Bitcoin shows resilience after record $6.3B Binance hack, CEO says

Binance hack — Bitcoin‘s price has held up better than anticipated following the record $6.3 billion hack of crypto exchange Binance, according to Strive CEO Matt Cole, who maintains the breach does not damage Bitcoin’s long-term investment case.

Speaking on Cointelegraph’s Chain Reaction, Cole compared the attack on Binance’s wallets to a bank robbery rather than a failure of the Bitcoin network itself. Bitcoin was trading near $77,400 on Saturday, roughly 4% below its price just before the attack began on Thursday.

Cole noted that Bitcoin’s decline was less severe than expected given the scale of the breach and broader market weakness, though he cautioned it was too early to call a market bottom. He described the current phase as an “early spring” recovery that could last another six to nine months.

Analysts emphasized the distinction between an exchange security failure and a network compromise. “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,” said Paul Chapman, financial crime director at Wirex.