Can a US$6.3 billion Binance hack be business as usual in crypto world?
How the world’s largest crypto exchange navigates the crisis will determine if institutional trust will hold.
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Despite the scale of the hack, confidence within the industry in Binance’s ability to recover from the attack is perhaps unsurprising, the writer says.
PHOTO: BLOOMBERG
Al Lim
“People trust Binance to fill the hole.”
That was how one crypto executive I spoke with responded to news of the US$6.3 billion (S$8 billion) Binance hack on Oct 29, the largest theft in the industry’s history.