#Gate广场万圣节 Bitcoin falls below $77,000! BN hit by largest hack in history, panic spreads

The crypto market changed dramatically overnight. Bitcoin continued to slide, falling below the $77,000 mark. In the past 24 hours, it reached a high of $81,971 and a low of $76,760, and is currently trading at $77,179.55. Even more shocking to the market: bn, the world's largest crypto exchange, suffered the largest hack in history, with total outflows of around $5.9 billion and potential losses exceeding $1 billion. On one side is a rapid price plunge; on the other, a crisis of confidence. What's happening to Bitcoin? Where will the bn hack lead the market? Let's break it down today.

01 bn hit by the largest hack in history, triggering a sudden crisis of confidence
This event can be called the crypto industry's "darkest hour." bn suffered the largest hack in history, with around $5.9 billion in total outflows. According to market reports, the crypto industry is facing the largest hack in its history, with total outflows so far of around $5.9 billion and potential losses exceeding $1 billion. The hacker used the EIP-7702 mechanism to steal tokens from bn hot wallets in bulk, and had rehearsed for several hours before carrying out the theft. The hacker sold off 7.77 trillion PEPE from bn hot wallets, sending the token's price down 12.33%. The hacker sold all 7.77 trillion PEPE from bn hot wallets for 14,049 ETH, worth more than $31.9 million, at an average sale price of about $0.0000041, causing PEPE's price to plunge 12.33%. bn's CEO pledged to cover all losses, and deposits and withdrawals have been suspended. bn CEO CZ said the platform is working at full capacity to resolve the current issues and will cover all user losses. As a precaution, all deposit and withdrawal services have been suspended. bn has confirmed that the amount frozen in connection with the hack has risen to around $3 billion, up from $2.54 billion previously. The bn team is working with law enforcement, issuers, blockchain intelligence firms, and industry partners to track and freeze more assets. Notably, stablecoin issuers also acted swiftly, freezing more than $1.5 billion in funds linked to the hack. Meanwhile, another platform reassured customers that it is a separate entity from bnGlobal and was not affected by the hack.

02 Market data: Bitcoin falls below $77,000, panic spreads
Bitcoin's price plunged amid the impact of the hack. Data shows Bitcoin has fallen below $77,000, while the Fear and Greed Index plunged from 51 to 30, entering fear territory. Total liquidations across the crypto market reached $1.087 billion over the past 24 hours, including $947 million in long liquidations. Bitcoin liquidations totaled $356 million, or 32.77%. When Bitcoin fell below $78,000, about $265 million in leveraged long positions were liquidated over the previous 4 hours. Bitcoin saw net outflows of 970.5563 BTC over the past 24 hours. Over the past 24 hours, Bitcoin recorded inflows of 14,315.7407 BTC and outflows of 15,286.297 BTC, resulting in net outflows of 970.5563 BTC as market funds continue to leave.

03 Market impact: Liquidations mount—how can trust be rebuilt?
The impact of this hack on the crypto market is far-reaching.
First, the price impact. Bitcoin fell below $77,000, and panic spread. Total liquidations across the crypto market reached $1.087 billion over the past 24 hours, as market leverage is being rapidly flushed out. The crisis of confidence triggered by the hack will be difficult to resolve in the short term.
Second, the impact on trust. bn is the world's largest crypto exchange, and its being hit by the largest hack in history has directly shaken confidence in centralized exchanges. Stablecoin issuers have frozen more than $1.5 billion in related funds, and bn's CEO has pledged to cover all losses, but rebuilding trust will take time.
Third, the broader security impact. More than 200 security incidents have occurred in the crypto industry this year, including the nearly $388 million hack of Bit. The scale of the bn hack far exceeds previous incidents, exposing security vulnerabilities at centralized exchanges. The key lesson for investors is that centralized exchanges are not absolutely safe; diversifying assets and self-custody are essential.

04 Outlook: When will the panic bottom?
Bitcoin's future trajectory should be assessed from three angles:
First, in the short term, watch how the bn incident is handled. Whether bn can fully reimburse users for their losses and recover the stolen assets will directly affect market confidence. If the incident is handled smoothly, the market may stabilize; if not, panic could spread further.
Second, in the medium term, watch how much leverage is flushed out. Total liquidations across the crypto market reached $1.087 billion over the past 24 hours, as leverage is being rapidly flushed out. The Fear and Greed Index plunged from 51 to 30, entering fear territory. A flush-out of leverage is a necessary condition for a market bottom, but it remains to be seen when it will be complete.
Third, in the long term, consider Bitcoin's fundamental value. Bitcoin's value does not change because of a hack at an exchange. The bn hack is a crisis of confidence in centralized exchanges, not a crisis in Bitcoin's fundamental value. The impact of the incident is short term; Bitcoin's fundamental value is long term.
For ordinary investors, a more rational strategy is not to panic-sell or rush to buy the dip. Until the bn incident is resolved and market leverage has been fully flushed out, staying on the sidelines is the more prudent choice. Real opportunities often emerge when panic reaches its peak. $BTC