The crypto area continues to be reeling from its greatest hack ever, which noticed properly over $6 billion price of crypto drained from Binance, though about $3 billion of that’s reported to have been frozen.
The incident affected Bitcoin, which dipped to $76,350 for the primary time since mid-September earlier than recovering by a few grand. However now, a historic comparability shared by CryptosRus exhibits that BTC rallied to new all-time highs after a number of main safety failures, resulting in the query: will the identical occur once more this time?
Bitcoin’s Historical past After Main Crypto Hacks
In an October 30 submit on X, CryptosRus famous that following the Mt. Gox incident in 2014, the value of Bitcoin initially fell by half however quickly launched into a run that noticed it enhance a hundredfold by 2017.
One other incident, which occurred roughly two years after Mt. Gox, noticed practically 120,000 BTC, valued at about $72 million on the time, stolen from Bitfinex, triggering a 20% dip within the OG cryptocurrency’s worth. However as CryptosRus identified, it hit a brand new all-time excessive close to $20,000 virtually a 12 months later.
It didn’t cease there. In January 2018, Coincheck, a Japanese crypto change, suffered the most important crypto hack by greenback worth on the time, when it misplaced 523 million NEM tokens valued at about $532 million. Though BTC was not the first asset stolen, it was nonetheless affected, bottoming at round $3,100. However by 2021, it had recorded a brand new ATH close to $69,000.
Within the midst of that run to $69K, Binance skilled a serious breach the place hackers stole over 7,000 BTC price as a lot as $41 million on Could 7, 2019. But once more, the asset confirmed resilience, leaping 136% in simply 7 weeks.
Whereas not a hack, CryptosRus included the FTX collapse in 2022, which noticed Bitcoin plunge by 22%, earlier than setting off on a run that noticed its worth skyrocket by about 375%, culminating in a brand new all-time excessive simply shy of $74,000 in March 2024.
In early 2025, with Bitcoin hitting new highs fueled by the post-US election rally and big spot ETF flows, Bybit fell sufferer to a $1.5 billion theft attributed to the Pyongyang-linked Lazarus Group and its affiliate TraderTraitor (which some safety consultants are blaming for the brand new Binance heist). Within the aftermath of the assault, BTC’s worth fell by 24%, however barely three months later, it reached a brand new file excessive.
“Bitcoin has survived each one in all them,” wrote CryptosRus.
What We Know In regards to the Binance Hack
In response to Binance, the $6.3 billion hack could have concerned a compromised DevOps engineer’s laptop computer that allow an attacker attain a service container and submit unauthorized withdrawals. It says it hasn’t discovered any proof of a non-public key leak and that every one losses will likely be coated by its SAFU fund and firm cash.
In the meantime, on-chain information shared by CryptoQuant’s Julio Moreno exhibits that about $3.7 billion of the stolen funds went to at least one receiver handle on Ethereum. Tether and Circle froze $2.2 billion in stablecoins, however that was after the attacker had already offered about $435 million of USDT for ETH by means of 4 swap venues.
Per Moreno’s information, the attacker nonetheless has round 462,600 ETH, price about $1.04 billion, below their management, along with one other $400 million in assorted tokens that they’re promoting into decentralized swimming pools. In response to him, nothing has to date reached a centralized change, bridge, or mixer.
So far as Bitcoin is worried, the thief moved 18,270 BTC valued at about $1.42 billion from Binance’s chilly pockets by means of one staging handle and into 19 new ones, with 17 of them holding precisely 1,000 BTC. On the time of writing, the asset had gone again as much as simply over $78,000, which nonetheless represented a drop of over 2% in 24 hours and 6% over 30 days.
The submit Binance Hack: This Is What Bitcoin Did After 6 Earlier Crypto Disasters appeared first on CryptoPotato.