For most cryptocurrency investors, the $6.3 billion theft that Binance experienced is yet another reminder that digital assets still have many risks. But for a small group of fast-moving trading companies and skilled investors, this is an opportunity to make big money. Blockchain data company Bitquery estimates that the attackers lost about 119 million US dollars due to poor transaction execution due to hasty actions. “This hacking attack triggered sharp price fluctuations. A single seller with huge capital and extremely insensitive to prices acted in the midst of weak liquidity,” said James Aitchison, chief investment officer at Caerus Global Management. He said this aggressive one-way sell-off distorted cryptocurrency prices across different trading venues and blockchains, adding: “We used this incident to trade and uncovered several very attractive mismatches.”

For most cryptocurrency investors, the $6.3 billion theft that Binance experienced is yet another reminder that digital assets still have many risks. But for a small group of fast-moving trading companies and skilled investors, this is an opportunity to make big money. Blockchain data company Bitquery estimates that the attackers lost about 119 million US dollars due to poor transaction execution due to hasty actions. “This hacking attack triggered sharp price fluctuations. A single seller with huge capital and extremely insensitive to prices acted in the midst of weak liquidity,” said James Aitchison, chief investment officer at Caerus Global Management. He said this aggressive one-way sell-off distorted cryptocurrency prices across different trading venues and blockchains, adding: “We used this incident to trade and uncovered several very attractive mismatches.”