Regarding the cyberattack on Binance, Fitch Ratings reported that Bitcoin fell by approximately 6% in the 10 hours after the incident was first disclosed. The attack involved digital assets across multiple blockchain networks, with the total amount stolen estimated at $6.3 billion. This included approximately 18,270 bitcoins, worth about $1.5 billion at the time of the incident.
Compared with several previous market shocks, the decline this time was relatively limited. Bitcoin plunged 35% in a single day during the COVID-19 outbreak in early 2020, fell 14% after the FTX collapse in 2022, and gave back 21% following the 2015 Bitstamp hack. Meanwhile, spot Bitcoin trading activity picked up that day, with trading volume up 67% year over year to $40.9 billion.
The ratings agency believes that the exchange ecosystem is now more diversified and market participation has deepened, reducing the market’s overall dependence on any single platform. When an individual channel is hit, distributed liquidity can act as a buffer. Binance co-founder and former CEO CZ also emphasized the importance of industry-wide coordination, noting that the interconnected structure of the various parts of the crypto market can help prevent systemic risks from spreading.
However, Fitch Ratings also warned that security vulnerabilities and operational failures remain significant concerns, and that such threats will require continued vigilance.
$BTC #链上 #Binance
Compared with several previous market shocks, the decline this time was relatively limited. Bitcoin plunged 35% in a single day during the COVID-19 outbreak in early 2020, fell 14% after the FTX collapse in 2022, and gave back 21% following the 2015 Bitstamp hack. Meanwhile, spot Bitcoin trading activity picked up that day, with trading volume up 67% year over year to $40.9 billion.
The ratings agency believes that the exchange ecosystem is now more diversified and market participation has deepened, reducing the market’s overall dependence on any single platform. When an individual channel is hit, distributed liquidity can act as a buffer. Binance co-founder and former CEO CZ also emphasized the importance of industry-wide coordination, noting that the interconnected structure of the various parts of the crypto market can help prevent systemic risks from spreading.
However, Fitch Ratings also warned that security vulnerabilities and operational failures remain significant concerns, and that such threats will require continued vigilance.
$BTC #链上 #Binance
