CZ Says the Binance Hack Is Smaller Than Mt. Gox in Bitcoin Terms. What Did Bitcoin Do After Mt. Gox? - 24/7 Wall St.
Hackers stole an estimated $6.3 billion from Binance in October 2026, but founder Changpeng Zhao says the hack is smaller than Mt. Gox in Bitcoin terms.
Hackers believed to be linked to North Korea have stolen an estimated $6.3 billion from Binance, making it the biggest theft in crypto history by USD value. Despite the massive breach, Binance founder Changpeng Zhao (CZ) emphasized that the hack is smaller than Mt. Gox when measured in Bitcoin terms.
According to blockchain analytics firm Elliptic, the Binance theft involved approximately 18,270 BTC, significantly less than the 650,000 BTC lost in Mt. Gox's 2014 collapse. The hackers have dispersed the stolen coins across 19 addresses without moving them to exchanges or mixers where they could be easily sold.
It hurts, but we survive.
Historical Bitcoin Response
Bitcoin has shown varied reactions to major exchange hacks throughout history. After Mt. Gox's collapse in February 2014, Bitcoin initially rose 16% in the first month but ultimately fell 51.5% over the year as the bear market took hold.
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