DECRYPT · 2026-10-30 20:06 UTC

Worried About Crypto Hacks? Buy Bitcoin Proxies in Stock Market Instead, Say Wall Street Firms

A $6.3 billion hack of Binance, the largest crypto hack ever, prompted Wall Street analysts at Cantor Fitzgerald, TD Cowen, and Compass Point to recommend buying crypto-linked stocks rather than direct crypto holdings. Analysts noted that stablecoin issuers froze roughly $3 billion of stolen funds and expect shares of Coinbase, Robinhood, and Strategy to recover, framing the selloff as a buying opportunity. Moody's Ratings cautioned that the incident underscores cybersecurity risks and concentration in centralized intermediaries, while Binance set aside $6.34 billion to cover losses.

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