DWF Labs Head of Market Insights: Binance Hack Shows No Widespread Contagion Effect
TechFlow reports that on November 9, according to Cointelegraph, Martin Lee, Head of Market Insights at DWF Labs, stated that Binance was able to absorb the stolen losses through its own balance sheet, indicating that this incident does not appear to have triggered widespread contagion effects, and investors have shifted their focus to the impact of the US midterm elections.The report cites DefiLlama data showing that over the 24-hour period leading up to the report, Binance experienced a net outflow of $458 million, down from $6.1 billion on November 2 after withdrawals were restored. Analysts at Bitfinex believe that most of the impact from the hack appears to have been absorbed by the market, and whether Bitcoin can confirm a bottom will depend on the US CPI data to be released on November 10.
TechFlow reports that on November 9, according to Cointelegraph, Martin Lee, Head of Market Insights at DWF Labs, stated that Binance was able to absorb the stolen losses through its own balance sheet, indicating that this incident does not appear to have triggered widespread contagion effects, and investors have shifted their focus to the impact of the US midterm elections.
The report cites DefiLlama data showing that over the 24-hour period leading up to the report, Binance experienced a net outflow of $458 million, down from $6.1 billion on November 2 after withdrawals were restored. Analysts at Bitfinex believe that most of the impact from the hack appears to have been absorbed by the market, and whether Bitcoin can confirm a bottom will depend on the US CPI data to be released on November 10.
