Binance hack rattles markets as BNB falls 8%, Bitcoin nears $77K

Update, Oct. 30 at 1:19 am UTC: This article has been updated with fresh market data, Binance’s pledge to cover all losses and its revised frozen assets total.

Cryptocurrency markets extended their decline early Friday following the Binance hack, with BNB down more than 8% over 24 hours and Bitcoin trading near $77,000.

BNB, the native token of BNB Chain, traded near $693, down around 8.2%, according to CoinGecko data at the time of writing. Bitcoin fell 4.8% to about $77,131, while Ether declined 5.7% to about $2,217.

Binance pledged to cover all losses from the hack and suspended all deposits and withdrawals while conducting security checks. In a subsequent update, the exchange put the verified total of frozen assets at around $3 billion, up from its earlier figure of $2.54 billion.

Decentralized finance tokens also declined. Aave’s AAVE fell 11.3% to $118.54, while Uniswap’s UNI dropped 10.4% to $6.48, according to CoinGecko.

Aave said it had frozen new deposits and borrowing across its community-operated V3 and V4 markets as a precaution. The lending platform said its contracts were unaffected and users could still withdraw funds and repay loans.

Bitcoin traded below $77,000 as BNB fell 8% over 24 hours. Source: CoinGecko

The Bitcoin Fear and Greed Index fell to “fear” at a score of 30, its lowest since Aug. 14.

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