Three Wall Street research teams — Cantor Fitzgerald, TD Cowen, and Compass Point — said Binance’s roughly $6.3 billion hack does not yet show signs of becoming a market-wide threat, according to CoinDesk. Their view is that the crypto market’s earlier recovery trend is unlikely to be broken by the incident alone.
Cantor Fitzgerald analyst Ramsey El-Assal pointed to asset freezes already carried out across the industry. He said Tether had frozen more than $1.5 billion in stolen assets, Circle had frozen about $800 million, and Ripple had frozen about $200 million, while Binance said the total amount frozen so far was around $3 billion. El-Assal added that the industry is getting better at handling security breaches of this kind and said crypto-linked stocks such as Coinbase, Robinhood, and Strategy could rebound after panic fades.
TD Cowen analyst Lance Vitanza said the attack exposed weaknesses in Binance’s own transaction-signing infrastructure rather than flaws in the underlying technology of Bitcoin and other cryptocurrencies. Compass Point, for its part, said Binance appears to have enough liquidity to absorb the loss, though it warned that customer reimbursements could pressure stablecoin supply and push some users toward rival platforms including Coinbase, Bullish, and Hyperliquid.
According to CoinDesk, analysts at three Wall Street firms — Cantor Fitzgerald, TD Cowen, and Compass Point — said Binance’s roughly $6.3 billion hack does not currently appear severe enough to threaten the broader crypto market, and the recovery trend seen earlier in the market is unlikely to be interrupted by the incident alone.
Analysts say the damage looks contained at the market level
Cantor Fitzgerald analyst Ramsey El-Assal said Tether has frozen more than $1.5 billion in stolen assets, Circle has frozen about $800 million, and Ripple has frozen about $200 million. Binance, he noted, said the total amount of stolen funds frozen so far is around $3 billion.
El-Assal said the crypto industry is gradually improving its ability to respond to security incidents of this kind. In his view, once market panic eases, crypto-linked stocks including Coinbase, Robinhood, and Strategy could rebound, and he recommended buying on weakness.
TD Cowen analyst Lance Vitanza said the attack exposed a security weakness in Binance’s own transaction-signing infrastructure, not a problem with the underlying technology of Bitcoin or other cryptocurrencies. He said the sell-off could create an opportunity to add to Bitcoin positions and shares of public companies that hold Bitcoin.
Compass Point analysts said Binance has sufficient liquidity to cover the funding gap. They expect the exchange’s excess USDT reserves, BTC reserves, and USDC holdings to be enough to absorb the loss.
Possible second-order effects remain in focus
Compass Point also warned that if Binance compensates customers, the process could put pressure on stablecoin supply and may push users away from centralized exchanges toward competing platforms such as Coinbase, Bullish, and Hyperliquid.
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