Bitmine sees 6 reasons this recent Binance theft is a sign of crypto industry strength

“Late last week, Binance was hacked and $6.3 billion of customers’ funds was stolen. The FBI has named North Korea (DPRK) as the perpetrator. While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market’s response to prior sizable crypto thefts,” stated Thomas “Tom” Lee, Chairman of Bitmine.

“In February 2025, ByBit was also hacked by DPRK (with a very different methodology) and $1.5 billion of customer crypto was stolen. The day the ByBit theft was announced, ETH fell 8% and was down 20% within a week. By contrast, since the Binance theft was disclosed, ETH went down 4%. We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size,” continued Lee.

“We believe there are 6 reasons that explain why the Binance theft has a muted market reaction.

And taken altogether, we believe this is a sign that the crypto industry is increasingly resilient and more capable of absorbing these nation-state assaults on financial infrastructure,” stated Lee.

Over the past week, Bitmine acquired 8,573 ETH. Bitmine has bought ETH each week since the inception of its ETH Treasury Strategy on June 30, 2025, a track record of consistent buying the Company describes as unmatched by any public company in the world. Bitmine remains the #1 Ethereum treasury and #2 global treasury.

WEEKLY TREASURY HIGHLIGHTS

As of November 1, 2026

TREASURY

• TOTAL VALUE: $14.5B

• ETH HELD: 6,060,506 — 4.9% of ETH supply

• ACQUIRED: 8,573 this week

STAKING

• STAKED: 5,227,037 — $11.8B, 86% of ETH held

• REVENUE: $358M — Projected, 3.03% 7-day yield

ALCHEMY OF 5% PROGRESS · 99%

Crypto holdings as of November 1, 2026 at 4:00pm ET. ETH valued at $2,261 per Coinbase. Staking revenue is projected annualized at a 3.03% 7-day yield.