Analysts see no broader ‘contagion’ from $6.3B Binance hack
Binance’s pledge to cover all user losses helped contain the fallout from the $6.3 billion hack, analysts said.
Binance’s pledge to cover user losses from its $6.3 billion hack helped contain the fallout across crypto markets, analysts told Cointelegraph.
“There doesn’t seem to be any contagion-type effect from the hack, given that Binance is able to cover the losses using its balance sheet,” Martin Lee, market insights lead at DWF Labs, told Cointelegraph. He said investors turned their focus to the implications of the US midterm elections.
Binance’s daily net outflows fell to $458 million in the 24 hours leading to Monday’s publication time, down from $6.1 billion on Nov. 2 after withdrawals resumed, according to DefiLlama.