[Ballet Founder: Stolen Binance Bitcoin Likely Irrecoverable; Market's Tolerance for Huge Losses Increases] BlockBeats reported on October 30th, citing Bloomberg, that Bobby Lee, founder of digital asset hardware wallet company Ballet, stated that the Bitcoin stolen in the Binance hack is likely irrecoverable. In a Bloomberg TV interview, Lee said, "These Bitcoins are gone; they're in the hands of hackers." Lee believes that only stablecoins have a realistic possibility of recovery, but freezing assets does not equate to recovery. Binance still needs to cooperate with law enforcement investigations and formally apply to claim the frozen assets. Lee also stated that the crypto market is now much more mature than it used to be, with an overall size of trillions of dollars, so losing $1 billion, $2 billion, or even $5 billion is not the end of the world. [Original Link]