Binance Hack: Why Bitcoin Didn't Crash Like It Did in 2018
Summary
Bitcoin fell about 4% after Binance confirmed a record crypto theft estimated at $6.4 billion, attributed by Chainalysis and TRM Labs to the North Korean group behind the Bybit heist. The attacker reportedly still holds more than $3 billion in assets. Binance says it has allocated over $6.34 billion to cover losses, frozen about $3 billion, and expects withdrawals to resume within 45 hours. The market’s response has been milder than during a 2018 attack, when Bitcoin dropped sharply. The article points to a larger market, spot Bitcoin ETFs and institutional holdings as factors supporting resilience, while noting sentiment was already weak and Bitcoin remains well below its record high.
