A Decade Ago, a $6.3 Billion Hack Would Have Sunk Binance & BTC, Bitwise CIO Says

Bitwise Chief Investment Officer Matt Hougan said the $6.3 billion Binance hack would have sunk the exchange ten years ago, but he argued it does not change Bitcoin’s long-term direction. Binance said it had already covered $6 billion of the loss and restored withdrawals in phases from November 1, beginning with Bitcoin, while partners froze about $3 billion, roughly half the haul. The FBI attributed the attack to North Korea. Hougan contrasted it with Mt. Gox, which filed for bankruptcy in February 2014 after as many as 950,000 BTC vanished and Bitcoin fell 30% that month, calling the Binance incident a cybersecurity hack rather than a flaw in Bitcoin’s blockchain.