Bitcoin ETF · Bitcoin · Federal Reserve (FED) · Decrypt
Binance Hack: Why Bitcoin Didn't Crash Like It Did in 2018
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
Bitcoin is down about 4% a day after the biggest crypto hack on record.
Key facts
- The attacker still holds more than 420,000 ETH and 18,270 BTC, about $2.4 billion that no stablecoin issuer can freeze
- Glassnode data show long-term holders underwater on about 4 million coins bought between $85,000 and $118,000, and HashKey analyst Tim Sun said before the hack that the market’s problem “is not panic selling, but rather insufficient new buying interest
- Binance has confirmed yesterday's attack, and Chainalysis and TRM Labs put the theft at roughly $6.4 billion, more than four times the previous record hack: the $1.5 billion Bybit heist of February
- To have a grasp of the situation, the entire crypto market was worth over $400 billion in March 2018 and is worth roughly $2.6 trillion now
Summary
Bitcoin dipped to about $76,400 on Friday, roughly 6% below its post-Fed level, after Binance's record $6.4 billion hack, versus a fall from $10,740 to $9,690 in minutes in March 2018 over an attack that Binance said stole nothing. Crypto's market value has grown from more than $400 billion in March 2018 to roughly $2.6 trillion, and U.S. spot Bitcoin ETFs now hold roughly 1.3 million coins. Binance says it has set aside more than $6.34 billion to cover losses, about $3 billion is frozen, and withdrawals should resume in 45 hours. Binance has confirmed yesterday's attack, and Chainalysis and TRM Labs put the theft at roughly $6.4 billion, more than four times the previous record hack: the $1.5 billion Bybit heist of February 2025.