Bitcoin Holds Near $76,400 After Record Binance Hack

Technology · First reported 30 Oct, 05:19 · Updated 05:52

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Bitcoin fell about 4% in the day after a roughly $6.4 billion theft from Binance, but remained far less affected than it did during a 2018 incident. Decrypt points to the larger crypto market and U.S. spot Bitcoin ETFs as factors that may help explain the difference; a separate Bloomberg snippet says the stolen bitcoin is likely unrecoverable.

Bitcoin dipped to about $76,400 on Friday, around 6% below its level after the Federal Reserve decision, following the Binance theft, which was estimated at roughly $6.4 billion.
Decrypt contrasts the decline with a fall from $10,740 to $9,690 within minutes during a 2018 attack, and notes that the crypto market has since grown from just over $400 billion to about $2.6 trillion.
Binance says it has set aside more than $6.34 billion to cover losses and that withdrawals are expected to resume in 45 hours; Bobby Lee says the stolen bitcoin will probably be impossible to recover.

Summary written by Lux AI from 2 articles

Key facts

Estimated theft: About $6.4 billion
Bitcoin price cited: About $76,400 on Friday
Binance loss coverage: More than $6.34 billion set aside, according to Binance
Frozen funds: About $3 billion
Expected withdrawal resumption: In 45 hours, according to Binance
U.S. spot Bitcoin ETF holdings: Roughly 1.3 million BTC