The Coindesk article states that they had purchased the coins for about 31,000 USD each (via some sort of special agreement, because it was in 2025 when the price was obviously higher) so if this is true they have already benefitted. It depends on the company's current numbers if the move is reasonable or not.
Based on that purchase price , they have already doubled their investment, so although we call it panic selling since they sold during a time when people were selling, still they ended up with a profit. We are not sure if they will buy again in the future, but with their concerns about the uncertainty of the market due to what happened, they are probably expecting that the market will experience more massive dumps going forward. It's their call anyway, everyone has their own decision to make, but as for us here, we're just chilling.
Hacks have happened since very early on. While the Binance hack was the biggest in terms of USD lost, when we take Bitcoins as the measure, the MtGox hack with about 800,000 BTC was much more significant. It's interesting that after the MtGox hack became publicly known in 2014, most of the bearish selling activity had already happened, and some months later Bitcoin's price recovered.
no one could beat that anymore in terms of BTC, as Binance's daily trading volume is just around 15k BTC if I'm not mistaken.
So I think while this is a short-term bearish signal, the fact that the price went down only a few % is actually quite positive. I don't think there's a "slow" confidence loss. Usually companies learn from security breaches and thus the security is hardened, defensive AI tools actually are quite a blessing for this. There will continue to be hacks of course, also from the DPRK, but it would surprise me if the hacking activity would increase in the next years (related to Bitcoin's market cap).
It it cause real panic, it could have gone down below $57,800 the lowest this year.
