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Let's bring in Bitwise asset management chief investment officer Matt Hogan for more on this. Um Matt, I'm wondering if you've heard anything more uh than what Aean has so far just from within your industry and and whether in fact Binance will actually cover all the losses if that is a guaranteed thing from the company itself, not just uh CZ who's a shareholder.
Yeah, I think Aean did a great job summarizing the latest. You know what Binance has said is that it will cover all user losses and they have a history of of of standing behind that in the past. We know that they have significant funds, significant profits. So, I think they have the resources to do this.
Of course, you don't know until it actually happens. But I think when we do channel checks, when we talk to our peers in the industry, there's a high degree of confidence that Binance will in fact make their users whole. We'll have to see. It seems almost ironic. I mean, Bitcoin is supposed to be in blockchain.
It's supposed to be very secure and yet we're sitting in a position where we're talking about a $6.3 billion hack. So, what do you tell people out there who who are pointing this saying it was a target of North Korean hackers and they were able to make off with a bunch of Bitcoin? Yeah, absolutely. You know, crypto is at the very frontier of cyber attacks.
Of course, this was a state level attack and they did make off with $6 billion. Half of that was quickly frozen by the industry which I think is a sign of an industry maturing and again the ability for Binance to make users whole is another sign that this industry is maturing. Uh the the truth of the matter is that crypto is uh growing up before our eyes.
I think 10 years ago this would have been a company ending event for Binance. It's no longer the case. 5 years ago institutions didn't have ETFs they could turn to for greater security. Now they do. A few years ago, we weren't talking about bringing this onshore into a regulated market in the US. The industry has come a long way.
It clearly has further to go. It's important to note again that all users will be made whole and that nothing about the underlying blockchain or institutional cold story custody was violated in this case. I think users using those solutions could should continue to feel secure. All right. So Matt, if we agree that crypto or Bitcoin sold off today on the back of what Mel just talked about, isn't isn't this hack of an indictment of Binance and not Bitcoin?
I mean, it has nothing to do with Bitcoin. The the fundamental uses of Bitcoin, the utility of Bitcoin. Is that a fair statement? I I definitely think that's a fair statement. There's nothing the underlying blockchain wasn't hacked. you know, the assets held in ETFs or in individual users cold storage wallets weren't hacked.
This was a traditional cyber security hack. It was a human engineering effort. It is unfortunate and we are fortunate that people are being made whole. I'd also add that I think a lot of the pullback today was not in fact driven by this hack exclusively, but also by the broader riskoff appetite. We did have the NASDAQ down 3%, Intel down 30%.
In those sorts of environments, you tend to see a retracement in crypto assets. But you're right, this has not changed anything about the long-term direction of Bitcoin. And in fact, I think in a week, you'll see, you know, prices have moved beyond this and and recovered from this. At least historically, hacks haven't had a huge impact on the long-term trajectory of prices.
I expect that to be true here as well. Matt, great to to talk to you. Thank you, Matt Hogan. It was
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