Pi Network Token Stands Strong Amid Market Crash Following Binance Hack

On the morning of October 30, the crypto market faced the largest hack in the industry's history: attackers, allegedly linked to the North Korean state, withdrew over $6 billion from Binance. The preliminary damage estimate is around $6.3 billion, with partners and service providers reporting a freeze of approximately $3 billion on the blockchain. Early investigation data points to a compromised DevOps engineer's laptop; no traces of wallet private key leaks were found, and network analysts recorded the use of EIP-7702 – 50 successfully signed authorizations attempting to match the changing wallet nonce.

The market reaction was immediate: Bitcoin fell from over $80,000 to $76,000, most altcoins followed suit, and BNB – Binance's own token – dropped more than 6% to $705. About 240,000 traders were liquidated, with the sum of liquidated positions exceeding $1.5 billion for the day, with approximately 90% of this amount occurring after the attack on Binance.

PI outside the general trend

While more than 90% of altcoins are deeply in the red, the Pi Network token was among the few exceptions: it gained almost 3% in a day and is trading above $0.078. The day before, it fell to $0.075, then rose almost to $0.082, after which bears pushed the price down. Nevertheless, PI bounced from $0.076 and is now about 10% above the historical low of $0.07072, recorded almost four months ago. The token's capitalization on CMC exceeded $880 million, making it the 64th largest digital asset by this metric.

Notably, there was no clear catalyst for such behavior – unlike HYPE, which had its own reason. The last major project update was released last week.