Crypto World Rocked by $6.3 Billion Exchange Hack, Bitcoin Tumbles
While the cryptocurrency market was closely watching the Federal Reserve’s FOMC meeting and other significant macroeconomic events this past Wednesday, the true headline-grabber of the week emerged elsewhere.
The week began with Bitcoin (BTC) struggling to maintain its footing above the critical $80,000 support level, having been rejected at $85,000 as investors braced for the FOMC announcement. In a somewhat surprising turn, BTC dipped to a five-week low of $79,100 on Saturday, only to rebound by $2,000 on Sunday.
However, the digital asset failed to hold its ground above $80,000, experiencing further declines by Tuesday. A brief rally by bulls ahead of the FOMC meeting pushed BTC to $81,700. It subsequently dipped before the central bank’s decision, then rose again to $81,800 after the Fed announced its expected pause on interest rate hikes.
Another rejection followed, sending BTC down to $80,500 on Thursday. The most significant market impact, however, arrived a day later. Early Friday morning, reports surfaced that the world’s largest cryptocurrency exchange had been the target of a major hack. The company later confirmed the news, with on-chain data indicating losses of approximately $6.3 billion. Despite efforts by various entities, including Tether, to freeze around $3 billion, the scale of the breach was unprecedented.
This event has become the largest hack in the history of the cryptocurrency industry. Unsurprisingly, Bitcoin and most altcoins experienced sharp declines. The leading cryptocurrency asset plummeted to a six-week low of $76,400 before recovering by approximately $1,000. Binance Coin (BNB) fell below $700, while Solana (SOL) slumped by over 7%. Liquidations surged to $1.5 billion, with the number of traders wiped out on a daily scale exceeding 235,000.
Market Cap: $2.690T | 24H Vol: $152B | BTC Dominance: 57.8%
BTC: $77,380 (-5.1%) | ETH: $2,225 (-7.4%) | XRP: $1.25 (-4.5%)
Ripple Secures Key Regulatory Approval
Ripple experienced a significant week, highlighted by its successful navigation of a final hurdle with the Office of the Comptroller of the Currency (OCC). Company CEO Brad Garlinghouse announced that the OCC has granted the final approval for the establishment of Ripple National Trust Bank.
Trezor Issues Security Warning to Customers
Trezor, a prominent hardware wallet manufacturer, has issued an urgent warning to its customers. Those who purchased devices from CryptoBilis on or after March 2026 are strongly advised to move their funds to a newly created wallet and generate a new seed phrase as soon as possible.
Polymarket Suffers $2.6 Million Loss in User Funds
Hours before the major Binance hack, Polymarket disclosed that malicious actors had drained over $2.6 million from user accounts. The platform temporarily operated in a cancel-only mode, with Polymarket stating that an external provider, not its internal infrastructure, was compromised.
Bitcoin Sees Largest Exchange Outflow in Five Weeks
In the single day preceding the crucial FOMC meeting, on-chain data revealed that Bitcoin investors withdrew nearly 15,000 units from exchanges. This marked the largest daily net outflow recorded in five weeks.
Strive Executes Largest Bitcoin Purchase to Date
The company led by Matt Cole announced its most substantial Bitcoin acquisition to date, accumulating 6,182 BTC for over $510 million. Meanwhile, the largest corporate holder of the cryptocurrency remained on the sidelines.
Hyperliquid Price Surges on NYSE Plans
Despite a generally bearish trend for most altcoins this week, HYPE has defied expectations, rising 15% following news that ICE will operate Trade[XYZ]’s Hyperliquid-based perpetual futures in the United States.
This week’s analysis includes in-depth price charts for Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid.
