A Decade Ago, a $6.3 Billion Hack Would Have Sunk Binance & BTC, Bitwise CIO Says

Bitwise Chief Investment Officer (CIO) Matt Hougan says the Binance hack would have sunk the exchange a decade ago. The $6.3 billion theft, he argues, leaves the long-term direction of Bitcoin (BTC) unchanged. Precedent, however, backs him on the long term but not the short term. US spot Bitcoin exchange-traded funds (ETFs) did shed $643 million the day after the theft, but the price was already dropping before the hackers hit Did Earlier Hacks Break Bitcoin? Mt. Gox, once the dominant Bitcoin exchange, filed for bankruptcy in February 2014 after as many as 950,000 BTC vanished. Bitcoin fell 30% that month, Bloomberg reported. However, creditors began receiving repayments in 2024, when NBC valued the missing coins above $58 billion. Bitfinex lost about 120,000 BTC in August 2016.

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