CNBC · 2026-10-30 17:54 UTC

Why bitcoin held up better after the record Binance hack

Binance suffered a $6.3 billion hack, the largest in crypto history, linked to North Korea by security firm TRM Labs. Bitcoin fell only 4% on the day after the hack, compared to an average 8.3% decline following past exchange exploits, as investors distinguished between exchange security failures and bitcoin network security. Binance's rapid response, $1.2 billion user protection fund, frozen stolen assets by Tether and Circle, and available financing options helped restore market confidence and prevent panic selling.

Loading the story on Tree News…