A market view cited by Odaily says the roughly $6.3 billion hack targeting Binance may have had an unexpected side effect: project teams, venture capital firms and related wallets could delay selling their altcoin holdings. The argument is that, over the next few days, funds, insiders and wallets tied to token issuers may act more carefully before sending tokens into the market, so as not to add to existing selling pressure.
Blockchain analytics firms TRM Labs and Chainalysis both attributed the attack to North Korea with high confidence, according to the report. Binance said it would use its protection fund and company resources to cover user losses. About $3 billion in stolen assets has been identified so far, and roughly half of that amount has been frozen through stablecoin issuers including Tether and Circle.
Market commentators also said the incident has renewed discussion around the security of centralized trading platforms, the freezing power held by stablecoin issuers, and the difficulty of tracing decentralized assets.
A market view cited by Odaily says the roughly $6.3 billion hack targeting Binance may have produced an unexpected effect: project teams, venture capital firms and related wallets could hold back from selling altcoins for now.
According to that view, funds, insiders and wallets linked to project teams may become more cautious over the next few days before selling tokens into the market, in an effort to avoid adding to selling pressure.
Blockchain analytics firms TRM Labs and Chainalysis both attributed the attack to North Korea with high confidence. Binance said it would use its protection fund and company resources to cover user losses.
So far, about $3 billion in stolen assets has been identified, with roughly half frozen through stablecoin issuers including Tether and Circle. Market analysts said the incident has also revived debate over the security of centralized exchanges, the freezing capabilities of stablecoin issuers, and the difficulty of tracking decentralized assets.
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