Will the Binance & polymarket attacks crash the crypto markets and stock markets

[Dickiy]

Look at the current state of the world Russia is ready for war with NATO, the US is ready to bombard Iran, Iran is ready to retaliate. In the wake of North Korea launching an attack on Binance it was also to fund an armament program. We cannot close our eyes that the crypto and stock markets will be dealt a severe blow. So not only the impact of the Binance debacle but there is an additional impact of geopolitical issues that have the potential to depress stock and crypto prices.

[Pikiboy]

I have voted only "No only crypto will crashed"
However, I know that at times like this when the entire cryptocurrency market is affected every other asset or cryptocurrency are also affected because their head being bitcoin is on a low price, and as we know we have the market dropping to around 77k, I believe from now till 7 days time we would likely see the effect on the stock market if is not already affected.

[leea-1334]

Heard about Binance hack,,, did not realize Poly also, strange thing is markets did not crash immediately but today already below 80000 seems to say something like maybe traders are exiting some positions but waiting a bit more for more info. The hack seems to be recovering about 50% of the lost crypto though so I think maybe a lot of people are optimistic.

[philipma1957]

Heard about Binance hack,,, did not realize Poly also, strange thing is markets did not crash immediately but today already below 80000 seems to say something like maybe traders are exiting some positions but waiting a bit more for more info. The hack seems to be recovering about 50% of the lost crypto though so I think maybe a lot of people are optimistic.

okay 6.3 billion drops to 3.3 billion still far too big and raises far too many security issues.

2 address were emptied of over 2 billion in under 24 seconds.

Far far far far too much wealth in an address.

if there were 10 addresses and 10 guys watching 1 address

the addresses would have 200 mill each.

if you paid each guy 200k a year to guard the 200 million in the address it only costs 2 million over the next 10 years time

instead you can be sure that they cut costs and have two or 3 people maintaining the 2 addresses thus losing over 2 billion in under 25 seconds.

simply wrong.

[Y3shot]

I don't think these attacks have as much impact as expected. I was expecting the crypto market to crash so hard after the Binance hack since Binance is one of the major and biggest exchange but the market responding only slighting and as I'm typing, a correction of the fall is already setting up. Furthermore, the polymarket hack has no connection to neither the crypto market nor the stock market, it is just like one of the hacks of the casinos we have experienced.

But the market dropped from $81k -76k, this dip seems massive to me but i dont think if the occurrence of Binance is yet done with the market because because it hasn't gotten to 48hours since when Binance got hacked,  it is possible the market can still further dip. This happened during a bull market and i think if this haf happened when during the bear market the price of Bitcoin would have fall so bad more than what it is right now.

[philipma1957]

I don't think these attacks have as much impact as expected. I was expecting the crypto market to crash so hard after the Binance hack since Binance is one of the major and biggest exchange but the market responding only slighting and as I'm typing, a correction of the fall is already setting up. Furthermore, the polymarket hack has no connection to neither the crypto market nor the stock market, it is just like one of the hacks of the casinos we have experienced.

But the market dropped from $81k -76k, this dip seems massive to me but i dont think if the occurrence of Binance is yet done with the market because because it hasn't gotten to 48hours since when Binance got hacked,  it is possible the market can still further dip. This happened during a bull market and i think if this haf happened when during the bear market the price of Bitcoin would have fall so bad more than what it is right now.

Look We will need some time so many F.U.D. factors floating about as we wait to see how the wind blows.

I could see a 2008 crater for everything in the next 25 days.

A.I. stocks fail
Metals fail
Crypto fails
trump and maga are routed he voids elections making endless riots and Marshall law.

We are at a large crisis point.

Trump decides to nuke Iran (not in favor of it) but he said Iran could nuke San Diego and Los Angeles

 I was born in 1957 and as a kid watched movies and read books on WWII.
 I always wondered if WWIII would happen.
 Not so sure if we fall into a real physical massive war with most countries fighting, but maybe we do.

[Moreno233]

I don't know if there will be further crash than we have see few days ago and even if it happens, it will not be directly link to the hack because the market already reacted to the news of the hack. What I think will happen is that investor will express indifference from this point because they would have already seen the worst that can happen as a result of the hack. Those who are hungry for cheaper coins will even use the crash that happen to buy the dip and add to their portfolio and it wont be long before those new purchases enters profits because I see the price returning to $80,000 before the end of the year.

