What investors are saying about Binance

Summary

In the past 30 days, 4 people on 3 investor and market shows discussed Binance in 7 views. Going by each speaker's latest call, 2 are bullish and 2 are bearish. Chorus has followed Binance since October 30, 2026.

Who talks about it most

• Patrick Boyle · 4
• Jason Lemkin · 1
• Rory O'Driscoll · 1
• Matt Hougan · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• Patrick Boyle · Patrick Boyle On FinanceBearish

  Binance's bitcoin-denominated emergency fund is a poor hedge for stablecoin and ether losses.

  Binance keeps its emergency fund, SAFU, in bitcoin. That is a natural hedge only if the thieves take bitcoin and take less of it than the fund holds. In practice the thieves took billions in stablecoins and ether, and the bitcoin they took was worth more than the whole fund. Bitcoin's price also fell as the hack rattled markets, and the Wall Street Journal reports the fund lost about $100 million at the moment Binance needed it. Boyle calls the reserve a fire insurance policy that pays out in kindling.

  “the value of the fund dropped by about $100,000,000 at the exact moment Binance needed it. It is a bit like a fire insurance policy that pays out in kindling.”at 29:10

  Patrick Boyle: How North Korea Pulled Off the Biggest Heist in History · November 7, 2026

• Patrick Boyle · Patrick Boyle On FinanceBullish

  Binance's trading-fee revenue is large enough to absorb the hack losses without strain.

  Binance has around 335 million users and handled about $34 trillion of trades last year, which makes it enormous. Its trading fees are large enough to cover the hack losses out of its own pocket, even though the losses ran about three times higher than the early $1 billion estimate. Boyle sees this scale as the reason the damage is survivable. He notes that Binance's co-CEO said annual revenue was enough to cover the losses, which supports the balance-sheet argument.

  “Binance is enormous, and it makes enough money in trading fees to cover the difference out of its own pocket.”at 29:35

  Patrick Boyle: How North Korea Pulled Off the Biggest Heist in History · November 7, 2026

• Patrick Boyle · Patrick Boyle On FinanceBearish

  Binance's security failure is underweighted by the market; its centralized custody was the real weak point.

  Binance's hot wallet signed about 50 transactions without reading them, and its signing system and security software failed to catch malware sent to an engineer through a fake job interview. An internal AI tool then let the hackers take over other engineers' laptops and gain access to the signing service. The hackers got in through the company's own systems, not through the blockchains, which recorded every transaction accurately. Boyle argues that the public and analysts have given too little weight to this failure, even though it enabled the largest theft in history.

  “I am surprised by how little weight people are putting on the security failure.”at 32:56

  Patrick Boyle: How North Korea Pulled Off the Biggest Heist in History · November 7, 2026

• Patrick Boyle · Patrick Boyle On FinanceBearish

  Binance's compliance controls look weak, given the suspicious accounts and sanctions-linked customers in its files.

  Binance pleaded guilty in 2023 to breaking US anti-money-laundering and sanctions laws and paid $4.3 billion in penalties. The US Treasury says it had not reported more than 100,000 suspicious transactions, including ones linked to ransomware, terrorist groups and large-scale hacks. Internal files show a junior bank employee moving $93 million through an account logged in from two countries, and a Brazilian account with a weak ID that later received $16 million. Another customer is linked to an alleged $1.5 billion Iranian oil network. Binance says it has strict controls and that the activity is not evidence of wrongdoing, but Boyle's reading is that the customer base shows weak compliance.

  “customers are sharing an exchange with an alleged sanctions busting oil trader, well traveled and surprisingly wealthy bank clerks and an international cash settled sausage entrepreneur”at 36:33

  Patrick Boyle: How North Korea Pulled Off the Biggest Heist in History · November 7, 2026

• Jason Lemkin · SaaStrBearish

  Binance barely survived the $6.6B loss; its opaque balance sheet leaves it one step from an FTX-style collapse.

  Jason argues Binance barely survived the roughly $6.6B crypto theft, which was attributed to North Korea. Binance has no transparent balance sheet, so no one knows how much cash it had, and he asks what would have happened if the loss had been $13B. He thinks the company was one step away from an FTX-type situation. He also says many firms claimed their balance sheet was customer crypto held as custodian, which is not true.

  “I think Binance barely survived this 6,600,000,000. They don't have a transparent balance sheet. We don't know how much money they had. What if it was 13,000,000,000?”at 37:25

  20VC: 20VC: OpenAI Cuts Valuation to $1.25TRN | Public Market Meltdown: GOOG Loses $500BN in 12 Hours | DoorDash Buys Instacart for $17BN | Kalshi Raises $1BN and Cognition Eyes $80BN Valuation · November 5, 2026

• Rory O'Driscoll · Scale Venture PartnersBullish

  Binance covering the $6.6B crypto loss shows an excellent business, if it wasn't customer money.

  Rory argues that Binance paying back the roughly $6B from its own resources implies it generates enough profit to cover such a loss, which makes it a very strong business. He hedges that this holds only if it isn't an FTX-style case of taking money from someone else. He says he is not a crypto specialist and hasn't studied it in detail, and disagrees with Jason's view that the firm couldn't have covered a larger loss.

  “I mean, assuming that you're not doing an FTX and swiping it from someone else. ... Binance were able to make good the crypto loss, which implicitly means Binance makes enough money to be able to make good the crypto loss, which means it's an amazing freaking business.”at 38:16

  20VC: 20VC: OpenAI Cuts Valuation to $1.25TRN | Public Market Meltdown: GOOG Loses $500BN in 12 Hours | DoorDash Buys Instacart for $17BN | Kalshi Raises $1BN and Cognition Eyes $80BN Valuation · November 5, 2026

• Matt Hougan · Bitwise Asset ManagementBullish

  Binance will make users whole after the hack, given its resources and track record.

  Hougan says Binance has committed to cover all user losses and has a history of doing so. He cites its large funds and profits as evidence that it can afford the losses. Channel checks with industry peers also give him a high degree of confidence that users will be made whole. He concedes that this will only be proven once it happens.

  “I think when we do channel checks, when we talk to our peers in the industry, there's a high degree of confidence that Binance will in fact make their users whole.”at 39:23

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