Yesterday was both a great day and a terrible day for the industry. But if I am to take an objective look post mortem I would derive the following: > Binance along with industry…
Original source excerpt
Yesterday was both a great day and a terrible day for the industry. But if I am to take an objective look post mortem I would derive the following: > Binance along with industry cybersecurity experts…
Yesterday was both a great day and a terrible day for the industry. But if I am to take an objective look post mortem I would derive the following: > Binance along with industry cybersecurity experts were able to freeze a large amount of the assets lost and mitigating the loss to around 3Bn. > Binance is well able to fill this hole in their balance sheet and have the ability to make users whole. > Despite the gut wrenching headline of yet another DPRK affiliated attack I believe Binance will continue to operate and the Industry will slowly chug along. > Paranoia in my opinion is now at an all time high if you combine the ledger supply chain attack and yet another attack on a major CEX. Custody is becoming a primary concern for many people. In summary, it's strange to even claim this but as it stands the Industry will chug along albeit slowly at first which may inhibit risking taking in the interim. It does make a strong candidate for a local bottom as it relates to BTC. Difficult situation that may slow operations but otherwise is non-existential. Well done to everyone who acted fast to mitigate the amount of assets lost.
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