Analysts see no broader ‘contagion’ from $6.3B Binance hack

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.

3 billion from Binance hot wallets in the Oct. 29 breach, making it the largest crypto hack to date.