Binance hack triggers record Bitcoin price gap with Coinbase as arbitrage stalls

A technical anomaly has emerged in the cryptocurrency market following a major security incident at Binance, leading to the highest Bitcoin price discount on Coinbase relative to Binance in the past year. The Coinbase Premium Index plummeted to approximately −0.06%, indicating a significant divergence between the two leading exchanges. The sharp disparity occurred after Binance suffered a large-scale hack affecting its hot wallets on October 29 and 30. Hackers reportedly withdrew around $6.3 billion, prompting immediate action from Binance. The exchange successfully froze half of the stolen assets on the blockchain and assured clients that the remaining losses would be covered using the company’s Secure Asset Fund for Users (SAFU). In response to the breach, Binance temporarily suspended all deposits and withdrawals.

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