Cantor Fitzgerald, TD Cowen and Compass Point said the roughly $6.3 billion Binance hack, the largest ever recorded, is unlikely to derail the crypto market’s recovery. Tether, Circle, Ripple and other stablecoin issuers froze nearly $3 billion in stolen funds, while Binance set aside $6.34 billion to cover losses. The firms see the selloff as an opportunity to buy crypto-linked stocks such as Coinbase, Robinhood and Strategy, which provide Bitcoin exposure without the custody risk exposed by the hack. Bitcoin nevertheless slid toward $77,000, a level closely watched by analysts, as TRM and Chainalysis linked the theft to North Korea’s TraderTraitor group and the Secret Service and FBI opened investigations. Moody’s warned about cybersecurity risks tied to hot wallets and asset concentration at centralized intermediaries, saying the broader impact will depend on final losses, fund recovery and whether the incident undermines confidence.
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