Binance hack may be ‘temporary setback’ for crypto, Grayscale’s Pandl says
Zach Pandl highlighted institutional custody safeguards as crypto markets recovered some losses following the record $6.3 billion Binance hack.
Zach Pandl highlighted institutional custody safeguards as crypto markets recovered some losses following the record $6.3 billion Binance hack.
Binance’s $6.3 billion hack could temporarily hurt confidence in crypto markets but would ultimately lead to stronger security practices across exchanges, according to Grayscale.
“It also underscores the importance of institutional custody, such as offered by US-based crypto [exchange-traded products],” said Grayscale’s head of research, Zach Pandl, in a Tuesday report.
Binance suffered a record $6.3 billion hack Thursday and pledged to cover all customer losses. The FBI attributed the attack to North Korea. Kim Yo Jong, sister of North Korean leader Kim Jong Un, dismissed the allegations as “absurd rhetoric.”