Nearly Half of $6 Billion Stolen in Binance Hack Frozen as BNB Rebounds Past $700, Targeting $800

TradingKey - Binance Narrowly Intercepts $3 Billion; BNB Makes Strong V-Shaped Rebound Past $700, Targeting $800 in the Short Term.

On October 30, impacted by a black swan event of a hacker attack, Binance exchange's platform token BNB demonstrated a strong V-shaped reversal after plunging to $680, rapidly surging back above the $700 mark, temporarily quoted at $715.56.

According to official announcements, Binance's total estimated loss in this incident is around $6.3 billion, far exceeding Bybit in previous years, making it the single largest security breach by amount involved in cryptocurrency history. As issuers and initiators such as Tether, Circle, and the Arbitrum Security Council swiftly launched joint action, emergency frozen/intercepted assets have reached approximately $3 billion, accounting for roughly half of the total affected amount.

Currently, Binance founder CZ, co-founder He Yi, and official Binance statements have stated that the SAFU fund and company treasury will fully guarantee user asset security. They also indicated that system-wide DevOps and security inspections will be completed within 48 hours before fully resuming withdrawals, while deposit services are being restored gradually. This directly eliminated the extreme market risk of an exchange bank run, causing market sentiment to rapidly pivot from panic to a strong rebound.

Judging from current candlestick patterns and indicators, BNB demonstrates extreme resilience against declines and strong value-restoration capacity. The daily candlestick left an extremely long lower shadow, confirming that this range serves as a high-value institutional buying wall. Moreover, $700 is not only a major psychological integer level, but also a daily-level super support for BNB in the second half of 2026.

BNB price chart, Source: TradingView

Although the SAFU fund and frozen assets have largely defused the crisis, on-chain capital flows still need to be closely monitored after Binance fully opens withdrawals from October 31 to November 1. If there is no massive net outflow, it will provide the strongest fundamental support for BNB to hold $700.

As BNB consolidates its position around $700, combined with macro capital flowing back into risk assets after the US midterm elections on November 3, BNB will have the technical momentum to challenge its recent high of $800, with potential to break through this resistance.