Binance hack fuels crypto sell‑off as Bitcoin slides below $77k (3 Nov)
- Binance hack leads to $6.3 bn withdrawals (F10).
- Bitcoin falls 1.92% to $76,732 (F1).
- Ethereum drops 1.08% to $2,248 (F2).
- Binance emergency Bitcoin reserves cut in half (F23).
- Mercado Bitcoin hack drains over $46 m (F15).
A hack on Binance that stole about $6.3 billion, which the FBI attributed to North Korea's "TraderTraitor" operation, triggered large customer withdrawals and heightened security concerns. The FBI said the stolen assets have mostly been converted into Ether. Security concerns have weighed on investor confidence in the crypto market.
Bitcoin, Ethereum and other top coins tumble
Solana fell 3.06% to $91.56 on November 2, 2026. Binance Coin (BNB) was priced at $695.40 with a 1.7% decline on November 2, 2026. XRP dropped to $1.25 with a 0.1% decline on November 2, 2026.
Stablecoins stay near parity despite market shake‑up
Tether (USDT) was priced at $0.9987 with a negligible 24‑hour change on November 2, 2026. USDC was priced at $0.9994 with a negligible 24‑hour change on the same day. Figure Heloc (FIGR_HELOC) was priced at $1.04 with a 7‑day rise of 0.7% on November 2, 2026.
Binance’s emergency reserves shrink and recovery plan rolls out
The FBI attributed this attack to North Korea.
This figure is down from approximately 15,000 BTC before a transfer of 7,499 BTC on Saturday linked to the Secure Asset Fund for Users. The exchange reported that it had replenished roughly 95% of the affected assets, an increase from 90% the previous day.
Mercado Bitcoin hack adds to crypto‑sector woes
Mercado Bitcoin halted deposits and withdrawals on Monday following a hack that drained over $46 million from its wallets. Analysts estimate the total loss at more than $46 million. Despite the suspension of services, addresses linked to the incident continued to receive funds for several hours.
Dickson Wu, a senior security engineer at Certik, said attackers targeted eight small chains, including Base, Optimism, and Arbitrum, for four hours. The attackers then shifted to the company’s main hot wallets and transferred small amounts of Ether from 27,160 distinct addresses.
A spokesperson for Mercado Bitcoin said that customers suffered no losses and no data was leaked.
Recent volatility linked to tech earnings and broader risk‑off sentiment
Bitcoin slipped below $79,000 on 29 October 2026 as big‑tech earnings uncertainty and broader market volatility weighed on sentiment, according to a report that noted the drop amid a risk‑off environment.
The day was summarized in a market brief titled “Crypto Market Today, Oct.
Binance’s size, reach and corporate profile
Corporate information lists Binance’s headquarters as “Everywhere, United States,” identifies its website as www.binance.com, notes its private‑held status, and records 1,163,167 LinkedIn followers, situating the firm within the technology, information and internet industry.
Analysts note that the rapid growth of crypto assets has often been characterized as a bubble, where market participants consider prices inflated relative to hypothetical value, a pattern that has recurred throughout the history of the sector.
Frequently Asked Questions
- Crypto Market Today, Nov. 2: Crypto Market Today, Nov. 2: Bitcoin and Altcoins Retreat as Binance Withdrawals Spark Fresh Concerns (finance.yahoo.com)
- Binance (tavily.com)
- Crypto Market Today, Oct. 29: Bitcoin Slides Below $80K as Big Tech Earnings Uncertainty and Market Volatility Intensify | The Motley Fool (fool.com)
- Here’s what happened in crypto today (cointelegraph.com)
- Cryptocurrency bubble (Wikipedia — background) (en.wikipedia.org)
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