Binance Hack Could Test Investor Confidence in Bitcoin

Dow Jones11-02 19:56

1156 GMT - Bitcoin is facing a significant test of investor confidence after cryptocurrency exchange Binance was hit by a record $6.3 billion hack Thursday, Zaye Capital Markets analyst Naeem Aslam says in a note. "Although the exchange has maintained that customer balances remain protected and initiated the reopening of withdrawals, the incident has renewed concerns about centralized exchange security, liquidity management, and institutional counterparty exposure," he says. Binance users pulled $4.9 billion from the crypto exchange by Monday after services resumed Sunday, the FT reports, citing figures from data platform DefiLlama. Bitcoin trades steady at $77,807 after hitting a six-week low of $76,197 on Friday, LSEG data show.

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