CZ Expects Limited Bitcoin Downside After Binance Covers $6.3 Billion Security Exploit

Bitcoin is stabilizing around $77,300 as Binance moves to fully absorb losses from a $6.3 billion security exploit with a $6.34 billion reserve fund. The breach involved direct exposure of 18,270 BTC, prompting a 6.9% two-day drop from $81,900 between Oct. 29 and Oct. 30. Derivatives open interest declined from $27 billion to $24 billion, clearing leverage. Former CEO Changpeng Zhao noted that Mt. Gox had a far larger structural impact, as Binance is keeping user balances whole while direct exposure represents under 1% of Bitcoin's supply.