Binance Hack Leads to Bitcoin Drop Below $77,000

Bitcoin's price dropped below $77,000 for the first time in more than a month on October 30, 2026, after a significant security breach at Binance on October 29, which resulted in the theft of over $6 billion in cryptocurrency. The cryptocurrency fell by as much as 3.1% to $76,300, while Binance's BNB token decreased by approximately 5% to around $700.

This incident, described as the largest cryptocurrency theft on record, has raised serious concerns about the security measures at major digital asset exchanges. Following the breach, Binance disclosed that it had reserved $6.34 billion in company funds to address the incident, asserting that it could absorb the losses.

The theft involved hackers exploiting an engineer's laptop to access a service container and initiate unauthorized withdrawal transactions. The scale of the theft surpasses the $3.4 billion lost to cryptocurrency thefts across the entire industry in 2025, according to Chainalysis.