NewsBitcoin
Bitcoin dips ~5% as record $6.3B Binance hack tests crypto market
Hackers drained about $6.3B from Binance on Oct 29, the largest crypto theft on record and roughly four times the 2025 Bybit heist. Bitcoin fell about 4–5% to just under $80,000, a contained move given the scale, as Binance pledged to cover all losses and roughly $3B was frozen on-chain.
Binance, the world's largest crypto exchange, said a security breach on October 29 affected about $6.3 billion in client assets. Funds left its wallets across ten blockchains, including Bitcoin, Ethereum, Solana and Tron, mostly within a 20-minute window starting at 20:05 UTC.
Blockchain analytics firms TRM Labs and Chainalysis attribute the attack to TraderTraitor, a North Korea-linked group tied to the $1.5B Bybit hack in February 2025. Binance said an initial probe points to a compromised engineer's laptop that gave the attacker access to withdrawal systems.
Binance halted deposits and withdrawals and said it will cover all losses. Around $3B has been frozen so far, helped by Tether, Circle and Ripple locking linked tokens. Fundstrat's Sean Farrell said the breach does not appear to create meaningful solvency risk for the exchange.
Bitcoin dropped more than 4% to near $78,000 on Friday. The decline was modest for an event of this size, suggesting a market more able to absorb exchange-level shocks than in past cycles, when hacks triggered sharper sell-offs.
Risks remain. Academics warn a blow to confidence in a top centralized exchange could weigh on retail demand. Key signals to watch: how fast Binance reopens withdrawals, whether outflows stay orderly, and whether the hackers manage to launder the remaining unfrozen funds.
Source: cnbc.com
IMPA 10 of 10, its impact on the market: how it is scored.
Educational and informational content only. I am not a licensed financial advisor and nothing here is investment advice. Do your own research before making any decision.