The broader crypto market was hit earlier today by the shocking and daring hack against the largest cryptocurrency exchange by market cap, in which bad actors, believed to be linked to the North Korean state, siphoned over $6 billion from the platform.
Such major news typically sends shockwaves across the entire market, which was indeed the case. For some reason, though, not all tokens were hit differently. Pi Network’s native asset is among the few exceptions.
What Happened in the Market
CryptoPotato reported earlier today that Binance fell victim to what became the biggest hack in the cryptocurrency industry in terms of USD value. Preliminary estimates showed that the total value of the loot sits at around $6.3 billion, while multiple service providers and blockchain partners said they managed to freeze about $3 billion on-chain at the time of the announcement.
Early investigations suggest the incident may have stemmed from a compromised DevOps engineer’s laptop. The exchange said it had found no evidence of a wallet private-key leak, while on-chain sleuths identified the use of EIP-7702 authorizations, with 50 successfully signed ones in an attempt to match the wallet’s changing nonce.
Whatever the reason, the impact hit the entire market immediately. Bitcoin tanked from over $80,000 toward $76,000, while most altcoins followed suit. Expectedly, Binance’s own asset was hit hard, dumping by over 6% as of press time to $705. Nearly 240,000 traders were wrecked, with the total value of liquidated positions skyrocketing to over $1.5 billion daily. Roughly 90% of that amount came after the Binance attack.
PI Defies the Crash
Although over 90% of altcoins are deep in the red today, there are a few exceptions, and, perhaps to the surprise of some, Pi Network’s native token is in that category. The asset is actually up by almost 3% in the past day and sits above $0.078 as of press time.
Just yesterday, it had tanked to $0.075 before it shot up to almost $0.082, but the bears stepped in and pushed it south. Nevertheless, it rebounded from $0.076 and now trades around 10% higher than its all-time low, marked nearly four months ago at $0.07072.
As such, its market cap has climbed to more than $880 million on CMC, making it the 64th-largest digital asset by that metric. But perhaps most surprising is that there was no clear catalyst for its defiance today, unlike HYPE. The project’s latest major update came last week.
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