The Binance hack was followed by a Bitcoin decline, but the immediate reaction hasn’t matched the sudden fall surrounding a failed attack in 2018. Decrypt’s October 30 report points to a larger market and ownership through U.S. Bitcoin exchange-traded funds as explanations. Neither factor removes the risks from the roughly $6.4 billion theft.
Key Takeaways
- Chainalysis and TRM Labs estimate the theft at roughly $6.4 billion, according to Decrypt.
- Bitcoin traded at $76,470 at 19:13 UTC on October 30, down 5.29% over 24 hours, according to CoinGecko.
- U.S. spot Bitcoin ETFs hold roughly 1.3 million BTC, Decrypt reports.
- Binance’s reimbursement pledge and withdrawal timetable remain critical tests.
What happened in the Binance hack
The attack began at 4:05 p.m. ET on October 29, after U.S. stock markets closed, according to Decrypt’s reporting. Binance confirmed the incident, while Chainalysis and TRM Labs put losses at roughly $6.4 billion. Decrypt described it as the largest crypto hack on record.
That estimate exceeds the $1.5 billion stolen from Bybit in February 2025. Decrypt reports that both investigative firms link the Binance hack to the North Korean group behind that earlier theft. This attribution remains the firms’ assessment.
Binance says it has allocated more than $6.34 billion of company funds to cover losses and is purchasing replacement tokens through public markets and private transactions, according to Decrypt. The exchange also says about $3 billion is frozen and deposits remain operational.
The funding pledge and withdrawal timetable reported by Decrypt are separate claims. Announcing reimbursement funds does not establish that users have regained access.
Why the 2018 comparison needs context
The Binance hack comparison spans two different incidents. In March 2018, attackers used compromised accounts and API keys, credentials allowing trading software to act on an account, to inflate Viacoin’s price while pre-positioned accounts sold, according to Decrypt. Binance said no funds were stolen.
Nevertheless, Bitcoin fell from $10,740 to $9,690 within minutes. The market was already retreating from its December 2017 peak, so the attempted theft worsened an existing downturn rather than starting it.
Decrypt puts total cryptocurrency value at just over $400 billion in March 2018, against roughly $2.6 trillion in its October 30 reporting. Size alone doesn’t establish how prices will respond.
Ownership has changed, too. U.S. spot Bitcoin ETFs now hold roughly 1.3 million coins, about 6% of supply, according to Decrypt. Those shareholders own fund shares rather than keeping those holdings in Binance accounts.
Decrypt presents that separation as one explanation for the different reaction. The reported holdings alone do not establish how investors responded to this attack; post-attack flows are needed to assess that response.
Market reaction shows damage, not immunity
The Binance hack still coincided with substantial price declines. This CoinGecko snapshot records prices and rolling 24-hour changes at 19:13 UTC on October 30, 2026.
| Asset | Price in USD | 24-hour change |
|---|---|---|
| Bitcoin | $76,470 | -5.29% |
| Ethereum | $2,232.68 | -4.04% |
| BNB | $696.71 | -6.32% |
Decrypt’s report, published at 18:45 UTC, described Bitcoin as down about 4% a day after the attack. The later CoinGecko snapshot records a 5.29% rolling 24-hour decline; these readings are not interchangeable.
Decrypt also reports more than $1.3 billion in leveraged liquidations. These are borrowed-money positions that exchanges close automatically when prices move against traders.
Alternative.me’s Crypto Fear & Greed Index stood at 30, classified as Fear, on October 30. That’s a separate indicator from the CoinMarketCap gauge cited by Decrypt, not the same series.
What to watch after the Binance hack
Withdrawal access is the immediate operational test. At the time of Decrypt’s report, Binance said withdrawals were on track to resume in 45 hours. That was an expected timetable, not confirmation that access had returned. Binance’s loss-coverage statements reported by Decrypt likewise describe a commitment rather than completed reimbursement.
Friday’s ETF flows are another test. Decrypt says Thursday’s preliminary $17 million inflow preceded the attack, making it unsuitable evidence of investors’ response to the theft.
Stolen assets remain a potential source of selling pressure, not a confirmed future sale. According to Decrypt, the attacker still held more than 420,000 ETH and 18,270 BTC, assets no stablecoin issuer can freeze. Restricted withdrawals and further price volatility remain risks despite the reimbursement pledge.
FAQ
Why didn’t the Binance hack cause a 2018-style crash?
Bitcoin did fall. Decrypt points to a larger market and substantial ETF ownership outside Binance as explanations for the different immediate response. Further declines remain possible.
Has Binance covered all customer losses?
Binance says it has allocated more than $6.34 billion, according to Decrypt. That announcement isn’t confirmation that every affected balance has been restored.
Were Binance withdrawals operating normally?
No. Decrypt’s October 30 report cited Binance’s expectation that withdrawals would resume in 45 hours, while deposits continued operating.
Sources
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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