Dragonfly Partner Haseeb: Market Reaction to This Binance Hack Far Calmer Than During FTX

October 30 – Dragonfly Managing Partner Haseeb Qureshi wrote that Binance's hack this time caused losses slightly over $6 billion, only about 25% less in dollar terms than FTX's funding gap. He said the overall market fell just a few percentage points, capital outflows were limited, and dip-buying funds stepped in. Prices of the directly affected altcoins have also largely held steady, because the market believes Binance will buy back all affected assets. Binance said it has begun recovering affected assets for users and is working with law enforcement agencies, token issuers, blockchain intelligence firms and industry partners to trace, freeze and recover the funds, and has publicly committed to covering the losses.