$6.3 billion was stolen, but Bitcoin only fell 3%. A similar incident in 2018 sent it down nearly 11%. That’s because little of the stolen money can get away this time: Circle froze $823 million, Binance says it has frozen about $3 billion and also set aside equivalent assets worth $6.34 billion to cover the losses, and the FBI and Secret Service have gotten involved. The attackers bypassed approvals using EIP-7702 delegation combined with a self-destruct mechanism. Richard Teng says users’ assets are safe. I don’t think this means the market has become more rational; it’s that the losses this time have been absorbed by the exchange and stablecoin issuer, and ETF holders didn’t immediately join the sell-off. But frozen funds can be returned—who will fix the approval logic that was bypassed? $BTC $ETH