Hacking News
Tom Lee Calls Binance Hack Bullish for Ethereum
BitMine Immersion, a company owned by Tom Lee, bought another 8,573 ETH last week, roughly $19.6 million worth, lifting the treasury to 6,060,506 ETH and about $13.7 billion. Lee called the market's response to the $6.3 billion Binance hack 'constructive' and 'very constructive', suggesting the industry can withstand such a theft without major market impact. However, ETH has been experiencing significant price declines, with $1.61 billion in net outflows from U.S. spot ETH ETFs in October and a 19% drop from its local peak.