Bitwise finds Bitcoin split 5-5 in the month after the 10 largest hacks

On November 4, Bitwise chief investment officer Matt Hougan published a memo finding that Bitcoin rose over the 30 days after five of the 10 largest crypto hacks and fell after the other five. The memo followed the $6.3 billion Binance theft on October 29, which it described as the largest cyber-theft in dollar terms, about four times the previous record; Bitcoin fell about 4% the next day and traded mostly flat through November 3. Hougan said the breach involved Binance’s online hot wallets, used for fast deposits and withdrawals, not Bitcoin’s blockchain, and that the coin’s supply remains capped at 21 million; Binance said on November 4 that about 98% of affected assets had been restored from reserves.