Bitcoin stolen in a recent hack of Binance’s crypto exchange is likely irrecoverable, according to Bobby Lee, founder of Ballet Global Inc. In a Bloomberg Television interview on Friday, Lee stated bluntly, “That’s gone.” He emphasized that the stolen Bitcoin has already been transferred to the hackers’ control.
Lee’s assessment underscores the challenges of retrieving lost or stolen cryptocurrencies, particularly when they fall into the hands of sophisticated cybercriminals. The hack has raised concerns about the security measures in place at major crypto exchanges.
Ballet Global Inc., known for its digital-asset hardware wallets, has been vocal about the risks associated with centralized exchanges. Lee’s comments reflect broader industry anxieties about the vulnerability of digital assets to theft and fraud.