Regarding the Binance hack, here are some personal thoughts: Based on the current amount of loss, Binance should be able to patch the vulnerability without much trouble, and a bank run is unlikely. However, this incident is another blow to industry and user confidence. The initial reaction to the on-chain anomalies in the early morning was basically, "Binance couldn't have been hacked," but after this, it seems there's no such thing as absolute security in the blockchain. Furthermore, this incident occurred when altcoin sentiment was still relatively strong. The panic, coupled with the hacker's selling of coins, led to a market-wide drop and the liquidation of a large number of long positions. Many retail investors inevitably lost valuable capital. This serves as a reminder that using high leverage in the inherently high-risk cryptocurrency market is extremely dangerous. On the other hand, the lost sentiment and confidence will be difficult to repair in the short term and could have far-reaching consequences. Besides this, risk often comes with opportunity. Some opportunities that could be seized from this incident include: 1. Immediately monitoring the large-scale altcoin transfers and discovering that the funds originated from Tornado Cash, one could choose to short the broader market. 2. Among the altcoins on the hacker's stolen list, the most valuable are UNI, ENA, and PEPE. These coins also have strong on-chain liquidity. Therefore, the hacker will likely dump their holdings and exchange them for ETH. This action can be anticipated and shorted in advance. 3. Since USDT and USDC will be frozen, the hacker will immediately use stablecoins to buy ETH. The on-chain ETH premium is significant. If you have ETH on other exchanges or on the blockchain, you can sell it to profit from the premium. 4. When the hacker officially begins selling, there is strong on-chain support. Usually, it doesn't need to wait until all the coins are sold; the price will often bottom out when about half are sold. At this point, you can close your short position or go long to bet on a rebound. 5. When the hacker is selling altcoins on-chain, there is a significant price difference between the on-chain and spot prices. Combining this with the timing in point 4, if you have funds on the blockchain, you can also choose to directly buy the altcoin spot price on-chain.