Wall Street analysts urge investors to buy crypto stocks after $6.3 billion Binance hack
Source: CoinDesk ·
From the source
Analysts at Cantor Fitzgerald, TD Cowen and Compass Point say the $6.3 billion Binance hack is unlikely to derail the crypto market's recovery. The $6.3 billion Binance hack during the late U.S. Thursday hours rattled crypto markets, but analysts at three Wall Street firms aren't convinced the fallout will last. Cantor Fitzgerald, TD Cowen and Compass Point all struck a similar tone in Friday research notes, arguing that, while the theft is a serious blow for the largest crypto exchange in the world, there's little reason so far to think it poses a threat to the wider crypto market. Cantor analyst Ramsey El-Assal said there may even be a silver lining in how quickly the industry responded. Tether froze more than $1.5 billion in stolen assets, Circle CRCL $72.57 blocked another $800 million, and Ripple froze roughly $200 million. In all, Binance says about $3 billion of the stolen funds have been frozen, though that doesn't mean the money has been recovered. "While spectacular crypto…