Binance suffered a theft described in the source as the largest crypto hack ever, with the amount reported as roughly $6.3 billion to $6.4 billion. Analysts at Cantor Fitzgerald, TD Cowen and Compass Point told clients the breach was unlikely to derail crypto’s recovery and viewed the selloff as a chance to buy crypto-linked stocks. Cantor cited roughly $3 billion in frozen stolen funds, while Compass Point said Binance had enough liquidity to cover the loss but warned that reimbursing customers could strain stablecoin supply.
Binance said it had set aside $6.34 billion to cover losses and that users’ assets were safe. Moody’s Ratings cautioned that the incident exposed hot-wallet and concentration risks; it said the wider effects would depend on final losses, asset recovery and whether disruption or a loss of confidence spreads.
