Why Didn’t Bitcoin Crash Harder After the Binance Hack? CZ Weighs In

Dextape brief

By Dextape Desk · October 31, 2026

A Friday morning hack at Binance sent bitcoin down roughly $4,000 within hours, from above $80,000 to about $76,100. Binance reported that about $6.3 billion in crypto was stolen from compromised hot wallets, and roughly $3 billion has been frozen on-chain with partner help. Former CEO Changpeng Zhao said bitcoin's milder reaction makes more sense when the loss is measured in BTC, noting Mt. Gox lost about 650,000 bitcoin, over 5% of supply at the time. He urged readers to weigh supply share, affected users and who absorbs losses. Binance said it has set aside over $6.3 billion, covering about 80% of losses, with the rest to be bought through market and OTC channels, a step recent on-chain data confirmed.

Why it matters: It shows that measuring a hack's scale in bitcoin terms and by user impact can change how its market effects are read, a point relevant to crypto readers.

Mentioned: Bitcoin, Binance

Summary by Dextape, based on reporting by CryptoPotato. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.