Ballet Founder: Stolen Bitcoin from Binance May Be Unrecoverable, Market Resilience to Massive Losses Strengthened

October 30 - According to Bloomberg, Bobby Lee, founder of digital asset hardware wallet company Ballet, stated that the Bitcoin stolen in the Binance hack is likely unrecoverable.

In an interview with Bloomberg TV, Lee said, "These Bitcoins are gone, they have flowed into the hands of hackers." Lee believes that only stablecoins have a realistic possibility of recovery, but freezing assets does not equate to recovery; Binance still needs to cooperate with law enforcement for investigation and formally apply to claim the frozen assets.

Lee also stated that the crypto market today is much more mature than in the past, with an overall scale reaching trillions of dollars, so losing $1 billion, $2 billion, or even $5 billion is not the end of the world.