Tom Lee’s Surprising Comment After the Binance Hack: “A Sign of a Bull Market”

Bitmine Chairman Tom Lee assessed the cryptocurrency market’s reaction to the multi-billion dollar attack on Binance positively. According to Lee, despite the magnitude of the attack, the limited decline in prices shows the sector’s increased resilience.

In a statement released by the company today, Lee made a comparison to the Bybit attack in February 2025. He recalled that Ethereum fell by 8 percent on the day the Bybit incident was announced, and by 20 percent within a week. He noted that $ETH experienced a drop of approximately 4 percent after the Binance attack was announced.

Lee highlighted Binance’s financial strength to absorb losses, the industry’s swift response, and the absence of a chain collapse in DeFi protocols. He also considered the fact that the attack was attributed to infiltrating company systems rather than the blockchain infrastructure.

Bitmine also announced in the same statement that it acquired an additional 8,573 $ETH last week. The company’s Ethereum holdings have reached 6,060,506 $ETH.

Of this amount, 5,227,037 $ETH is held in staking. Based on current staking volume and yield conditions, the company anticipates annualized revenue of approximately $358 million.

*This is not investment advice.