Market calmly reacts to the $6 billion Binance hack

The hack of the largest crypto exchange Binance for over $6 billion did not cause panic in the digital asset market. Investors are actively buying the dip, and fund outflows remain moderate.

Market reaction is radically different from the situation with the FTX collapse. Despite the scale of damage exceeding the financial hole after FTX's bankruptcy by only 25%, the crypto market fell by just a few percent.

Affected altcoins show relative stability. Market participants expect the exchange to buy back the stolen assets and fully compensate investors for their losses.

Analysts note the resilience of the ecosystem. Anthony Pompliano called Bitcoin's drop of less than 5% against the backdrop of a $6 billion hack a strong bullish signal.

Binance founder Changpeng Zhao explained the difference between crises through the following factors:

• Scale of theft: In the case of the Mt.Gox hack, 650,000 BTC were stolen, accounting for more than 5% of the total Bitcoin supply at that time.
• Compensation obligations: In the collapses of Mt.Gox and FTX, virtually all users were affected, whereas Binance has taken on the obligation to cover the damages.