Fitch Reveals Why Bitcoin Survived The Binance Hack

Bitcoin only lost about 6% after the $6.3 billion hack suffered by Binance, a much more limited reaction than during previous crises. For Fitch Ratings, this resilience reflects greater market maturity, but it mainly reveals an evolution of risk: the failure of a platform threatens the global price less while still directly exposing its clients and creditors. The attack discovered on October 29 led to the theft of assets spread over several blockchains. The hackers reportedly stole about 18,270 BTC, valued at nearly $1.5 billion at the time. Binance temporarily halted trading and withdrawals before beginning their recovery on November 1 st . Despite the scale of the theft, bitcoin only dropped 6% during the ten hours following the first reports.

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