Strive CEO Bitcoin's decline following the Binance incident was lower than expected; whether the market has bottomed remains to be confirmed

AT A GLANCE

Following the Binance theft incident, Bitcoin's decline was lower than expected, but it remains impossible to confirm whether the market has bottomed.

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Strive CEO Bitcoin performed better than expected after the Binance theft, but it is still too early to confirm that the market has bottomed

BlockBeats reported that October 31，Strive CEO Matt Cole said that Binance approximately 6300000000 USD the theft incident has not changed his long-term investment thesis on Bitcoin. Given the scale of the attack and broad market weakness, Bitcoin declined less than he expected, but it is still too early to determine whether the price has bottomed. Bitcoin is currently priced at approximately 77,400 USD, down approximately 4%from before the attack began on Thursday. Strive previously disclosed that, as of October 23 it held 43,000 BTC.

Cole compared the wallet attack to a bank robbery rather than a failure of the Bitcoin network. Paul Chapman, head of financial crime at Wirex, likewise stressed that the attack targeted a company's systems, not the Bitcoin network itself. Regarding the subsequent outlook, Cole believes the market is in an “early spring”-style recovery phase, which may continue for another 6 to 9 months, with prices rising gradually rather than quickly hitting new highs. He said that over any reasonable time horizon, this incident would not change his investment thesis on Bitcoin.

Regarding historical market reactions, after 2025 in Bybit was attacked by 1500000000 USD, compounded by overall market volatility, Bitcoin once fell from nearly 100,000 USD to approximately 95,000 USD, a decline of approximately 5%. In addition,CNBC cited Anchorage Digital data showing that after attacks on crypto trading platforms, Bitcoin's average decline in the first 24 hours was 8.3%.

The attack investigation remains ongoing. Blockaid CEO Ido Ben-Natan believes that the attacker may have exploited Binance's transaction-signing process. His analysis found an Ethereum transaction containing 50 signature approvals; the matching approval allowed attacker-controlled code to execute through the wallet.Binance stated that, as of Friday, no evidence of compromised wallet private keys had been found.

Original link https://m.theblockbeats.info/flash/374828

Key points

BlockBeats reported that approximately 6300000000 USD was stolen from Binance; Strive CEO Matt Cole said the incident did not change his long-term investment thesis on Bitcoin.
The article states that Bitcoin was priced at approximately 77,400 USD, down approximately from before the attack began. 4%。
Strive previously disclosed that, as of October 23 it held 43,000 BTC。
The attack investigation remains ongoing; Binance said that, as of Friday, it had not found evidence of compromised wallet private keys.
Blockaid CEO Ido Ben-Natan said that the attacker may have exploited Binance's transaction-signing process.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The report describes the incident as an attack on a trading platform company's systems, rather than a failure of the Bitcoin network itself. Bitcoin declined at the time, but less than Matt Cole expected; the market bottom and cause of the attack remain undetermined.

Why it matters to readers

The incident involves trading-platform security, user confidence, and short-term Bitcoin price volatility. The investigation's findings may affect assessments of the scope of impact, attack vector, and subsequent market risks.

An attack on a trading platform does not mean that the Bitcoin network has been compromised; however, platform security incidents may still trigger price volatility and investor concerns.

Risks and unknowns

The scale, attack vector, and scope of losses remain under investigation.
It is currently still impossible to confirm that the Bitcoin market has bottomed.
The article does not confirm whether wallet private keys were compromised, nor does it specify the final scope of affected funds.
The report does not provide an independent primary announcement link to verify all details.

Strive CEO Bitcoin's decline following the Binance incident was lower than expected; whether the market has bottomed remains to be confirmed

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