Binance Hack: Why Bitcoin Didn't Crash Like It Did in 2018
According to reporting by Decrypt Financial Technology, Binance lost about $6.4 billion, the largest crypto hack on record, yet Bitcoin fell about 3%, against nearly 11% in 2018 when the exchange was last attacked.
Financial technology, consumer banking, and digital asset markets are assessing developments reported by Decrypt Financial Technology. Consumers and investors should review regulatory guidance and rate disclosures.
“Financial technology, consumer banking, and digital asset markets are assessing developments reported by Decrypt Financial Technology. Consumers and investors should review regulatory guidance and rate disclosures.”
Key Verified Points
- •Official Issuing Wire: Decrypt Financial Technology
- •Editorial Desk: Digital Banking
- •Coverage Domain: FINTECH
- •Publication Status: Verified Journalistic Dispatch
Executive Briefing
According to reporting by Decrypt Financial Technology, Binance lost about $6.4 billion, the largest crypto hack on record, yet Bitcoin fell about 3%, against nearly 11% in 2018 when the exchange was last attacked.
Detailed Factual Report
Bitcoin is down about 4% a day after the biggest crypto hack on record. In March 2018, a failed attack on the same exchange knocked nearly 11% off its price in minutes, and Binance said at the time that no funds had been stolen.
Binance has confirmed yesterday's attack, and Chainalysis and TRM Labs put the theft at roughly $6.4 billion , more than four times the previous record hack: the $1.5 billion Bybit heist of February 2025. Bitcoin dipped to about $76,400 on Friday, around 6% below where it traded after Wednesday’s Federal Reserve decision.
More than $1.3 billion in leveraged bets was liquidated, meaning trades placed with borrowed money that exchanges close automatically when prices move against them. And yet Bitcoin is holding relatively steady, all things considered.
The 2018 incident was a phishing and theft attempt : attackers took over accounts, created API keys (credentials that let trading bots act on an account) and used them to pump the obscure coin Viacoin while 31 accounts that had pre-deposited the coin sold it. Bitcoin fell from $10,740 to $9,690 within minutes and kept dropping to about $6,600 by April 5, though the market was already in a bear run after peaking near $20,000 in December 2017.
Verified Data Points & Key Takeaways
Geographic Scope & Community Impact
Recommended Action & Safety Guidelines
Source & Verification Provenance
Information in this article was compiled directly from records provided by Decrypt Financial Technology. Access the primary source document at: https://decrypt.co/382257/binance-hack-why-bitcoin-didnt-crash. Reporting and editorial review conducted by the USA NOW News Desk.
Event Timeline & Developments
Frequently Asked Questions
How does this development impact digital banking and consumer finance?
Financial technology and digital asset platforms are aligning operations with regulatory directives issued by bodies including the SEC and CFPB, as reported by Decrypt Financial Technology.
Are consumer funds and deposits protected?
Consumers should ensure their banking and fintech providers interface with FDIC-insured or federally supervised depository institutions.
Official Government & Primary Citations
- Decrypt Financial Technology — https://decrypt.co/382257/binance-hack-why-bitcoin-didnt-crash
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