Bitcoin drops below $77k after Binance suffers $6.3 billion security breach Bitcoin was hit by a major overnight selloff after Binance confirmed a security breach with an estimated $6.3 billion impact. BTC fell from above $80,000 to a six-week low below $77,000 before retracing part of the move. Binance says its initial investigation points to a compromised DevOps engineer laptop that allowed an attacker to access a service container and submit unauthorized withdrawals. The exchange claims that it found no evidence that the wallet's private keys were leaked. To date, approximately $3 billion of affected assets have been frozen on-chain with the help of stablecoin issuers and blockchain partners. Binance has temporarily suspended deposits and withdrawals while security checks continue and says it will cover all losses using company funds and its SAFU reserves. Important: This was not an exploit of Bitcoin itself. Bitcoin blockchain, consensus rules and encryption are not compromised. The breach occurred within the infrastructure of a centralized switchboard. This distinction is important. Bitcoin fell because one of the world's largest trading sites suffered a massive security failure - not because the Bitcoin network failed. The market took the hit. Bitcoin continued to produce blocks.

Bitcoin drops below $77k after Binance suffers $6.3 billion security breach Bitcoin was hit by a major overnight selloff after Binance confirmed a security breach with an estimated $6.3 billion impact. BTC fell from above $80,000 to a six-week low below $77,000 before retracing part of the move. Binance says its initial investigation points to a compromised DevOps engineer laptop that allowed an attacker to access a service container and submit unauthorized withdrawals. The exchange claims that it found no evidence that the wallet's private keys were leaked. To date, approximately $3 billion of affected assets have been frozen on-chain with the help of stablecoin issuers and blockchain partners. Binance has temporarily suspended deposits and withdrawals while security checks continue and says it will cover all losses using company funds and its SAFU reserves. Important: This was not an exploit of Bitcoin itself. Bitcoin blockchain, consensus rules and encryption are not compromised. The breach occurred within the infrastructure of a centralized switchboard. This distinction is important. Bitcoin fell because one of the world's largest trading sites suffered a massive security failure - not because the Bitcoin network failed. The market took the hit. Bitcoin continued to produce blocks.