Bitcoin Attempts Recovery After Binance Security Breach

The theft of 6.3 billion dollars suffered by Binance led to more than 1.5 billion dollars in liquidations on the crypto market. However, the magnitude of the drop is not only due to the hack, as the massive use of leverage and the decline of technology values amplified the initial shock. Bitcoin fell to 76320 dollars on October 30th, its lowest level in several weeks. This drop happened after Binance confirmed an attack that allowed the unauthorized withdrawal of 6.3 billion dollars in crypto. The platform’s initial investigations point to the compromised computer of a DevOps engineer. The hacker allegedly used this access to trigger withdrawals. Binance claims to have revoked the relevant permissions, temporarily suspended deposits and withdrawals, then contacted authorities and several blockchain analysis companies.

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