# Morning Minute: Tom Lee Calls the Binance Hack Bullish for Ethereum

- URL: https://talkfuse.com/story/morning-minute-tom-lee-calls-the-binance-hack-bullish-for-ethereum/
- Published: 2026-11-03T13:11:47+00:00
- Updated: 2026-11-03T23:35:05+00:00
- Original publisher: Decrypt
- Original article: https://decrypt.co/382410/morning-minute-tom-lee-calls-the-binance-hack-bullish-for-ethereum
- Topics: Business, Companies, Crypto, Cybersecurity, Technology

## Key points

- Lee sees Ether’s roughly 4% fall after the Binance hack as a sign of resilience.
- BitMine added 8,573 ETH and says it holds about 4.9% of the supply.
- His comparison uses different time periods, while fund outflows persist.

## Summary

BitMine chairman Tom Lee has described the market’s response to the roughly $6.3 billion Binance hack on 29 October as “very constructive”. In a 2 November company statement, he said Ether had fallen about 4% since the theft was disclosed. He contrasted that with its 8% fall on the day of the $1.5 billion Bybit hack in February 2025 and a 20% fall over the following week. Lee argued that Binance’s pledge to cover customer losses, the freezing of stolen assets and the absence of wider failures in decentralised finance showed greater resilience. The comparison has a limit: the Binance figure covers only several days, while the 20% Bybit figure covers a full week.

Lee has a substantial interest in Ether’s prospects. BitMine said it bought another 8,573 ETH in the preceding week, taking its holdings to 6,060,506 ETH, or about 4.9% of the circulating supply. His interpretation also comes amid weaker market signals: Decrypt reported continued outflows from US Bitcoin and Ether exchange-traded funds and falling crypto prices. Binance has pledged to cover losses from its own funds and worked with partners to freeze roughly $3 billion in affected assets. Those steps may have contained the immediate damage, but the limited initial price fall does not establish how Ether will perform as the investigation and recovery continue.

## Coverage

- [Decrypt: Morning Minute: Tom Lee Calls the Binance Hack Bullish for Ethereum](https://decrypt.co/382410/morning-minute-tom-lee-calls-the-binance-hack-bullish-for-ethereum)
- [BitMine Immersion Technologies: Bitmine Immersion Technologies Announces ETH Holdings Reach 6.06 Million Tokens](https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-6-06-million-tokens-and-total-crypto-and-total-cash--marketable-securities-holdings-of-14-5-billion-302926341.html)
- [CryptoSlate: Tom Lee calls Ethereum’s 4% post-hack fall bullish](https://cryptoslate.com/tom-lee-calls-ethereums-4-post-hack-fall-bullish-but-the-bybit-comparison-has-a-catch/)

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.