CryptoSlate
Ethereum fell roughly 4% in the days after the Oct. 29 Binance hack, a $6.3 billion theft. BitMine chairman Tom Lee called the muted reaction “very constructive” and argued it signals a crypto bull market. By comparison, Ethereum fell 8% on the day the Bybit breach was disclosed in February 2025, then lost 20% over the following week. The periods are not equivalent: Lee's Binance figure covers only the days since Oct. 29.
Why it matters
Lee pointed to Binance's commitment of more than $6 billion in company funds to cover affected customer assets. By Nov. 2, the exchange said it had replenished about 95% using its treasury and insurance reserves. Binance also reported that ten major cryptocurrencies, including Bitcoin, Ethereum, XRP and BNB, were backed at least 1:1 in its Oct. 31 proof-of-reserves snapshot.
Other responses included stablecoin issuers and networks restricting compromised tokens. Elliptic estimated that about $2.85 billion, or 44% of the stolen assets, had been frozen or seized. The FBI attributed the hack to North Korea's TraderTraitor group within two days. Investigators linked the breach to compromised corporate infrastructure, not a failure in Ethereum's protocol. About $3 billion remained in addresses linked to the theft as of Nov. 2.
Market impact
BitMine bought another 8,573 ETH in the latest reporting week, bringing its holdings to 6,060,506 ETH, or about 4.9% of circulating supply. That accumulation is relevant context for Lee's bullish view: as BitMine chairman, he leads a company with substantial exposure to Ethereum. BitMine's releases also show ETH fell about 17% between Oct. 4 and Nov. 1, while the value of its broader portfolio dropped from $17.4 billion to $14.5 billion.
Binance said it was working to source the remaining 5% of affected customer assets, which consist of less-liquid tokens, and preparing another proof-of-reserves snapshot for Nov. 4. The market's response reflects both the rapid containment efforts and the unresolved recovery of those assets.
Frequently asked questions
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How do the Ethereum losses after Binance and Bybit compare?
Ethereum fell roughly 4% in the days after Binance's Oct. 29 hack. After the Bybit breach disclosure in February 2025, ETH fell 8% on the day and 20% over a full week, so the comparison uses different time windows.
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What did Binance say it had done to cover affected customer assets?
Binance said it had replenished about 95% of affected assets by Nov. 2 using its corporate treasury, insurance reserves and other funding sources.
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How much of the Binance theft had been frozen or seized?
Elliptic estimated that about $2.85 billion, accounting for 44% of the theft, had been frozen or seized as of Nov. 2.
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What was BitMine's Ethereum position after its latest purchase?
BitMine bought 8,573 ETH, bringing its holdings to 6,060,506 ETH, equivalent to about 4.9% of Ethereum's circulating supply.
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What did investigators identify as the cause of the Binance breach?
Investigators linked the incident to compromised corporate infrastructure rather than a failure in Ethereum's underlying protocol. The FBI attributed it to North Korea's TraderTraitor group within two days.
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