Crypto Market Tanks Amid Binance Hack
Ecosystem
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Bitcoin, Ethereum, and the broader crypto market experienced a sharp decline following a significant Binance hack.
Market Impact:
- BNB fell over 8% in the 24 hours after the hack, trading near $693.
- Bitcoin dropped 4.8% to approximately $77,131.
- Ethereum declined 5.7% to around $2,217.
Binance's Response:
Binance assured users they would cover all losses and suspended deposits and withdrawals for security checks. They later reported freezing around $3 billion of assets related to the hack, an increase from their initial estimate of $2.54 billion.
Related Effects:
- Decentralized finance (DeFi) tokens also suffered, with AAVE down 11.3% and UNI dropping 10.4%.
- Bitcoin's Fear and Greed Index dipped to "fear" at a score of 30, its lowest since August 14.
Additional Coverage:
- Cybersecurity’s Black October: How to protect yourself
- [Binance says 90% of stolen assets replenished, targets Sunday withdrawals]( 8 hours ago)
- [Bitcoin held up better than expected after Binance hack, Strive CEO says]( 9 hours ago)
- [Texas brothers sentenced to 15 years in prison for armed crypto robbery, kidnapping]( 10 hours ago)
Key Players:
- Binance
- Binance Coin
- Bitcoin Price
- Ethereum Price
- Cryptocurrencies
- Hacks
- Scams & Cybercrime