[granaldo]

Bad news after bad news and after bad news

- Tether Bitfinex mess

- Binance hack of over $400m worth of bitcoin

And today we witness cryptocurrency price surging all over the board, with bitcoin hitting $7000.

https://www.coingecko.com/en

bitcoin sees a $1000 increase in 2 days.

yes thread lightly everyone, what goes up must come down eventually

[htormey]

Binance hack was 44 million (7000 * current btc price) not 400 million, right?

https://www.ccn.com/stolen-bitcoin-moved-spiders-web-binance...

[mthoms]

It's worth noting they have an emergency fund set aside for this purpose. Every penny lost is said to be covered.

Time will tell if that holds true of course.

Personally, I think their professional handling of the hack is partially responsible for the recent surge in investor confidence.

Hacks will happen. Binance is far from perfect. But the way they prepared for, and handled the hack is to be commended IMHO.

https://www.binance.com/en/support/articles/360028031711 https://www.binance.com/en/blog/333497959022997504/Binance-S... https://www.binance.vision/glossary/secure-asset-fund-for-us...

[perseusmandate]

$40M in theft for a $200B market cap coin is trivial and should have almost no bearing on the price.

When someone does a bank heist USD doesn't get devalued

[JumpCrisscross]

> When someone does a bank heist USD doesn't get devalued

This is a bad comparison. If a bank experiences a sizable heist, their stock price will probably fall because shareholders eat dirt before depositors. Such explicit seniority doesn't exist in the cryptospace, however, so depositors would probably eat dirt alongside the exchange.

[perseusmandate]

What you said still doesn't make sense. Binance coin lost value accordingly, why would the underlying asset stored in the bank lose value?

[brink]

> what goes up must come down eventually

And go back up again. Probably higher.

This is how the markets work.