$6.3 BILLION CRYPTO HACK — BUT BITCOIN IS HOLDING ITS GROUND!
The world's biggest cryptocurrency exchange, Binance, has suffered a record-breaking security breach, with approximately $6.3 billion in digital assets affected.
Yet Bitcoin is showing unexpected resilience.
📉 Bitcoin fell around 4%, trading near $77,065 on Friday afternoon, October 30, according to CNBC.
But here's what makes this different:
🔸 Previous major crypto exchange hacks triggered an average Bitcoin decline of 8.3% within the first 24 hours, according to Anchorage Digital data cited by CNBC.
🔸 Analysts say Bitcoin itself was NOT hacked. The breach targeted a centralised exchange's security infrastructure.
🔸 Binance pledged to cover the losses using its financial resources.
🔸 Crypto industry partners reportedly froze approximately $3 billion in stolen assets.
🔸 Long-term Bitcoin investors may also be helping limit panic selling.
WHY IS BITCOIN NOT CRASHING HARDER?
Market analysts believe investors are distinguishing between a security failure at a cryptocurrency exchange and a failure of the Bitcoin blockchain itself.
The distinction could be crucial for Bitcoin's long-term reputation.
💬 Do you think Bitcoin can survive even a $6.3 billion crypto disaster without losing investor confidence?
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Hackers stole $6.3 billion from Binance, the world's biggest cryptocurrency exchange, in a theft that analysts blamed on North Korea and said could be the largest financial heist of all time. Cryptocurrency prices fell on the news, while Binance halted withdrawals and said it would use company funds to cover the losses. Stablecoin issuers including El Salvador-based Tether and the Trump-backed World Liberty Financial froze about half of the stolen assets.