Ballet Founder: BTC Stolen from Binance May Be Difficult to Recover; Crypto Market Can Already Absorb Tens of Billions in Losses

TechFlow reported on October 30 that, according to Bloomberg, Bobby Lee, founder of digital-asset hardware wallet company Ballet, said in a Bloomberg TV interview that the Bitcoin stolen in the Binance security incident is likely unrecoverable and the related assets have fallen into the hands of hackers. He noted that stablecoins are currently the asset type with the most realistic chance of recovery, but freezing assets does not mean the recovery has been completed; Binance still needs to cooperate with law enforcement on investigations and formally apply to claim the frozen assets.

Bobby Lee also said that the overall size of the crypto market has now reached trillions of dollars and is more mature than in the past, so even losses of $1 billion, $2 billion, or even $5 billion can be better absorbed by the market and are not an unbearable blow.

Source: TechFlow