Ballet Founder: BTC Stolen from Binance May Be Difficult to Recover, Crypto Market Already Able to Withstand Tens of Billions in Losses

On October 30, Bloomberg reported that Bobby Lee, founder of digital asset hardware wallet company Ballet, told Bloomberg Television that the Bitcoin stolen in the Binance security incident is likely irrecoverable, with the assets already in the hands of hackers. He pointed out that stablecoins are currently the most realistic asset category for recovery, but freezing assets does not equate to complete recovery; Binance must continue to cooperate with law enforcement in investigations and formally apply to reclaim the frozen funds.

Bobby Lee also added that the cryptocurrency market has now grown to a total valuation of trillions of dollars, making it significantly more mature than in the past. Consequently, even losses of $1 billion, $2 billion, or even $5 billion can be better absorbed by the market and do not constitute insurmountable shocks.