Analysts at Cantor Fitzgerald, TD Cowen, and Compass Point said Binance’s roughly $6.3 billion hack is not showing enough signs to threaten the broader crypto market, and they do not expect the incident to interrupt the recovery trend that was already in place, according to CoinDesk.
About $3 billion has been frozen
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 said the total amount of frozen stolen funds now stands at about $3 billion.
El-Assal said the crypto industry is gradually improving its ability to respond to security incidents like this. He also said crypto-related stocks including Coinbase, Robinhood, and Strategy could rebound after market panic eases, and he recommended buying the dip.
TD Cowen points to Binance infrastructure, not crypto rails
TD Cowen analyst Lance Vitanza said the attack exposed a security weakness in Binance’s own transaction-signing infrastructure, rather than a problem with the underlying technology of Bitcoin and other cryptocurrencies.
In his view, the sell-off tied to the incident could create an opportunity to add to Bitcoin positions and shares of public companies that hold Bitcoin.
Compass Point says Binance likely has enough liquidity
Compass Point analysts said Binance has sufficient liquidity to cover the funding gap. The firm said Binance’s excess USDT reserves, BTC reserves, and USDC holdings are likely enough to absorb the loss.
At the same time, Compass Point warned that reimbursing customers could put pressure on stablecoin supply and may drive users away from centralized exchanges toward competing platforms such as Coinbase, Bullish, and Hyperliquid.
