Bitcoin has held up better than expected following the $6.3 billion Binance hack, according to Strive CEO Matt Cole.
I’m talking about Cointelegraph Chain reaction On Friday, Cole said the breach did not change his long-term investment case for Bitcoin. He compared the attack on Binance wallets to a bank robbery rather than an outage on the Bitcoin network.
Bitcoin was trading near $77,400 as of 4 p.m. Saturday, about 4% below its price just before the attack began on Thursday. after to CoinGecko data.
Strive, a publicly traded company that holds Bitcoin on its balance sheet, said it owned 43,000 BTC as of October 23rd.
“I am confident that over a reasonable period of time this does not change the investment thesis on Bitcoin,” Cole said.
Cole said Bitcoin’s decline was less severe than he expected given the scale of the breach and general market weakness, but acknowledged that it was still too early to determine whether the cryptocurrency had hit a price bottom.
Cole described that the market is in an “early spring” recovery phase that could last another six to nine months, with prices gradually rising rather than reaching new highs.
Paul Chapman, head of financial crime at Wirex, also distinguished the attack on Binance from a compromise of the Bitcoin network. “It is important to clarify that Bitcoin itself was not hacked – it was an attack on a company’s systems, not the network,” he told Cointelegraph.
Related: Strive Completes $630 Million SATS IPO, But Leaves Bitcoin Allocation Open
Bitcoin reaction compared to Bybit
According to Glassnode, Thursday’s Binance attack was the largest cryptocurrency hack of all time, with damages of around $6.3 billion, surpassing the total losses of the next nine largest hacks. The previous record was the $1.5 billion Bybit exploit in February 2025.
Glass knot said Since the beginning of 2025, three of the ten largest crypto hacks have occurred, involving all exchanges.
The Binance hack exceeds the next largest crypto exploits combined. Source: Glassnode
In comparison, after the Bybit hack in 2025, Bitcoin fell about 5% from nearly $100,000 to about $95,000 due to the breach and general market volatility, according to a Bitfinex market report.
Anchorage Digital data quoted of CNBC put Bitcoin’s average decline at 8.3% in the first 24 hours following previous exploits on cryptocurrency exchanges.
The Binance hack reveals security gaps on the exchange
Blockaid CEO Ido Ben-Natan said the attackers appeared to have manipulated Binance’s transaction signing process. Binance said on Friday that it had found no evidence of leaked wallet private keys, although the investigation was ongoing.
Blockaid’s analysis identified an Ethereum transaction with 50 signed authorizations for different transaction numbers. Appropriate authorization enabled the code controlled by the attacker to operate via the wallet. Ben-Natan argued that pre-signing controls could have blocked the malicious authorization.
Magazine: A month before the news broke, a manipulated ledger was reported in Singapore: Asia Express
