Wall Street Analysts Suggest Buying Crypto Stocks After Binance Hack
Analysts at Cantor Fitzgerald, TD Cowen and Compass Point say a multibillion-dollar Binance breach is unlikely to stall the crypto market's recovery.
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AfroEuropa desk
Wall Street analysts are advising investors not to treat a major Binance security breach as a reason to retreat from crypto-linked equities, according to coverage from CoinDesk and Decrypt.
Analysts at Cantor Fitzgerald, TD Cowen and Compass Point said the breach is unlikely to derail the broader crypto market's recovery, CoinDesk reported. The firms characterized the incident as a security failure specific to Binance rather than a threat to the wider crypto sector, according to Decrypt.
There is some discrepancy in the reported size of the theft. CoinDesk put the figure at $6.3 billion, while Decrypt described it as a record $6.4 billion.
The analysts pointed clients toward equities that serve as proxies for crypto exposure, naming Coinbase, Robinhood and Strategy, Decrypt reported.
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