Bitcoin Drops as North Korean Hack Hits Binance
Bitcoin prices fell in late October following a record $6.3 billion hack of the Binance exchange attributed to North Korean hackers.
Bitcoin entered November under significant pressure after a 7.3% decline in October, closing the month near $77,558. The market instability followed a record $6.3 billion hack of the Binance exchange, which the Federal Bureau of Investigations attributed to the North Korean hacking group TraderTraitor. The FBI reported that the attackers converted stolen assets into Ethereum to potentially laundry them through decentralized finance platforms.
Binance responded by replenishing approximately 90% of the stolen assets and pledged to absorb all customer losses. This commitment received support from MicroStrategy Executive Chairman Michael Saylor. Despite these efforts, institutional sentiment weakened, with U.S. spot Bitcoin ETFs recording $643.3 million in net outflows on October 30, the largest daily withdrawal of the month.
The Crypto Fear and Greed Index dropped from 70 to 36 over four weeks, signaling a shift from greed to fear. While Bitcoin touched a monthly low of $76,314, analysts from Bitfinex identified $75,000 as a critical support level for the asset.
