Bitcoin, BNB slide as Binance pledges to cover hack losses

Binance hack — Bitcoin fell below $77,000 and Binance’s BNB token dropped sharply after the exchange confirmed a security incident, with co-founder Yi He pledging to cover all user losses.

BNB, the native token of the Binance Smart Chain, lost 7.1% of its value following the announcement. The broader crypto market also saw selling pressure, with Bitcoin dipping from recent highs.

In a statement, Binance Co-CEO Yi He said the exchange would fully reimburse any users affected by the hack. The pledge is intended to maintain confidence in the platform’s security and user fund safeguards.

The incident highlights ongoing security challenges facing major cryptocurrency exchanges, even as the market experiences heightened volatility and price discovery.