Binance Hacked for $6.3B, Fed Holds Rates, Bitcoin Crashes to 6-Week Low: Weekly Crypto Recap

Binance, described as the world’s largest cryptocurrency exchange, confirmed it was hacked after reports emerged early Friday, with blockchain data indicating losses of about $6.3 billion; Tether and other entities froze roughly $3 billion of the funds. The breach became the largest hack in the crypto industry. Bitcoin fell to a six-week low of $76,400 before rebounding by about $1,000, while the BNB token dropped below $700 and SOL slid more than 7%. Liquidations, or forced closures of trading positions, reached $1.5 billion, with more than 235,000 traders wiped out in a day. The breach came in the same week as a Federal Reserve meeting on Wednesday at which the central bank paused interest-rate hikes as expected.