Bitcoin Holds Up After Binance Hack, Strive CEO Says
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Written by:
- Nate Kostar, staff writer
- Bryan O'Shea, staff editor
Bitcoin held up better than expected following the $6.3 billion Binance hack, according to Strive CEO Matt Cole. He argues the breach, which affected roughly $6.3 billion, does not undermine Bitcoin's long-term investment thesis, comparing it to a bank robbery rather than a failure of the network.
Cole notes Bitcoin's decline was less severe than anticipated, trading near $77,400 at 4:00 pm on Saturday, about 4% below its price before the attack. He foresees a gradual recovery phase lasting 6-9 months, unlike a sudden surge in prices.
Paul Chapman, financial crime director at Wirex, agrees Bitcoin itself wasn't hacked, but rather Binance's systems were compromised.
In comparison:
- The Bybit hack in 2025 saw Bitcoin fall roughly 5% from nearly $100,000 to around $95,000.
- Glassnode reports Thursday's Binance breach was the largest cryptocurrency hack on record, exceeding the combined losses of the next nine largest hacks.
- Blockaid's analysis suggests attackers compromised Binance's transaction signing process.
Binance has stated they found no evidence of leaked wallet private keys, but their investigation continues.