It's 10 months of revenue, but 10 years of reputation.
replyNot 10 months... Binance revenue was 17B in 2024 (no disclosure in 2025, certainly a bit lower but still). The frozen assets from the stolen 5.8B come close to 3B, so they have at most a 3B loss if nothing is recovered from now on. Significant but that's no more than 3 months of revenue.
replySo they actually lost a few years' worth of profit on this hack? Could be worse, but not insignificant by any means.
replyI’m not at all familiar with the crypto space.
replyAre you suggesting that this is not a big deal? $6B feels like a lot but sounds like in the scheme of things it isn’t as a fraction of trading volume. Is that right?
Don’t think they’re suggesting it’s not a big deal.
replyAny company losing 10 months of revenue overnight is a BIG fucking deal. Doubly so in a speculative asset that you’re holding for others “securely”. The financial hit has only just begun for them.
That said yes the trading volume has huge.
It is a big deal, but not big enough for them to go out of business
replyI'm not in the space, but I'd think that the reputational damage alone is the more significant part here.
reply