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

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.