previously unused wallets, and the total loss was confirmed at $351.6M.

Kalshi and Polymarket built their entire identities around being each other’s opposite. Kalshi is the “regulated from the inside” exchange, holding the first federal license the CFTC ever granted an event-contract platform and pitching itself to lawmakers and institutions as the safe, onshore choice. Polymarket built the opposite brand, crypto-native and historically offshore, technically off-limits to American users even as VPN access made that limit porous, before working toward a US re-entry through its QCEX acquisition. Neither company’s survival argument works without the other looking like the risk.