Strive CEO Says “Binance Held Up Well,” But Issues a Warning About Bitcoin

Strive CEO Matt Cole stated that the multi-billion dollar attack on Binance has not changed his long-term investment outlook for Bitcoin. Cole noted that, given the scale of the attack and the overall weakness in the cryptocurrency market, the decline in Bitcoin price was more limited than he had anticipated.

Bitcoin, which was trading at around $80,600 before the attack, reportedly fell to around $77,400, losing approximately 4 percent of its value. However, Cole argued that this relatively strong performance does not necessarily mean that Bitcoin has reached its bottom.

Strive’s CEO, who announced that he held 43,000 BTC as of October 23, stated that the incident would not affect the company’s long-term Bitcoin investment strategy.

Bitcoin Recovery Could Take 6 to 9 Months

Cole likened the current state of the Bitcoin market to “early spring,” predicting that the recovery process could continue for the next 6 to 9 months.

According to Cole, Bitcoin is more likely to recover through gradual price increases rather than reaching new record highs in a short period. However, there is not yet enough evidence to conclude whether the market has reached its ultimate bottom.

Cole, who likened the Binance attack to a bank robbery, argued that the incident should not be considered a problem stemming from the security of the Bitcoin network.

Paul Chapman, head of financial crime at Wirex, offered a similar assessment, stating that the attack targeted the infrastructure of a centralized company, not the Bitcoin network.

Bitcoin Fell Even Sharper in Past Attacks

The cryptocurrency market’s past reactions to major exchange hacks show that Bitcoin has experienced relatively limited price movement in response to recent events.

In 2025, following an attack on Bybit worth approximately $1.5 billion, Bitcoin, also affected by general market fluctuations, fell from $100,000 to $95,000, losing about 5 percent of its value.

According to CNBC, citing Anchorage Digital data, Bitcoin experienced an average drop of 8.3 percent in the first 24 hours following attacks on cryptocurrency exchanges.

Compared to these figures, the approximately 4% loss seen in Bitcoin after the Binance attack is below the historical average.

New Findings Emerge in Binance Attack Case

Meanwhile, the investigation into how the attack on Binance was carried out continues.

Ido Ben-Natan, CEO of blockchain security company Blockaid, suggested that attackers may have exploited a vulnerability in Binance’s transaction signing process.

According to Ben-Natan’s analysis, 50 distinct authorization signatures were detected in a transaction on the Ethereum network. The matching of these authorizations may have allowed the attackers to execute code under their control through the wallet.

*This is not investment advice.