Paradigm: Before the news of the theft at Binance was made public, there were large transactions of Bitcoin put options

According to CoinDesk, Nicolas Quatravaux, head of Paradigm EMEA, stated that in the Binance theft incident, the first large-scale Bitcoin put option block trade was executed at 04:38 on October 30, about 15 minutes after the first outflow of funds from the Binance wallet, at which time the news had not yet been made public.

This transaction involved the purchase of 250 put options expiring on October 31 with a strike price of $78,000, with a nominal value of approximately $20 million. Three minutes later, another transaction of the same scale for similar options was executed, with the buyer paying about 35% more.

Within 8 hours after the incident, Paradigm executed approximately $590 million in nominal value of Bitcoin option block trades, about half of the same period's Deribit Bitcoin option block trading volume, primarily consisting of put options. The hour with the most active trading also occurred before Binance released its statement, including two transactions of 1,000 BTC each for put options expiring in mid-November with a strike price of $74,000, with a total nominal value of approximately $155 million.

Quatravaux pointed out that buying was mainly concentrated in the near strike price range of $74,000 to $78,000, mostly expiring this week and in mid-November.