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Ballet Founder Says Bitcoin (BTC) Stolen in Binance Hack Is Likely Unrecoverable

Metaplanet CEO Simon Gerovich said Bitcoin’s network was unaffected and the company keeps its holdings in cold wallets with a regulated custodian.

By Simon Yoon
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An unmarked hardware wallet sits alone beneath a warm overhead light / TokenPost.ai
An unmarked hardware wallet sits alone beneath a warm overhead light / TokenPost.ai

Ballet founder Bobby Lee said Bitcoin (BTC) stolen in a hack involving Binance is likely unrecoverable because the stolen coins are already in hackers’ hands.

Metaplanet CEO Simon Gerovich said the incident did not affect Bitcoin itself. He said the network has operated as designed since 2009 and that Metaplanet stores all its Bitcoin in cold wallets with a regulated custodian.

The comments follow Binance’s investigation into large crypto transfers after its founder warned of a hack.

Simon Yoon

Reporter

Simon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.

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