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

Bitwise Chief Investment Officer Matt Hougan said a $6.3 billion hack a decade ago would have been severe enough to potentially sink both Binance and Bitcoin, according to BeInCrypto. The comment frames the scale of a major security breach against the crypto market’s earlier, less-developed period.

The comparison highlights how the digital-asset industry has changed over time. Bitcoin is the largest and most established cryptocurrency, while Binance has become one of the best-known global crypto trading platforms. Large hacks remain a central risk for exchanges, users and the broader Web3 sector because they can affect confidence, liquidity and market operations.

Hougan’s assessment suggests that the market’s present capacity to absorb a multibillion-dollar loss may differ sharply from its past resilience. It also underscores the continuing importance of custody, cybersecurity and risk controls as crypto companies handle large pools of customer and corporate assets. The report did not provide further details in the available material about the hack referenced or the basis for the comparison.