Putting the Binance hack alongside last year’s Bybit incident, the differences are clear at a glance.
▶️ Bybit｜February 2025
About $1.5 billion was stolen, and almost none of it was recovered.
On the day of the incident, BTC fell 4.5% and ETH fell 7.7%;
they rebounded the next day, but later plunged again, weighed down by tariffs and a weakening broader market.
▶️ Binance｜This time
The outflow totaled $5.6 billion—more than three times Bybit’s, setting a new record in crypto hack history.
Fortunately, Tether and Circle froze about $2 billion in stablecoins;
more than $3 billion in assets remain at large, including $1.5 billion in BTC.
The market reaction was different: in the first hour, BTC fell 3.2% and ETH fell 4.5%. BTC is currently down about 2%, and ETH about 3%.
There’s a practical takeaway here: hack news is only responsible for the first wave of selling.
Deeper declines are often driven by the broader macro environment, not the attack itself.
Key levels to watch:
BTC needs to hold above $77,700 to stabilize;
getting back above $80,000 would be a more positive signal.
▶️ Bybit｜February 2025
About $1.5 billion was stolen, and almost none of it was recovered.
On the day of the incident, BTC fell 4.5% and ETH fell 7.7%;
they rebounded the next day, but later plunged again, weighed down by tariffs and a weakening broader market.
▶️ Binance｜This time
The outflow totaled $5.6 billion—more than three times Bybit’s, setting a new record in crypto hack history.
Fortunately, Tether and Circle froze about $2 billion in stablecoins;
more than $3 billion in assets remain at large, including $1.5 billion in BTC.
The market reaction was different: in the first hour, BTC fell 3.2% and ETH fell 4.5%. BTC is currently down about 2%, and ETH about 3%.
There’s a practical takeaway here: hack news is only responsible for the first wave of selling.
Deeper declines are often driven by the broader macro environment, not the attack itself.
Key levels to watch:
BTC needs to hold above $77,700 to stabilize;
getting back above $80,000 would be a more positive signal.
