While the crypto industry is still processing its largest hack yet, a Wall Street analyst has spotted a major buying opportunity. Binance yesterday suffered what is believed to be the largest
While the crypto industry is still processing its largest hack yet, a Wall Street analyst has spotted a major buying opportunity.
Binance yesterday suffered what is believed to be the largest crypto hack so far, losing $6.3 billion within minutes. The exchange has promised to cover all losses from the breach "from the SAFU fund and the company's funds."
The onchain analytics platform Chainalysis blamed the hack on the North Korean cybercrime group TraderTraitor.
Binance is the world's largest crypto trading exchange and the latest hack only shows nothing is really safe.
Related: Standard Chartered sees new winner after Binance hack
Founded in 1945, Cantor Fitzgerald is a Wall Street firm that offers financial services across investment banking, capital markets, real estate investment management, debt origination, and private equity services.
The firm has several analysts who are glued to the latest market movements and issue ratings to the stocks, recommending buying or selling them.
However, no recommendation guarantees positive returns and a trader must consult an expert before making an investment.
Watch Mehab Qureshi, senior editor at TheStreet, decode the Binance hack:
How did hackers drain $6.3 billion from Binance in about 20 minutes (3:39)Following the Binance hack, Cantor Fitzgerald analyst Ramsey El-Assal praised the crypto industry for quickly coming together as Tether, Circle, and Ripple froze stolen assets on their networks.
Nonetheless, it's the largest crypto hack and the impact on the digital assets markets is visible.
Both Bitcoin (BTC) and Ether (ETH) are down nearly 5% in the last 24 hours, trading at $77,038.78 and $2,240.62.
Leading crypto-linked stocks are doing no better.
Coinbase Global (Nasdaq: COIN) is trading 14% lower at $138.14.
Robinhood Markets (Nasdaq: HOOD) is trading 9.5% lower at $82.88.
Strategy (Nasdaq: MSTR) is down 9% on the day, trading at $128.73 at press time.
Notably, Strategy and Coinbase reported their Q3 2026 earnings around the same time yesterday when the Binance hack came to light.
Strategy's diluted earnings per share (EPS) of $44.75 beat the analysts' estimate of $13.86 but its revenue of $125.4 million fell short of the estimated $128.03 million.
Coinbase's EPS of $2.51 beat the analysts' estimate of a $0.26 loss and its revenue of $1.22 billion in line with expectations.
Robinhood reported its financial results earlier this week on Oct. 27. Its EPS of $0.51 missed the estimated figure of $0.55 and revenue of $1.42 billion fell short of the estimated $1.43 billion-$1.44 billion.
While these stocks have sunk on the price charts following the missed estimates and Binance hack, El-Assal expects them to recover once the initial panic subsides.
"We would be buyers on weakness," the Cantor analyst said.
El-Assal saw a buying opportunity in these stocks and said the latest hack is painful, but it's not 2022.
His remark refers to another prominent crypto exchange, FTX, going bankrupt nearly four years ago after misusing customer funds.
The historic incident put the industry's reputation at stake and led to a long crypto winter.
If you follow our market coverage, don’t miss the Roundtable 100. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest RTB 100 rankings at roundtable100.com.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.
Related: Analysts clash over whether Binance hack is Bitcoin’s FTX moment
