The cryptocurrency market was thrown into panic on Friday, October 31, 2026, after Binance, the world's largest crypto exchange, confirmed a massive $6.3 billion security breach.
According to Binance, the hack may have involved a compromised DevOps engineer's laptop which allowed attackers to gain access to a service container and submit unauthorized withdrawal transactions.
Bitcoin, the world's largest cryptocurrency, fell by 4.5% to trade around $77,541, dropping to as low as $76,300 in the last 24 hours. Ethereum also slipped to $2,227, while Binance's BNB token fell by 5% to around $700.
The incident, described as the largest crypto heist in history, triggered over $1.6 billion in liquidations across the crypto market, with long positions accounting for $1.35 billion in losses. Shares of crypto-related companies also plunged, with Coinbase dropping 12% and Circle down 8.7%.
Binance said it has frozen about $3 billion in stolen assets and has reserved $6.34 billion from company funds to cover all customer losses. The company temporarily suspended withdrawals to carry out internal investigations.
The hack comes amid weak momentum for Bitcoin, which has faced $772 million in outflows from U.S. spot Bitcoin ETFs in the past week.
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