Bitcoin held up better than expected after Binance hack, Strive CEO says — SkimNews
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- Binance suffered a hack stealing $6.3 billion, the largest in crypto history, exceeding the combined total of the next nine biggest exchange exploits, according to Glassnode.
- Binance resumed withdrawals after replenishing 90% of stolen user assets, with no evidence found of leaked wallet private keys, though its investigation remains ongoing.
- Blockaid CEO Ido Ben-Natan identified a compromised transaction signing process, noting that 50 signed Ethereum authorizations allowed attacker-controlled code to operate through Binance’s wallet.
- Bitcoin declined only modestly post-hack, defying historical trends where previous exchange breaches caused an average 8.3% drop in the first 24 hours, per Anchorage Digital data cited by CNBC.
- FBI confirmed North Korea’s involvement in the hack and requested the DeFi community to block specific BTC, ETH, and SOL addresses linked to the attackers.
Why it matters: The market’s muted reaction to the largest crypto exchange hack ever—where Bitcoin barely dipped—breaks from a clear historical pattern of ~8.3% average drops after breaches, signaling stronger resilience or faster institutional response. With 90% of assets already covered and North Korea formally implicated, the incident shifts focus to on-chain defense and cross-border enforcement in decentralized finance.
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