Dragonfly Partner: Market Reaction to This Binance Hack Incident Is Far More Stable Than During the FTX Collapse

Veteran crypto industry investors compare the differing market performances of two major industry risk events<p>Haseeb Qureshi, Managing Partner at Dragonfly, pointed out that the losses caused by this recent hack on Binance slightly exceeded 6 billion USD, a figure that is only roughly 25% smaller than the funding shortfall during the FTX collapse in dollar terms, yet the overall market performance is far better than that observed during the FTX bankruptcy period.</p><p>Following the incident, the entire crypto market only declined by a few percentage points, with very limited capital outflows from exchanges. Dip-buying capital even entered the market concurrently to absorb selling pressure, and there was no panic-driven stampede sell-off that characterized the earlier FTX event. The prices of altcoins directly associated with the incident have also largely stabilized, with no sharp unilateral downward trend.</p><p>A broad market consensus has formed that Binance will fully repurchase all user assets affected by this attack using its own capital, and this expectation has effectively eliminated investors' core concerns.</p><p>Binance officials have also publicly stated that the recovery process for affected assets has been initiated. The platform is collaborating with global law enforcement agencies, relevant token issuers, blockchain intelligence service providers, and industry-wide partners to trace and freeze the stolen funds, and has publicly committed to fully compensate users for all related losses.</p>

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