Bitcoin holds above $77,000 as U.S. investigates $6.3 billion Binance hack
Bitcoin held above $77,000 in Saturday trading after recovering from earlier losses, amid uncertainty in the cryptocurrency market and developments in the investigation into the massive hack targeting Binance.
Bitcoin posted a slight gain of 0.1% to reach $77,448, after managing to recover some of its earlier losses following a wave of selling that raised investor concerns about the security of digital assets.
Binance hack under scrutiny by U.S. authorities
U.S. investigative agencies have entered the picture, with the Federal Bureau of Investigation (FBI) announcing that it is coordinating with relevant agencies to assess the scale of the hack and determine the necessary steps.
The U.S. Secret Service is also involved in efforts to track and recover the stolen funds, while the U.S. Department of Justice confirmed that it was aware of reports about the incident.
According to blockchain analytics firms, including Chainalysis, TRM Labs, and Elliptic, the investigation points to a link between the attack and a North Korean hacking group known as TraderTraitor.
Estimates suggest that approximately $6.3 billion was stolen, making this one of the largest hacks the cryptocurrency sector has ever seen.
The investigation also uncovered suspicious fund movements, including the conversion of approximately $325 million in stablecoins into around $285 million worth of Ethereum, in an attempt to avoid having the assets frozen and traced.
Binance moves to contain the crisis
In an effort to contain the fallout from the incident, Binance announced a plan to gradually resume withdrawals after completing the necessary security checks.
The platform confirmed that it had allocated more than $6.34 billion in company funds to cover the losses, and plans to publish a Proof of Reserves report on Monday, November 2.
$643 million flows out of Bitcoin funds
On the institutional investment front, U.S.-listed spot Bitcoin exchange-traded funds (Spot Bitcoin ETFs) came under notable pressure, recording net outflows of $643.33 million on Friday.
The negative flows ended a streak of four consecutive sessions of positive inflows, during which the funds attracted around $440.73 million.
Analyst Theodora Lee Joseph believes the crisis highlights an important paradox in the cryptocurrency market: although Bitcoin was founded on the idea of decentralization and having no central authority in control, recovering stolen assets is increasingly dependent on intervention by institutions and regulators.
In this context, Tether and Circle helped freeze $2.4 billion worth of stolen coins, highlighting the difference between stablecoins and Bitcoin in terms of the ability to intervene in the movement of funds.
More broadly, Bitcoin continues to face investment pressure, having fallen about 10% since the start of the year and around 40% from its 2025 highs, amid the impact of high interest rates and volatile investment flows.
Other cryptocurrencies
Major cryptocurrencies saw mixed movements during Saturday’s trading:
- Ethereum: rose 0.5% to $2,247.27.
- Ripple XRP: rose 0.1% to $1.2484.
- Solana: fell 0.9% to $95.7.
- BNB: rose 0.7% to $704.9.
- Cardano: fell 0.1% to $0.1926.
- Dogecoin: fell 0.8%.
- TRUMP coin: rose 1.3%.
- Shiba Inu: fell by 1.1%.
What do these developments mean for the markets?
The Binance crisis, together with outflows from Bitcoin funds, could make investors more cautious about digital assets in the coming period.
The platform’s ability to contain the fallout from the hack and recover the funds, along with the direction of investment flows, will remain among the key factors determining the stability of the cryptocurrency market.
As for gold, a decline in risk appetite could support demand for safe havens, but the direction of the U.S. dollar and U.S. bond yields will remain decisive factors in determining the precious metal’s movement.
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