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.Attackers stole about $6.3 billion from Binance hot wallets in the Oct. 29 breach, making it the largest crypto hack to date. Bitcoin (BTC) fell as much as 5.7% over the first five days after the hack, a decline CryptoQuant called “modest” in its Wednesday report .Bitcoin fell roughly 13.6% after the $1.4 billion Bybit hack in 2025 and about 9.9% after the Coincheck hack in 2018. At least 14 of the past 38 hacks CryptoQuant reviewed were followed by steeper Bitcoin declines.Bitcoin’s drawdown after the Binance hack, compared to previous exchange hacks. Source: CryptoQuantM...