Binance hack nears FTX hole in size but not in panic, Dragonfly’s Qureshi says

Qureshi said industry cooperation and confidence in Binance helped limit market fallout after the exchange's record-breaking hack. The crypto market has weathered Binance’s $6.3 billion hack with less disruption than it experienced during the FTX collapse, according to Dragonfly managing partner Haseeb Qureshi. Qureshi said in a Friday statement that crypto prices fell only a few percent after the incident, while investors continued buying the dip despite a global macroeconomic downturn. Outflows were also muted, and tokens directly affected by the hack largely maintained their value as the market expected Binance to cover the losses. The contrast comes against the backdrop of FTX’s November 2022 collapse, which left customers facing an estimated $8 billion in losses and contributed to a series of bankruptcies across the crypto sector. Although Binance’s losses were only around 25% smaller than FTX’s shortfall, Qureshi said confidence in Binance’s business and its financial capacity helped prevent a more severe market reaction. He also credited coordinated efforts across the industry to safeguard assets and facilitate recovery. Binance said Friday it had committed more than $6.3 bi...