Part Two: The Crypto Market’s Reaction and Future Security
This major incident had immediate and far-reaching effects on the crypto market, bringing significant changes in investor sentiment and market volume.
Immediate Market Impact and Investor Withdrawals
• Historic price drop: As soon as news of the hack broke, intense fear and panic (FUD) spread through the market, causing Bitcoin’s price to plunge below the $77,000 level in a single blow.
• Record net outflows: Fearful users began rapidly withdrawing their assets from Binance. Within just a few days, $3.6 billion in funds were withdrawn from Binance, equivalent to approximately 2.1 percent of the exchange’s total assets.
• Traditional financial market reaction: In addition to the crypto market, investors also pulled their money out of spot Bitcoin ETFs launched in the United States, showing that institutional investors were affected by the hack as well.
• Scammers take advantage: During the crisis, fake “compensation schemes” using Binance’s name began circulating online, with hackers trying to steal even more from affected users by promising refunds.
@bitcoin
This major incident had immediate and far-reaching effects on the crypto market, bringing significant changes in investor sentiment and market volume.
Immediate Market Impact and Investor Withdrawals
• Historic price drop: As soon as news of the hack broke, intense fear and panic (FUD) spread through the market, causing Bitcoin’s price to plunge below the $77,000 level in a single blow.
• Record net outflows: Fearful users began rapidly withdrawing their assets from Binance. Within just a few days, $3.6 billion in funds were withdrawn from Binance, equivalent to approximately 2.1 percent of the exchange’s total assets.
• Traditional financial market reaction: In addition to the crypto market, investors also pulled their money out of spot Bitcoin ETFs launched in the United States, showing that institutional investors were affected by the hack as well.
• Scammers take advantage: During the crisis, fake “compensation schemes” using Binance’s name began circulating online, with hackers trying to steal even more from affected users by promising refunds.
@bitcoin
