Major Wall Street brokerages judged there was no reason to leave the crypto market after the Binance hacking incident and presented a buying opportunity in plunging crypto-linked stocks.

On Oct. 30, blockchain media outlet Decrypt reported that Cantor Fitzgerald, TD Cowen and Compass Point said in client memos that the roughly $6.3 billion Binance hack would not derail the broader market recovery.

The hack is regarded as the largest on record. The market wobbled immediately after the incident, and bitcoin slid to around $77,000. Brokerages attributed the selling pressure not to bitcoin itself but to Binance's security problems. Lance Vitanza (랜스 비탄자) of TD Cowen said the breach exposed weaknesses in Binance’s own security, not the underlying technology of bitcoin, and viewed it as an opportunity to buy more bitcoin and shares of listed companies that hold it.

Ramsey El-Assal (램지 엘아살) of Cantor Fitzgerald focused on the speed of the industry's initial response. He cited that stablecoin issuers and others froze about $3.0 billion of the stolen funds, including more than $1.5 billion by Tether, about $800 million by Circle and about $200 million by Ripple. El-Assal said, "In a bear market, we will be buyers," and added, "This incident is painful, but this is not 2022."

Ed Engel (에드 엥겔) and Michael Donovan (마이클 도너번) of Compass Point also highlighted Binance’s ability to make good on the losses. They said Binance holds liquidity far exceeding what is needed to "plug the hole." They added that stablecoin supply could come under pressure during customer compensation and that rivals such as Coinbase and Hyperliquid could absorb some trading. They are watching the $75,000 to $77,000 range as a key price zone for bitcoin.

Brokerages also made clear why they see stocks as a stronger alternative than tokens. They judged that regulated listed companies such as Coinbase, Robinhood and Strategy can offer exposure to crypto prices while avoiding the direct custody risks highlighted by this hack. They also said there is an expectation that these stocks could rebound first if market sentiment stabilises.

Ratings agency Moody's Ratings, by contrast, offered a more cautious view. Cristiano Ventricelli (크리스티아노 벤트리첼리), a vice president in charge of digital assets at Moody's Ratings, said the incident "highlights high cybersecurity risks associated with hot wallets." He also pointed to a structure in which risk is concentrated in large centralised intermediaries. He warned the fallout would depend on the final loss amount, affected counterparties, whether assets are recovered, and whether it leads to broader disruption or an erosion of trust.

Binance said it secured $6.34 billion separately to cover losses and that user assets are safe. The U.S. Secret Service and the Federal Bureau of Investigation have launched an investigation. TRM and Chainalysis pointed to a North Korea-linked hacking group, "TraderTraitor," as being behind the hack.

Against this backdrop, the market's next focus has two tracks. The key questions are whether Binance can complete customer compensation without disruption and how long the shock from the hack will weigh on bitcoin prices and the rebound in crypto-linked stocks. Wall Street is placing greater weight so far on viewing it as a security incident at an individual exchange rather than a collapse across the broader system.