|
The biggest crypto hack in history landed on an already-weak market.
On Wednesday evening, hackers drained $6.3 billion from Binance’s hot wallets across ten blockchains. Most of the money left in about 20 minutes. The FBI confirmed on Saturday that North Korea’s TraderTraitor unit carried out the attack, the same group behind last year’s $1.5 billion Bybit theft. Entry point: a compromised DevOps engineer’s laptop.
BTC fell from $81,249 to $77,780 on the day. ETH dropped from $2,357 to $2,248. SOL took the hardest hit, sliding about 7% from $102 to $95.
The number that caught our eye wasn’t the size of the theft. It was the size of the market’s reaction. A $6.3 billion heist, four times the previous record, moved BTC about 4%. Binance set aside $6.34 billion from its own funds, stablecoin issuers froze about $2.4 billion in stolen assets, and partners locked down another $3 billion on-chain. Withdrawals started reopening today.
The institutional exit was sharper. Spot Bitcoin ETFs posted $643 million in outflows on October 30, the worst single day since June. That one session erased four straight days of inflows and pushed the whole week negative.
Our daily MACD was already bearish on all three coins before the hack. BTC crossed bearish on September 29 at $83,638, ETH on September 28 at $2,687, SOL on October 1 at $118. The indicator can’t predict exchange robberies. But the momentum had been pointing down for a month, and the hack hit a market that was already trending lower. It accelerated what was already in motion.
|
