Bitcoin slips below $77,000 after $6.3 billion Binance cyberattack

Bitcoin dropped below $77,000 on Saturday after a $6.3 billion cyberattack targeted cryptocurrency exchange Binance, triggering accelerated selling across digital assets.

The intrusion stands as one of the largest recorded thefts in digital currency history. Platform operators and network validators moved quickly to freeze billions of dollars in compromised tokens following the breach, yet contagion rapidly extended to Ether and alternative coins.

Binance reserve containment and liquidity fallout

Market data showed sharp spikes in spot trading volume as automated liquidations swept decentralized lending protocols. Market participants cited counterparty risk and sudden collateral shortfalls as primary drivers of the decline, with bid-ask spreads widening significantly across major digital asset venues.

Company representatives stated that internal security teams are collaborating with blockchain forensics specialists and federal law enforcement to trace diverted transactions. Officials said critical infrastructure remains isolated to prevent secondary breaches, while deposit and withdrawal functions undergo exhaustive forensic validation.

Exchange leadership and forensic investigators are scheduled to deliver a comprehensive accounting of recovered reserves and frozen wallet addresses by 18:00 UTC on Nov. 1, clarifying total net losses for global market participants.