Binance Hack Triggers Sharp Crypto Selloff

Bitcoin slipped 3.88 % and ether dropped 6.05 % over the week of 23–30 October. The main trigger was the 29 October breach at Binance, where hackers stole roughly 6 billion dollars in assets. BTC briefly traded below 76 500 dollars, while ETH fell under 2200.

Tether and Circle froze 1.567 billion USDT and 823 million USDC within hours. Nearly 3 billion dollars in total were locked. North Korean groups are suspected, echoing the February 2025 Bybit incident that cost 1.5 billion.

The Fear & Greed Index tumbled to 30. More than 300 million dollars in long positions were liquidated in just two days. Bitcoin spot ETFs still saw 440.74 million in inflows, but ether funds lost 275.69 million.

The Fed kept rates at 3.75–4 % on 28 October. Ethereum developers separately patched a vulnerability in the Glamsterdam hard fork that had been found during routine code review.

Based on information from cryptonews.net