After Binance was hacked and over $6.3 billion was stolen, large traders increased their holdings of Bitcoin put options to hedge against downside risk.

According to Nicolas Quatravaux, Head of Paradigm EMEA, the first large trade occurred approximately 15 minutes after the initial fund outflow from the Binance wallet and prior to public disclosure. The buyer purchased 250 BTC put options with a strike price of $78,000 expiring on October 31, with a notional value of approximately $20 million.