Binance pledges to cover $6.3 billion hack as Bitcoin ends week down 2.9%

Bitcoin ’s recent bull market faces new uncertainty after a reported security breach at Binance drained $6.3 billion across 10 blockchains on October 29. Although the weekly price decline for Bitcoin was moderate, large outflows from US spot Bitcoin ETFs and an upcoming US midterm vote add to the uncertainty about the market’s next direction. Reports indicate that the October 29 incident stands as the largest crypto exchange hack on record, with funds affected across multiple blockchains. Binance committed to reimbursing all losses and began phased user withdrawals on November 1 in response to the breach. The incident prompted concerns over whether such a large-scale attack would trigger a wider sell-off for Bitcoin.

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