Hacking News
Binance Hack: Bitcoin Holds Steady Despite Record Theft
Binance, a major cryptocurrency exchange, suffered a hack that resulted in the theft of approximately $6.4 billion. Despite this significant loss, Bitcoin's price fell only about 4% on the day of the hack, compared to a 11% drop in 2018 when the exchange was last attacked. The hack involved phishing and theft attempts, where attackers took over accounts, created API keys, and used them to manipulate the obscure coin Viacoin. Bitcoin's price dropped from $10,740 to $9,690 within minutes, but it has since recovered to around $76,400, which is about 6% below its price after the Federal Reserve decision. The presence of U.S. spot Bitcoin ETFs, which allow people to buy Bitcoin through ordinary brokerage accounts, has contributed to Bitcoin's relative stability during the hack.