Dragonfly's Haseeb Qureshi Says Markets Steady After Binance's $6B Hack

Crypto markets fell only a few percentage points after the Binance hack, while outflows remained limited, Haseeb Qureshi, managing partner at Dragonfly, said. Qureshi put the losses at slightly more than $6 billion, about 25% below FTX's funding shortfall in dollar terms. He described the market response as far calmer than the reaction after FTX.

Some investors bought the dip, Qureshi said, and prices of altcoins directly affected by the incident held mostly steady. He said that stability reflected the market's expectation that Binance would repurchase every affected asset.

Binance has begun efforts to recover affected assets for users and is working with law enforcement, token issuers, blockchain intelligence firms and industry partners. Those groups are tracking, freezing and recovering funds. Binance has publicly committed to making up the losses.

The comparison puts the two events in a similar dollar range, even as Qureshi described a calmer market response to Binance.