- Binance hack leaves over $3 billion in frozen assets.
- The suspected largest hack in history makes no dent.
- How will Binance move forward and will BTC make a recovery soon?
The crypto community was shaken today to find that the largest crypto giant Binance was hit by what is now suspected to be the largest hack in crypto history. The community came together to immediately freeze assets to ensure the hack was immediately dealt with. In a safety first response, the losses were minimized. Now, the Binance hack leaves over $3 billion in frozen assets, meaning the largest hack in history merely made a dent.
Binance Hack Leaves Over $3 Billion in Frozen Assets
According to reliable sources, the estimated impact of this latest hack on Binance is $6.3 billion, with approximately $3 billion already frozen. Binance’s co-chief executive followed the incident with an expression of gratitude towards the various crypto issuers and platforms who were impacted for immediately freezing assets in a safety first approach. Binance said half the funds were frozen and that the other half will be covered soon.
As we can see from the post above, one reputed crypto analyst, Doctor Profit, says that the frozen assets will be frozen forever or re-minted back to Binance. The full $6.3 billion represents 3.91% of all Binance holdings, once Tether/Circle re-issue the frozen $3 billion, the remaining hacked amount falls to $3.3 billion, or 2.05% of total Binance assets.
So, the expert goes on to conclude that in case nothing gets additionally frozen in the next few days, it would mean that Binance is forced to re-purchase $3.3 billion of stolen assets, which includes a big amount of Bitcoin. It also means that the Hacker holds $3.3 billion worth of BTC and will likely not sell. Thus, if mathematically correct, the analyst concludes that this hack will bring an inflow of $3.3 billion, making hacks less harmful than liquidations.
Largest Hack in History Makes no Dent
The analyst also goes on to state that bears are currently celebrating this hack as the price of BTC fell below the $79,000 price range and is currently trading at the $78,000 price range. While bears hope for lower targets for BTC, this analyst continues to remain extremely bullish and states that both his long trades from $60,000 and $80,000 remain open. He encourages traders to not capitulate due to the current FUD caused by the hack.
Meanwhile, another analyst mentions how he was expecting a black swan event to push the price of BTC to the $74,000 – $76,000 price range. This event can now be marked by the Binance hack that just happened. However, the fact that BTC only dipped by 2% is a strong sign that the bottom is marked for the crypto market and the price of BTC. Thus, despite the hack, sentiments by reputed traders remain strongly bullish.
