Binance Hack Shakes Crypto Market as Billions Stolen

A multi-billion dollar hack at the cryptocurrency exchange Binance, involving the theft of approximately $6.4 billion worth of cryptocurrencies, has caused significant instability in the crypto market. The incident, which occurred on October 29, led to a 5% decline in Bitcoin and a 5.7% drop in Ether within 24 hours. Attackers, reportedly linked to North Korea, drained Binance's 'hot wallets' and converted stolen stablecoins into other cryptocurrencies. Investigators have since frozen approximately $2.8 billion in stablecoins. Binance's co-CEO has assured that customer assets are secure and losses will be covered, with withdrawals expected to resume by November 1.