Crypto Daily | Bitcoin Sinks to Seven-Week Low; Hackers Paid $15 to Drain $2.5 Billion From Binance in One Hit

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Bitcoin Sinks to Seven-Week Low as Risk-Off Mood Deepens

Bitcoin tumbled to a seven-week low as a rout in technology shares spilled into risky assets, hurting sentiment in digital assets already under pressure from industry-specific woes.

The original cryptocurrency traded below $76,000 after dropping as much as 5.8%. Ether tumbled around 8%. The selloff came as the Nasdaq 100 plunged 6.4%, led by chipmakers amid underwhelming earnings outlooks and concerns that Democratic control of Congress could bring tighter oversight of the artificial-intelligence industry.

Crypto-related stocks also joined the selloff. Mining and AI data center companies including CleanSpark Inc., Cipher Digital Inc. and MARA Holdings Inc. shed more than 14% on Thursday, while crypto trading platforms such as Coinbase Global Inc. and Robinhood Markets Inc. lost around 10% each.

Hackers Paid $15 to Drain $2.5 Billion From Binance in One Hit

The hackers who stole $6.3 billion from Binance last week found a way to take 40% of the stolen cryptocurrency in one hit, reducing their chances of being caught in the act, and it cost them just $15.

An examination of transactions recorded on the Ethereum blockchain shows how the thieves weaponized a feature designed to make crypto wallets easier to use. It allows an account to give software permission to move money on its behalf, rather than requiring separate authorizations for each transfer.

The hackers paid about $15 in network fees to put that permission in place, then used it to take roughly $2.5 billion in a single transaction — 40% of the total amount stolen — according to security firm Blockaid.

U.S. Democratic Sweep Could Be the Final Nail in the "Clarity Act’s Coffin"

The crypto industry’s hope of getting a long-awaited regulatory framework through the U.S. Congress suffered yet another blow Tuesday as Democrats won control of both chambers in the U.S. midterm elections.

"For crypto, the Democratic sweep may well be the final nail in the Clarity Act's coffin," Mati Greenspan, a crypto market analyst, a market expert, bitcoin maximalist and founder at Quantum Economics, told CoinDesk, adding that in his opinion it’s a sad day for crypto.

"The bill couldn't even clear a procedural vote in September, when Republicans controlled both chambers,” Greenspan said. “Now the industry faces the prospect of starting from scratch in a divided Washington."

Bitcoin Developer Proposes "Landmines" to Make Quantum Thieves Lose Their Own BTC

A Bitcoin Core developer wants to make future quantum thieves risk their own money before they can steal anyone else’s.

Cory Fields, who works on Bitcoin’s software at MIT’s Digital Currency Initiative, outlined the idea Wednesday on the bitcoin-dev mailing list. His “quantum landmines” would let holders secretly prepare a trap for anyone who later cracks their wallet keys.

A sufficiently powerful quantum computer could calculate a wallet’s secret spending key from its public key. Some early bitcoin payments exposed those public keys from the start, leaving coins associated with Satoshi Nakamoto among the potential targets.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $430.22 million. The total net asset value of Bitcoin spot ETFs is $96.65 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.31%.

The Bitcoin spot ETF with the highest net outflow on November 5 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net outflow of $199.87 million, according to SoSoValue.

Source: SoSoValue

The overall net outflow of the US Ethereum spot ETF on Thursday was $99.97 million. The total net asset value of Ethereum spot ETFs is $13.04 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.74%.

The Ethereum spot ETF with the highest net outflow on March 26 was iShares Ethereum Trust ETF (ETHA), with a net outflow of $75.2 million, according to SoSoValue.