Attackers stole about $6.3 billion from Binance hot wallets in an Oct. 29 breach. Binance pledged to cover user losses, and analysts told Cointelegraph that the pledge helped contain the fallout. Martin Lee of DWF Labs said there did not appear to be a contagion effect because Binance could cover the losses from its balance sheet.
Binance’s daily net outflows fell to $458 million over the 24 hours before publication, from $6.1 billion on Nov. 2 after withdrawals resumed, according to DefiLlama. Bitcoin fell as much as 5.7% in the first five days after the hack. Bitfinex analysts said confirmation of a market bottom depended on the Consumer Price Index reading due Nov. 10.
