Binance hack triggers record Bitcoin price gap with Coinbase as arbitrage stalls

A technical anomaly has emerged in the cryptocurrency market following a major security incident at Binance, leading to the highest Bitcoin price discount on Coinbase relative to Binance in the past year. The Coinbase Premium Index plummeted to approximately −0.06%, indicating a significant divergence between the two leading exchanges. The sharp disparity occurred after Binance suffered a large-scale hack affecting its hot wallets on October 29 and 30. Hackers reportedly withdrew around $6.3 billion, prompting immediate action from Binance.

Source: CoinTurk News