Analysts see no broader ‘contagion’ from $6.3B Binance hack
Summary
Analysts said Binance’s pledge to cover losses from the $6.3 billion October hack helped limit broader market fallout. Binance’s daily net outflows fell to $458 million, from $6.1 billion after withdrawals resumed. Bitcoin declined as much as 5.7% in the five days after the breach, less than its drops following several earlier exchange hacks. Analysts said the impact appeared largely priced in, while warning that upcoming US inflation data and expectations for a Federal Reserve rate hike could pressure risk assets. Bitcoin was down 2.5% over 24 hours to $74,580 at the time of reporting.
