Haseeb Qureshi, Managing Partner at Dragonfly Capital, posted on X on 2026‑10‑30 reflecting on a recent hack that cost roughly $6 billion. According to Qureshi, the market reaction was muted: the market dipped only a few percent, dip buyers entered, and outflows remained low even amid a broader macro rout. He noted that the directly affected altcoins held up because the industry is pricing in Binance’s willingness to buy back assets. Qureshi compared the incident to FTX’s collapse, saying the hack was only 25 % smaller in dollar terms but the confidence in Binance as a business was so high that the industry rallied to protect each other. He concluded that the industry has matured and that the calm response is a positive sign.

“Reflecting this morning on how different this hack feels from how FTX felt. Market is only down a few percent. Incredibly calm, dip buyers coming in, even amidst a macro rout, outflows have been muted. The directly affected alts are also holding up, as the market is pricing in Binance buying everything back. This hack was a little over $6B, which in dollar terms is only 25% less than FTX's hole. But confidence in Binance as a business is so high, the industry came together, hustled to protect each other, and the market has decided: eh, it'll be fine. Our industry has matured. It's good to see.”

— Haseeb Qureshi (@hosseeb) on X · X ↗

Context

The market’s muted reaction shows increased resilience after FTX.,Binance’s role as a stabiliser highlights its growing influence.,Industry collaboration signals maturity and confidence in crypto infrastructure.

crypto hacks,Binance,market resilience,industry collaboration,Dragonfly

Haseeb Qureshi: Crypto hacks now less disruptive

s Haseeb Qureshi explains why a recent $6B hack feels far less damaging than FTX

s support and industry maturity."

Haseeb Qureshi is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.