Binance: $6.3B Hack Triggers Market Crash

Binance lost up to $6.3 billion in the largest crypto exchange hack on record, according to @BullTheoryio. The breach hit multiple hot wallets on October 29, draining 167,464 ETH and 1.615 billion USDT from Binance 14 alone.

Market Reaction

Bitcoin fell below $77,000, down more than 6 percent, while $170 billion vanished from total crypto market capitalization and $1.39 billion in leveraged positions were liquidated within twelve hours.

Attack Details

Hackers used EIP-7702 delegation on compromised keys to drain wallets repeatedly. They funded operations via Tornado Cash, tested malicious contracts, then moved funds across Ethereum, Arbitrum, Avalanche, Bitcoin and Tron. Tether, Circle and Ripple froze roughly $2.5–3 billion in stablecoins.

Technical Confluence

Price at $77,857.3 tests the lower Bollinger Band support near $78,278 while the EMA50 at $80,767 and EMA200 at $81,620 act as stacked resistance overhead. MACD death cross at -399.7 confirms bearish momentum and RSI at 34.9 shows neutral conditions after the selloff, suggesting any bounce will likely stall at the 50-EMA before further downside pressure resumes.