21Shares said that Bitcoin fell by only about following the Binance hack 2%, with a smaller market impact than the FTX event
BIBIBI
AT A GLANCE
21Shares stated that after Binance suffered an approximately 6300000000 USD attack, Bitcoin 24 fell by slightly more than within 2%hours, and Binance pledged to cover all losses.
Article
21Shares: Following the Binance hack, Bitcoin fell by only about 2%, far below the FTX decline following the event 26%PANews October 31 reported that 21Shares released an analysis report on the Binance hack, stating that October 29 Binance suffered an approximately 6300000000 USD attack, and currently approximately 3000000000 USD of the stolen assets have been frozen, with Binance pledging to cover all losses. Within 24 hours after the incident, Bitcoin fell by slightly more than 2%, significantly less than the approximately 2022 November FTX decline in Bitcoin following the 26%event. 21Shares emphasized that this incident was a security vulnerability at Binance alone, and that the Bitcoin network itself was not attacked. The report noted that Binance said it would use the SAFU Fund and company funds to cover all losses. Based on a Bitcoin price of approximately 78,509 USD, the SAFU Fund's holdings of 15000 BTC are worth approximately 1180000000 USD, sufficient to cover approximately 36%of the unfrozen assets...https://www.panewslab.com/zh/articles/01a18d8b-82b8-7325-9a5d-afdb33662c4b
Key points
01
PANews stated that 21Shares released an analysis report on the Binance hack.
02
The report stated that October 29 Binance suffered an approximately 6300000000 USD attack.
03
The report stated that currently approximately 3000000000 USD of the stolen assets have been frozen.
04
The report stated that Binance pledged to cover all losses.
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Within 24 hours after the incident, Bitcoin fell by slightly more than 2%；2022 November FTX following the event, Bitcoin fell by approximately 26%。
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21Shares stated that this incident was a security vulnerability at Binance alone, and that the Bitcoin network itself was not attacked.
07
The report stated that Binance would use the SAFU Fund and company funds to cover all losses.
08
Based on a Bitcoin price of approximately 78,509 USD, the SAFU Fund's holdings of 15000 BTC are worth approximately 1180000000 USD, sufficient to cover approximately 36%of the unfrozen assets.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This report distinguishes a security vulnerability at a trading platform from the Bitcoin network itself: according to 21Shares, Binance, rather than the Bitcoin network, was attacked. The report also compares Bitcoin's decline of slightly more than 24 within 2%hours after the incident with the approximately 2022 November FTX decline following the 26%event.
Why it matters to readers
The incident involved an approximately 6300000000 USD attack and loss-coverage arrangements, which may affect users' assessment of Binance's security and ability to compensate; meanwhile, the report described Bitcoin's short-term price reaction as significantly smaller than following the FTX event.
Beginners should note that an attack on a trading platform does not mean that the Bitcoin network has been attacked; whether a platform freezes, recovers, and compensates assets is a risk issue distinct from short-term Bitcoin price fluctuations.
Risks and unknowns
The scale of the attack, the amount frozen, and the compensation pledge come from the report's account of 21Shares's report and Binance's statements; the original text provides no independent verification results.
The report does not state whether the unfrozen assets can ultimately be recovered, nor does it explain the actual progress of compensation.
The original text ends with an ellipsis and directs readers to the full article; the available evidence is not a complete article.
Related Developments
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“October 29” and “October 31” do not specify the year in the body of the evidence.
SAFU The fund covers approximately 36%computational dependence of approximately 78,509 USD Bitcoin prices and related holdings data.
Related concepts
BTC
The abbreviation commonly used for Bitcoin when referring to it as a digital currency.
