The record $6.3 billion hack targeting Binance could temporarily shake confidence in crypto markets, according to Zach Pandl, Grayscale’s head of research. Grayscale argues that the incident will ultimately strengthen security practices across exchanges and highlights the importance of institutional custody. These arrangements involve holding assets with state-chartered banks and qualified custodians, typically with offline storage, multi-signature wallets, SOC attestations and insurance policies. After Bitcoin fell below $77,000 and BNB dropped more than 8% in 24 hours, the total crypto market capitalization rebounded by 2% to about $2.63 trillion, remaining $100 billion below its October 28 level.
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