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Binance Hack: This Is What Bitcoin Did After 6 Earlier Crypto Disasters
Bitcoin has survived several major hacks, often seeing its value drop, then setting off on a run that often ended in new all-time highs.
Dextape brief
Crypto markets are still absorbing what is described as the largest hack in the sector's history, in which more than $6 billion was drained from Binance, with roughly $3 billion reportedly frozen. Bitcoin fell to $76,350, a level it had not touched since mid-September, before recovering somewhat. In an October 30 post on X, CryptosRus reviewed past breaches and noted that Bitcoin later reached new record highs after several major security failures.
Binance attributed the breach to a compromised DevOps engineer's laptop that enabled unauthorized withdrawals. It plans to cover all losses through its SAFU fund and company money. According to CryptoQuant's Julio Moreno, the thief moved 18,270 BTC from Binance's cold wallet. At writing, Bitcoin had climbed back above $78,000.
Why it matters: It shows how past major hacks have been followed by sharp price drops and later recoveries, giving readers context for how the Binance incident is affecting the market.
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Binance hot wallet theft estimated at $6.3 billion, analysts link it to North Korea
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