Bitcoin has survived a number of main hacks, typically seeing its worth drop, then setting off on a run that usually resulted in new all-time highs.
The crypto area continues to be reeling from its greatest hack ever, which noticed effectively over $6 billion value of crypto drained from Binance, though about $3 billion of that’s reported to have been frozen.
The incident affected Bitcoin, which dipped to $76,350 for the primary time since mid-September earlier than recovering by a few grand. However now, a historic comparability shared by CryptosRus reveals that BTC rallied to new all-time highs after a number of main safety failures, resulting in the query: will the identical occur once more this time?
Bitcoin’s Historical past After Main Crypto Hacks
In an October 30 publish on X, CryptosRus noted that following the Mt. Gox incident in 2014, the worth of Bitcoin initially fell by half however quickly launched into a run that noticed it enhance a hundredfold by 2017.
One other incident, which occurred roughly two years after Mt. Gox, noticed almost 120,000 BTC, valued at about $72 million on the time, stolen from Bitfinex, triggering a 20% dip within the OG cryptocurrency’s worth. However as CryptosRus identified, it hit a brand new all-time excessive close to $20,000 nearly a yr later.
It didn’t cease there. In January 2018, Coincheck, a Japanese crypto trade, suffered the most important crypto hack by greenback worth on the time, when it misplaced 523 million NEM tokens valued at about $532 million. Though BTC was not the first asset stolen, it was nonetheless affected, bottoming at round $3,100. However by 2021, it had recorded a brand new ATH close to $69,000.
Within the midst of that run to $69K, Binance skilled a serious breach the place hackers stole over 7,000 BTC value as a lot as $41 million on Might 7, 2019. But once more, the asset confirmed resilience, leaping 136% in simply 7 weeks.
Whereas not a hack, CryptosRus included the FTX collapse in 2022, which noticed Bitcoin plunge by 22%, earlier than setting off on a run that noticed its worth skyrocket by about 375%, culminating in a brand new all-time excessive simply shy of $74,000 in March 2024.
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In early 2025, with Bitcoin hitting new highs fueled by the post-US election rally and big spot ETF flows, Bybit fell sufferer to a $1.5 billion theft attributed to the Pyongyang-linked Lazarus Group and its affiliate TraderTraitor (which some safety specialists are blaming for the brand new Binance heist). Within the aftermath of the assault, BTC’s worth fell by 24%, however barely three months later, it reached a brand new report excessive.
“Bitcoin has survived each one in every of them,” wrote CryptosRus.
What We Know Concerning the Binance Hack
In response to Binance, the $6.3 billion hack might have involved a compromised DevOps engineer’s laptop computer that allow an attacker attain a service container and submit unauthorized withdrawals. It says it hasn’t discovered any proof of a personal key leak and that each one losses can be lined by its SAFU fund and firm cash.
In the meantime, on-chain information shared by CryptoQuant’s Julio Moreno shows that about $3.7 billion of the stolen funds went to 1 receiver handle on Ethereum. Tether and Circle froze $2.2 billion in stablecoins, however that was after the attacker had already offered about $435 million of USDT for ETH by 4 swap venues.
Per Moreno’s information, the attacker nonetheless has round 462,600 ETH, value about $1.04 billion, below their management, along with one other $400 million in assorted tokens that they’re promoting into decentralized swimming pools. In response to him, nothing has thus far reached a centralized trade, bridge, or mixer.
So far as Bitcoin is worried, the thief moved 18,270 BTC valued at about $1.42 billion from Binance’s chilly pockets by one staging handle and into 19 new ones, with 17 of them holding precisely 1,000 BTC. On the time of writing, the asset had gone again as much as simply over $78,000, which nonetheless represented a drop of over 2% in 24 hours and 6% over 30 days.
