The biggest crypto theft on record hit a Bitcoin chart that was already weak, and Sunday's Binance reopening is now the weekend's big test.
What happened
On Thursday 29 October, around 20:05 UTC, roughly $6.3 billion was moved out of Binance wallets across ten blockchains, most of it in about 20 minutes. Binance confirmed the incident the same evening and estimates the total impact at about $6.3B, making it the largest crypto theft on record, around four times the 2025 Bybit hack. Binance has suspended withdrawals while it completes security checks; deposits keep working. Co-CEO Richard Teng said on Friday that the exchange is targeting a restart of withdrawals by Sunday.
Blockchain analytics firms say the attack was carried out by TraderTraitor, a North Korean unit linked to the Lazarus Group. TRM Labs states this "with high confidence", and Chainalysis has said the same. No government has confirmed the attribution yet.
What Binance says
In its official update, Binance says about $3 billion of the affected assets has been frozen on-chain so far with the help of partners. Binance says it will cover all losses from its SAFU fund and company funds, and that user funds are safe. It also says it found no evidence of a wallet private-key leak and will publish an updated Proof of Reserves and a full post-mortem.
Why it matters for Bitcoin
The hack didn't start the selling, it added to it. Bitcoin was already sliding from the mid-80Ks, and on Thursday it dropped from about 81.3K to 77.8K on Kraken's daily chart.
- Friday dipped to about 76.2K, right into the daily 200 EMA (about 76.4K), then closed near 77.2K.
- That close is below the daily 100 EMA (about 77.7K), and there's been no strong push to win it back.
- Daily RSI fell from about 48 to about 34 in two days, a sharp drop in momentum.
The two levels we're watching:
- 78.3K: bulls need to win this back to take the pressure off.
- 75.5K: the next area below, near the August and September lows (75.0–75.5K).
While price stays below 78.3K, the chart leans bearish. That's a read of the chart, not a forecast; markets can turn fast.
The weekend risk
Crypto trades all weekend, while most other markets are shut, so moves can be sharper with thinner volume. The key event is Binance's planned withdrawal restart on Sunday:
- A smooth reopen could calm nerves and trigger a short squeeze, where traders betting on a fall are forced to buy back.
- A delay or a large wave of withdrawals could add more pressure.
Either way, expect bigger swings than usual.
What to watch
- Whether Binance restarts withdrawals on Sunday as planned (CoinDesk).
- Bitcoin's daily close against 78.3K above and 75.5K below.
- Binance's Proof of Reserves update and post-mortem.
If you hold coins on any exchange, it's a good moment to review your security; our guide on exchange security covers the basics. New to reading trends? Start with trend following for beginners. Track price live on our Bitcoin page and the economic calendar.
Sources: Binance announcement · CoinDesk · AP News · BBC · TRM Labs · BTC/USD prices: Kraken.
This is general market commentary for education only, not financial advice. Do your own research.