[Dr.Bitcoin_Strange]

I think the reaction has already happened in the market, what I can not certainly say is that, no body can tell if the market will crash further. When FTX collapsed in 2022, within 2 days, Bitcoin crashed by negative 20% and other companies that were related to crypto also faced a heavy crash but the major stocks (Nasdaq, S&P 500) didn't lose more. Why I am comparing 2022 FTX incident to now is because the money that was stolen from binance in this current hack is bigger than the FTX incident and yet Bitcoin price did not dip so badly, as I checked, some exchange recorded -3. 5%. If really it was going to go below that, it would have happened already before today.

I checked some crypto company stocks, the incident had much effect on some of them, like Strategy which fell by -20%, Galaxy Digital by -16%.  So, I really think that the crash has happened but not certain whether the dip will continue through the coming weeks. If fear and uncertainty has really cooled off, then market might not continue going down.

[philipma1957]

I think the reaction has already happened in the market, what I can not certainly say is that, no body can tell if the market will crash further. When FTX collapsed in 2022, within 2 days, Bitcoin crashed by negative 20% and other companies that were related to crypto also faced a heavy crash but the major stocks (Nasdaq, S&P 500) didn't lose more. Why I am comparing 2022 FTX incident to now is because the money that was stolen from binance in this current hack is bigger than the FTX incident and yet Bitcoin price did not dip so badly, as I checked, some exchange recorded -3. 5%. If really it was going to go below that, it would have happened already before today.

I checked some crypto company stocks, the incident had much effect on some of them, like Strategy which fell by -20%, Galaxy Digital by -16%.  So, I really think that the crash has happened but not certain whether the dip will continue through the coming weeks. If fear and uncertainty has really cooled off, then market might not continue going down.

You could be correct. But I think the lack of reaction could fire up bigly on:

 Mon - Tues - Weds

by then we will likely see how much damage this did.

[Nathrixxx]

Very likely that the recent call we had could have been attributed to the binance and polymarket attack, it could also be that the market is already on a downtrend as most of these sudden for do recover immediately unlike the way we have a continuous fall.

Considering that we are also at the month end and the market mostly Fall by this time, together with other events happening cryptocurrency, everything could have sum up to the reason behind the fall er are having, next week we also determine if the beginning of November will pump back the market or we are going to remain below $80,000 for now.

[abaeze]

I was very scared after knowing about this incident and when I received an email from Binance that my funds were safe, today I confirmed through a small withdrawal that everything was fine. However, these two incidence have had a huge negative impact on the crypto market.The price has suddenly dropped and now the current price is $77,500. This sudden price drop does not mean that both the crypto and stock markets will crash.

Binance founder CZ has said that 90% of the assets will be recovered and US President Donald Trump has said that he will provide technical assistance in dealing with this hack. However, it seems that things will normalize but it remains to be seen how long this panic will remain in the minds of customers.

[leea-1334]

if you paid each guy 200k a year to guard the 200 million in the address it only costs 2 million over the next 10 years time

instead you can be sure that they cut costs and have two or 3 people maintaining the 2 addresses thus losing over 2 billion in under 25 seconds.

simply wrong.

Super good point that basic economics for any business will prevent but often,,, does not. There is so many examples of this even in my work place where bosses cut costs in the worst areas thinking they are saving money. The fact that the biggest exchange in the world,,, or at least when I knew them they were,,, it is simply wrong to have such a weak link exploited.

[philipma1957]

if you paid each guy 200k a year to guard the 200 million in the address it only costs 2 million over the next 10 years time

instead you can be sure that they cut costs and have two or 3 people maintaining the 2 addresses thus losing over 2 billion in under 25 seconds.

simply wrong.

Super good point that basic economics for any business will prevent but often,,, does not. There is so many examples of this even in my work place where bosses cut costs in the worst areas thinking they are saving money. The fact that the biggest exchange in the world,,, or at least when I knew them they were,,, it is simply wrong to have such a weak link exploited.

this is not the first time this is not the second time this is the third time

  40 mill
570 mill
    6.3 bill


basically how on earth do they stay in business with such terrible  security.

and how many other btc holders like all the big eft's secure their money.


these thefts have to be stopped.