Bitcoin Stays Strong After Massive Binance Hack, CEO Says

Bitcoin has shown surprising strength after a major hacking attack hit Binance, the world's largest crypto exchange (a website where people buy and sell cryptocurrencies like Bitcoin).

According to the CEO of Strive, an investment firm, Bitcoin "held up better than expected" following the breach. This is notable because the Binance hack was enormous — it was bigger than the next nine largest crypto hacks combined, based on data from analytics firm Glassnode.

How bad were past hacks? History shows crypto prices usually drop after big exchange attacks:

• After the Bybit hack in 2025, Bitcoin fell about 5%, dropping from nearly $100,000 to around $95,000.
• Research from Anchorage Digital found that Bitcoin's average decline in the first 24 hours after previous exchange hacks was 8.3%.

What actually happened in the hack? According to Ido Ben-Natan, CEO of security firm Blockaid, the attackers appear to have compromised Binance's "transaction signing process." In simple terms, that's the digital approval system (like a secret signature) that confirms a transaction is legitimate before money moves.

Blockaid's analysis found a suspicious Ethereum transaction (a transfer on the Ethereum blockchain network) that contained 50 signed authorizations. One of these approvals allowed hacker-controlled code to operate through the wallet and steal funds.

Importantly, Binance said on Friday it found no evidence that private keys were leaked. (A private key is like the master password that controls access to a crypto wallet — if stolen, it gives total control over the funds.) The investigation is still ongoing.

Ben-Natan argued that better security checks before approving transactions could have blocked the malicious authorization entirely.

The takeaway: Even after one of the largest crypto hacks in history, Bitcoin's price stayed steadier than many feared — a sign that the market may be maturing and becoming less easily shaken by bad news.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/markets/bitcoin-binance-hack-strive-ceo?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound