Worried About Crypto Hacks? Buy Bitcoin Proxies in Stock Market Instead, Say Wall Street Firms
Analysts at Cantor Fitzgerald, TD Cowen and Compass Point called the fallout from a reported $6.3 billion Binance hack a buying opportunity, saying it is unlikely to derail crypto’s recovery. They cited the freezing of about $3 billion in funds, argued the breach exposed Binance’s security rather than Bitcoin’s, and pointed to potential gains for Coinbase, Robinhood and Strategy. Compass Point said Binance could cover losses but warned reimbursement may affect stablecoin supply and competitors could benefit. Moody’s cautioned that hot-wallet and centralized-intermediary risks remain, with wider consequences dependent on final losses and confidence. Binance says it has set aside $6.34 billion; US agencies are investigating, and blockchain firms linked the attack to North Korea’s TraderTraitor group.
