According to Strive CEO Matt Cole, Bitcoin has demonstrated greater resilience than anticipated in the wake of the $6.3 billion Binance security breach, noting that the incident fails to weaken the asset’s long-term investment case.
During an appearance on Cointelegraph’s Chain Reaction program on Friday, Cole mentioned that the hack has left his long-term perspective on Bitcoin entirely unaltered. He likened the intrusion targeting Binance’s custody to a traditional bank heist rather than any structural breakdown within the Bitcoin network itself.
Data from CoinGecko shows that Bitcoin was exchanging hands close to $77,400 at 4:00 pm on Saturday, resting roughly 4% beneath its valuation just prior to the onset of the incident on Thursday.
Strive, a publicly traded firm holding Bitcoin on its corporate balance sheet, disclosed ownership of 43,000 BTC as of October 23.
“I do have conviction that over any reasonable time frame, this does not change the investment thesis on Bitcoin,” Cole stated.
Cole noted that the magnitude of Bitcoin’s price drop was milder than what he anticipated given the massive scale of the exploit and general weakness across the broader market, though he admitted it remains premature to confirm if a definitive market bottom has been established.
Cole characterized the current market environment as an “early spring” recovery phase capable of persisting for another six to nine months, marked by a gradual upward trend rather than explosive surges to all-time highs.
Paul Chapman, financial crime director at Wirex, similarly separated the Binance intrusion from any compromise of the underlying Bitcoin ledger. “It’s important to be clear that Bitcoin itself hasn’t been hacked — this was an attack on one company’s systems, not the network,” he told Cointelegraph.
Related: Strive closes $630M SATS IPO, leaves Bitcoin allocation unspecified
Bitcoin reaction compared with Bybit
Figures from Glassnode indicate that Thursday’s Binance intrusion stands as the largest digital asset breach in history, impacting approximately $6.3 billion and surpassing the cumulative losses of the subsequent nine biggest hacks combined. The previous high mark belonged to the $1.5 billion Bybit exploit that occurred in February 2025.
Glassnode noted that three out of the ten largest crypto breaches have taken place since the dawn of 2025, with all of them targeting centralized trading platforms.
Binance hack exceeds the next nine largest crypto exploits combined. Source: Glassnode
By contrast, following the Bybit exploit in 2025, Bitcoin retreated nearly 5% from close to $100,000 down to roughly $95,000 amid the event and wider market turbulence, according to a market report published by Bitfinex.
Metrics from Anchorage Digital highlighted by CNBC show that Bitcoin’s typical contraction across the initial 24 hours following past exchange exploits averages 8.3%.
Binance hack exposes exchange security vulnerabilities
Blockaid CEO Ido Ben-Natan pointed out that the assailants appeared to have interfered with Binance’s transaction approval mechanism. Binance communicated on Friday that it uncovered no proof regarding compromised wallet private keys, though investigations remain ongoing.
Examination by Blockaid revealed an Ethereum transaction featuring 50 authorized signatures spanning distinct transaction tallies. A corresponding permission allowed code managed by the attacker to function via the wallet. Ben-Natan asserted that proper validation procedures prior to signing could have prevented the malicious authorization.
Magazine: Tampered Ledger reported in Singapore a month before news broke: Asia Express
Originally published at https://cointelegraph.com/markets/bitcoin-binance-hack-strive-ceo?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
