Strive CEO Says Bitcoin's Drop After Binance Incident Was Milder Than Expected

Strive CEO Matt Cole said Bitcoin (BTC) responded to the Binance wallet incident less severely than he expected, but said Saturday, Oct. 31, it was too early to know whether the market had bottomed.

Cole said the incident had not changed his long-term view of Bitcoin. He compared the wallet attack to a bank robbery. Paul Chapman, Wirex's head of financial crime, separately said the attack targeted a company's systems rather than the Bitcoin network. Cole said the scale of the attack and weak market conditions shaped his expectations.

Binance said Friday, Oct. 30, that it had found no evidence of wallet private keys being exposed.

Strive disclosed holdings of 43,000 BTC as of Oct. 23, eight days before Cole's comments.