Dragonfly Partner Says Binance Hack Drew a Muted Market Response

Dragonfly managing partner Haseeb Qureshi said a reported Binance hack involving more than $6 billion drew a muted market reaction, reflecting confidence in the exchange and a more mature crypto industry.

Bitcoin (BTC) and the broader crypto market fell only a few percentage points, Qureshi said. He described sentiment as relatively calm, with dip buyers entering and outflows remaining modest despite pressure on macro markets. Tokens directly affected by the incident also showed some resilience, in his assessment.

Qureshi put the amount involved at about 25% below the shortfall left by FTX, but said the market’s response differed sharply. He pointed to confidence in Binance as a company, along with rapid coordination and mutual support from industry participants, as reasons market participants broadly expect the exchange to repurchase affected assets and cover losses.

Qureshi described the market’s steadier response as evidence that the crypto industry has matured since FTX, citing stronger confidence in Binance and faster support across the sector.