Comment by callamdelaney
8 hours ago
For context, that’s about 10 months of fees for Binance, depending on how much of the volume they trade are discounted and considering current average volumes.
8 hours ago
For context, that’s about 10 months of fees for Binance, depending on how much of the volume they trade are discounted and considering current average volumes.
It's 10 months of revenue, but 10 years of reputation.
So they actually lost a few years' worth of profit on this hack? Could be worse, but not insignificant by any means.
I’m not at all familiar with the crypto space.
Are you suggesting that this is not a big deal? $6B feels like a lot but sounds like in the scheme of things it isn’t as a fraction of trading volume. Is that right?
Don’t think they’re suggesting it’s not a big deal.
Any company losing 10 months of revenue overnight is a BIG fucking deal. Doubly so in a speculative asset that you’re holding for others “securely”. The financial hit has only just begun for them.
That said yes the trading volume has huge.
It is a big deal, but not big enough for them to go out of business