“After $6.4 Billion Bybit Hack, Wall Street Says Buy Bitcoin Proxies Like Coinbase and Stra” — what this page in the network covers. Wall Street analysts are telling clients to focus on publicly traded crypto proxies rather than direct token ownership after the record $6.4 billion hack of Bybit, the second-largest crypto exchange by volume. Firms including Cantor Fitzgerald, TD Cowen, and Compass Point characterize the theft as a Firms including Cantor Fitzgerald, TD Cowen, and Compass Point characterize the theft as a security failure specific to Binance—a rival exchange also implicated in past breaches—rather than a systemic weakness in blockchain technology.
They argue that regulated, U.S.-listed companies such as Coinbase, Robinhood, and Strategy (formerly MicroStrategy) offer exposure to Bitcoin's upside with stronger custody, compliance, and investor protections. The hack, attributed to North Korean state-sponsored group Lazarus, drained Ethereum from Bybit's cold wallet and triggered billions in outflows, yet Bitcoin's price remained relatively stable. For the complete material, the listing points back to the source inside the network.