Bitcoin fell from more than $80,000 to $76,100 following the Binance hack, losing over $4,000 in a matter of hours. The incident compromised hot wallets and resulted in the theft of crypto assets valued at approximately $6.3 billion, while roughly $3 billion was frozen on the blockchain. Binance said it had set aside more than $6.3 billion in corporate funds, including $5 billion held in the affected assets, and would cover the entire loss to protect user balances. According to Changpeng Zhao, the relative impact was limited because the amount stolen was small compared with bitcoin’s total supply, unlike the 650,000 BTC taken during Mt. Gox’s collapse, which represented more than 5% of supply at the time. He also stressed that the scale of the loss should be assessed by the share of supply involved, the number of users affected, the proportion of their assets lost and who ultimately absorbs the losses, as Binance did unlike FTX in 2022.
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