DonAlt Compares Binance Breach Reaction With FTX’s Aftermath

Crypto trader DonAlt said limited selling after Binance’s Oct. 29 security breach recalled market behavior after FTX’s 2022 collapse, which he viewed as a bullish signal.

“Hard to be bearish here after having been given the same setup yet again,” DonAlt wrote on X.

Binance said its hot wallets were compromised at about 4:05 p.m. ET Oct. 29 (20:05 UTC), with an estimated loss of about $6.3 billion in token assets. The exchange’s initial estimate of the loss was about $6.3 billion. The FBI attributed the theft of more than $6 billion in Binance virtual assets on or about that date to North Korea’s “TraderTraitor” activity.

In an update published at 12:08 a.m. ET Nov. 1 (04:08 UTC), Binance said it had replenished about 95% of the impacted amount. The remaining 5% consisted of less-liquid tokens outside its top 10 listed assets, and Binance said it would bear the financial impact.

The update scheduled the first phase of withdrawals for 1–4 a.m. ET (06:00–09:00 UTC) Nov. 1, progressively across 15 networks. Binance said deposits remained open.