Binance pledges $6.34 billion loss coverage after $6.4 billion hack, BTC falls 5%

Bitcoin experienced a notable decline after Binance, the world’s largest cryptocurrency exchange by trading volume, suffered a major security breach with losses estimated at $6.4 billion. Data from analytics firms Chainalysis and TRM Labs places the 2026 hack among the largest in crypto industry history. The incident began on October 29 at 4:05 p.m. ET, shortly after the U.S. stock market closed. Chainalysis and TRM Labs reported that the hackers stole approximately $6.4 billion in digital assets. Both firms continue to attribute this exploit to a North Korean-linked group previously implicated in a $1.5 billion Bybit theft earlier in 2025. Binance officially acknowledged the attack and stated that it had allocated more than $6.34 billion from company reserves to reimburse users.

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