The US$6.3bn Binance hack has rattled crypto markets, but Nigel Green argues history shows each major crisis has ultimately left the industry stronger, safer and more institutional.
Words by Nigel Green, deVere group CEO and founder
The US$6.3 billion hack at Binance this week is the worst security breach the crypto industry has suffered. It will very likely end the way every previous crisis has ended, with a tougher, more professional market that eventually trades at higher prices than before.
I don’t say that to play down what’s happened.
North Korea’s hackers have walked off with billions, and Bitcoin has dropped more than 4% to around US$78,000. Binance temporarily froze withdrawals after the attack, although some have now…
