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first_img Canaan launched a $20 million buyback, with mining machine revenue down 96%

Bitcoin mining machine manufacturer Canaan has launched a $20 million stock repurchase plan, which is part of the $100 million repurchase authorization approved by the board on November 6, with a duration of 12 months. Management stated that they will actively promote the repurchase once the funds are in place and may adjust the purchase arrangements based on operational and financing needs. As of Wednesday's close, Canaan's stock price has fallen about 75% this year. CEO Zhang Nengeng stated that while maintaining a long-term digital asset reserve, the company is selectively liquidating cryptocurrency holdings to fund the stock repurchase.Canaan's revenue from mining machines in the third quarter was $4.8 million, a 96% decrease from $118.6 million in the same period last year, which the company attributed to weakened demand and declining prices. During the same period, self-mining revenue was $9.5 million, nearly double that of mining machine revenue. The company recorded a profit of $8 million for the quarter, but an operating loss of $42.9 million, with profits mainly coming from the revaluation gains of cryptocurrencies and financial derivatives. Previous disclosures indicated that the company had sold 3,952 ETH and 54.5 BTC for approximately $13.9 million and used $5.4 million in late August to repurchase 13.6 million American depositary shares.As of September 30, Canaan held 1,875.5 BTC, of which 1,258 BTC were pledged for loans, 100 BTC were placed in fixed-term products, and the remaining 517.5 BTC were directly recorded as cryptocurrency assets, valued at $43.7 million at the end of the quarter. The company's total cash and restricted cash amounted to $72.8 million, of which $50 million was used to support letters of credit for infrastructure commitments, leaving approximately $22.8 million outside the restricted balance. Management stated that the current stock price does not adequately reflect the company's business and growth prospects.

Chainstack disclosed that it suffered an AI-driven cyber attack at the end of October, resulting in the exposure of customer account information

Blockchain infrastructure service provider Chainstack disclosed that it experienced an AI-driven cyber attack from October 26 to 31, 2026. The attacker accessed the development environment through an unmodified default administrator credential and a Grafana instance without single sign-on protection, subsequently gaining cluster administrator privileges via an unauthenticated MCP tool server and stealing credentials through an automated platform, ultimately accessing the production environment to read the customer database.This incident resulted in the exposure of customer account information, including organization names, account holder names, member email addresses, and password hashes. The attacker also had access to systems containing node credentials, although there is no evidence that they were read; however, Chainstack still urged customers to rotate their node credentials. Chainstack stated that customer-facing services operated normally during the incident, and customer nodes, consoles, and APIs were not modified. Investigations revealed that the attacker used the open-source framework ARTEX, with no evidence found of exploiting software vulnerabilities. Chainstack has cut off the attack access path and requested customers to change passwords, rotate node credentials, regenerate platform API keys, and remain vigilant against phishing information.
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