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Bitwise CIO Matt Hougan said the recent $6.3 billion hack at Binance is unlikely to affect Bitcoin’s long-term outlook, according to BeInCrypto.
Hougan said Binance would have collapsed if a hack of this scale had happened 10 years ago, but the crypto industry has now grown enough to respond to a major hack. Hougan added the incident was a traditional cybersecurity breach, not a flaw in the Bitcoin blockchain itself.
Hougan also said there were no Bitcoin ETFs five years ago and described ETFs as products institutional investors may choose as a more secure investment vehicle.
Meanwhile, the FBI identified North Korean hacking group TraderTraitor as being behind the attack and urged the industry to block transactions involving related addresses.