On Friday, Cantor Fitzgerald, TD Cowen and Compass Point said Binance’s security incident was unlikely to unsettle crypto markets broadly, while considering how rival venues might benefit.
TD Cowen viewed the incident primarily as a security issue involving Binance. Compass Point said Binance’s liquidity gave it room to cover losses and that competitors could gain activity, including centralized exchanges and decentralized platforms such as Hyperliquid.
Binance said deposits remained available, but withdrawals were paused during security changes. The exchange put the incident’s impact at $6.3 billion. Analytics firms estimated transfers at $6.36 billion and thefts at $6.43 billion.
Binance said about $3 billion had been frozen on-chain and said its SAFU fund and company funds would be used to cover all losses. Binance said it expected withdrawals to resume within 48 hours. EconoTimes previously reported on the withdrawal pause at Binance.
