Bitcoin drops to $77,000 after $6.3 billion Binance cyberattack

Bitcoin slid to $77,000 on Oct. 31 as a $6.3 billion cyberattack on Binance triggered widespread selling across cryptocurrency markets.

Binance pledges reimbursement after security breach

Binance announced that it will fully reimburse affected customers for their losses, seeking to stem capital outflows from its platform. Major alternative tokens extended losses in tandem with Bitcoin, heightening selling pressure across spot venues and triggering forced liquidations on leveraged derivatives exchanges. Platform executives said core operations remain active despite the incident.

Market participants attributed the downturn to acute contagion fears, as institutional trading desks pared exposure across centralized venues. Order books thinned considerably following the disclosure, widening bid-ask spreads and prompting investors to transfer holdings into independent custody solutions.

The $6.3 billion exploit stands as one of the largest recorded security breaches in the digital asset sector, putting direct focus on platform reserves and operational risk management. Industry analysts said the episode could invite renewed regulatory scrutiny into centralized exchange security standards and solvency verification.

Trading desks are monitoring exchange wallet flows and withdrawal processing times ahead of an official forensic audit update scheduled for Nov. 1 at 18:00 UTC.