Ballet founder:Binance Bitcoin stolen in attack may be irretrievable, market better able to absorb massive losses
BIBIBI
AT A GLANCE
Bobby Lee said that Binance Bitcoin stolen in the hacking incident is very likely irretrievable, while stablecoins are the only assets with a realistic chance of recovery.
Article
Ballet founder:Binance Bitcoin stolen in attack may be irretrievable, market better able to absorb massive losses
BlockBeats reports that October 30, according to Bloomberg, Bobby Lee, founder of digital asset hardware wallet company Ballet, said that Binance Bitcoin stolen in the hacking incident is very likely irretrievable.
In an interview with Bloomberg Television, Lee said: “These bitcoins are gone, in the hands of hackers.” Lee believes that only stablecoins have a realistic chance of recovery, but freezing assets does not amount to recovery;Binance still needs to cooperate with law enforcement in the investigation and formally apply to claim the frozen assets.
Lee also said that the crypto market is much more mature than in the past, with its overall scale reaching several trillion USD, so losses of 1000000000、2000000000 or even 5000000000 USD, are not the end of the world.
Original link https://m.theblockbeats.info/flash/374621
Key points
01
BlockBeats said the news came from October 30 a Bloomberg report.
02
Ballet founder Bobby Lee said that Binance Bitcoin stolen in the hacking incident is very likely irretrievable.
03
Lee said in a Bloomberg Television interview: “These bitcoins are gone, in the hands of hackers.”
04
Lee believes that only stablecoins have a realistic chance of recovery, but freezing assets does not amount to recovery.
05
Lee said that Binance cooperation with law enforcement is still needed for the investigation, along with a formal application to claim the frozen assets.
06
Lee said the crypto market’s overall scale has reached several trillion USD, and losses of 1000000000、2000000000 or even 5000000000 USD are not the end of the world.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is Bobby Lee’s assessment of the possibility of asset recovery and the market’s ability to absorb losses: he believes that once Bitcoin falls into hackers’ hands, it is difficult to recover, while stablecoins may be handled through measures such as freezing, but freezing does not mean the assets have been returned.
Why it matters to readers
The assessment concerns exchange security, the handling of stolen assets, and the market’s ability to absorb massive losses, and may affect users’ views of Binance and crypto market risks.
Beginners should distinguish between “the interviewee’s assessment,” “assets being frozen,” and “assets being recovered”; these are not the same, and the original article provides no official investigation results.
Risks and unknowns
The original article does not provide Binance an official statement from exchanges or law enforcement regarding the scale of the incident, the affected assets, or recovery progress.
Whether the stolen Bitcoin is indeed irretrievable has not been confirmed by official results reported in the original article.
The amounts of 1000000000、2000000000 and 5000000000 USD mentioned in the article are examples Lee cited when discussing the market’s ability to absorb losses, not confirmed actual losses.
The original article does not identify any specific stablecoin or state that any stablecoins have been frozen or returned.
Related Developments
Loading event timeline…
Related concepts
Bitcoin
This term is not in the glossary yet. Browse related concepts in the glossary.
