Binance hack nears FTX hole in size but not in panic, Dragonfly's Qureshi says - [Read more](

Dragonfly Capital's Haseeb Qureshi reportedly said a Binance hack is approaching the scale of the FTX collapse in terms of losses, but that the market reaction has been far less severe, with the headline framing the event as large in size yet contained in panic. The transmission mechanism here runs primarily through counterparty confidence and liquidity: a centralized exchange's custody failure threatens withdrawal demand and the perceived solvency of exchange-held collateral, but the absence of panic suggests traders are distinguishing between a loss of funds and a broader insolvency that would freeze client balances. BNB and other exchange-linked tokens are most directly exposed, as are spot and derivatives venues competing for order flow, while altcoins with heavy Binance listing dependence could see liquidity thinning on the bid side. Traders should watch Binance's official disclosure on whether client assets are fully covered by reserves and whether withdrawal queues or funding-rate dislocations emerge on Binance perpetual markets in the sessions that follow.

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