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Bitcoin falls below $77,000 after Binance breach report
Hindustan Times·
Bitcoin fell as much as 3.1 percent Friday to $76,300, below $77,000 for the first time in over a month. The drop followed a Binance breach in which attackers tried to siphon over $6 billion. Binance reserved $6.34 billion of company funds after the incident. Tether froze more than $1.5 billion and Circle froze $800 million of its coin.
Prism
What It Means For You
- Crypto holders saw Bitcoin lose the $77,000 level while BNB fell about 7 percent since Wednesday to around $700.
- Binance suspended withdrawals after discovering the exploit and pledged to cover confirmed losses.
- The FBI told Bloomberg it was aware of the incident and coordinating with partners.
What's Happening
- Jeff Ko of ViaBTC said the wider market was already bearish, which sped the selloff.
- About $1.3 billion of bullish crypto positions were wiped out in 24 hours, per Coinglass data.
- A Friday expiry of $11 billion in Deribit options added to risk-off trading.
Who Moved First After the Hack
- Binance platform assets were described as more than $135 billion before the breach scrutiny.
- Tether's Paolo Ardoino said more than $1.5 billion linked to the potential hack was frozen.
- Circle's Jeremy Allaire said $800 million was frozen amid reports of a Binance exploit.
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