Why bitcoin held up better after Binance's record hack
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Binance said roughly $6.3 billion was hit in Thursday's exploit, the largest crypto hack on record; TRM Labs tied the breach to North Korea. On Friday afternoon bitcoin traded near $77,065, down about 4%, versus an average 8.3% fall in the first 24 hours after past exchange hacks per Anchorage Digital. Analysts including Sam Callahan of OranjeBTC said the market held up because the incident was a centralized exchange failure, not a compromise of the Bitcoin network.
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