Strive CEO Matt Cole stated that the hack on Binance has not changed his long-term view on Bitcoin, but he also reminded that it is still too early to assert that the market has bottomed out.
According to Matt Cole, the CEO of Strive, Bitcoin performed better than expected after Binance suffered a $6.3 billion hacker attack; he stated that this security incident did not weaken the long-term investment logic for this cryptocurrency.
On Friday, during an interview on the program “Chain Reaction” with Cointelegraph, Cole stated that this incident did not change his long-term investment strategy in Bitcoin. He compared the attack on the Binance wallet to a bank robbery, rather than a failure of the Bitcoin network itself.
According to CoinGecko data, as of 4 p.m. on Saturday, the Bitcoin trading price was close to $77,400, which is about 4% lower than the price before the attack started on Thursday.
Strive is a listed company that holds Bitcoin on its balance sheet. The company reported holding 43,000 BTC as of October 23rd.
“I truly believe that, within any reasonable time frame, this will not change the investment logic of Bitcoin,” said Cole.
Cole indicates that, considering the scale of this security incident and the weakness in the broader market, the decline in Bitcoin was smaller than he expected. However, he also acknowledges that it is still too early to determine whether this cryptocurrency has reached its bottom price.
He described the current market as being in a "early spring" phase of recovery, which may continue for another 6 to 9 months. During this period, prices are expected to rise gradually rather than soar to new highs quickly.
Wirex The head of financial crimes, Paul Chapman, also distinguished this attack on Binance from the disruption to the Bitcoin network. He told Cointelegraph, "It must be clear that it was not Bitcoin itself that was targeted – this attack was directed at a company's system, not the entire network."
Comparison of Bitcoin's Reaction to the Bybit Incident
According to the data from Glassnode, the Binance security incident on Thursday was the largest cryptocurrency hacking attack on record, with an affected amount of approximately $6.3 billion, exceeding the total losses from the previous nine major hacking incidents. The previous record was set by the $1.5 billion attack that occurred to Bybit in February 2025.
Glassnode indicates that since the beginning of 2025, three out of the top ten cryptocurrency hacking incidents have occurred, and all of them involved exchanges.
In contrast, according to a market report from Bitfinex, after Bybit was hacked in 2025, Bitcoin fell by about 5% from nearly $100,000 to around $95,000 due to security incidents and broader market fluctuations.
CNBC cites data from Anchorage Digital which indicates that in previous attacks on cryptocurrency exchanges, Bitcoin experienced an average decline of 8.3% within the first 24 hours.
Binance incident exposes security vulnerabilities in the exchange
Blockaid CEO Ido Ben - Natan indicates that the attackers seem to have breached Binance's transaction signature process. Binance stated on Friday that no evidence of wallet private key leakage was found, but the investigation is still ongoing.
Analysis by Blockaid revealed that a single Ethereum transaction contained 50 signed authorizations, covering different transaction counts. A matching authorization allowed the code controlled by the attacker to execute within that wallet. Ben-Natan believes that if a check were performed before signing, this malicious authorization could have been prevented.
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