BNB Crash: Binance Coin Drops 6% After the Hack. Is This Another FTT Moment?

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.BNB fell 6.3% within 35 minutes after a Binance hot wallet was drained, the worst performer of the top ten cryptocurrencies. Not one BNB was stolen. Why the token falls anyway, how it compares with FTT in 2022 and which price levels matter now.BNB is the biggest loser of the night. Binance's own token fell from $738.90 at 20:15 UTC to $692.32 at 20:50 UTC, a drop of 6.3% within 35 minutes after a Binance hot wallet was drained of about $2.8 billion. Over 24 hours BNB is down 6.1% according to CoinMarketCap, the weakest of the ten largest cryptocurrencies. Not a single BNB was stolen. The token falls because it is a bet on the exchange itself. What drives the sell-off, how it compares with FTT in 2022 and which levels matter now. The full timeline of the evening is in our crypto crash timeline, the details of the drained wallet in our Binance hack report. Why is BNB falling harder than Bitcoin? BNB is tied to Binance in a way Bitcoin is not. It pays for trading-fee discounts on t...