Binance hacker dumps stolen funds in a panic, creating a windfall for cryptocurrency traders.

For most cryptocurrency investors, the $6.3 billion theft at Binance serves as another reminder that digital assets still carry numerous risks. But for a small group of fast-moving trading firms and skilled investors, it was an opportunity to make quick profits. Blockchain data firm Bitquery estimates that the attackers lost about $119 million due to hasty selling that led to poor trade execution. "The hack triggered violent price swings, with a single large, price-insensitive seller acting in thin liquidity," said James Aitchison, chief investment officer at Caerus Global Management. He said this aggressive one-way selling distorted cryptocurrency prices across different trading venues and blockchains, adding: "We traded around this event and found several highly attractive dislocations."