After a security incident at a leading exchange temporarily halted withdrawals, its founder CZ spoke plainly.
As the incident unfolded, a tech mogul responded with fire and laughing-crying emojis to CZ’s earlier warning about email phishing, which was widely seen as mockery. CZ didn’t let it slide: he publicly said he respected the other person, but this was no time for jokes, and asked them to stop. He also pointed out that the platform’s early $500 million investment in the social media acquisition had since turned into a stake in SpaceX worth more than $1 billion—just part of the resources it could draw on.
The co-founder then added that the platform’s revenue this year alone would be enough to cover the losses, so there was no need to liquidate that stake for now.
The bottom line: the losses would be fully covered by the security reserve fund and the platform’s own funds.
What did the most to reassure people amid the turmoil was the confidence that the books showed they could truly cover the losses. $BTC briefly weakened under the shock, but the founding team made it crystal clear where the shortfall would be covered from.
#CZ #CryptoSecurity
As the incident unfolded, a tech mogul responded with fire and laughing-crying emojis to CZ’s earlier warning about email phishing, which was widely seen as mockery. CZ didn’t let it slide: he publicly said he respected the other person, but this was no time for jokes, and asked them to stop. He also pointed out that the platform’s early $500 million investment in the social media acquisition had since turned into a stake in SpaceX worth more than $1 billion—just part of the resources it could draw on.
The co-founder then added that the platform’s revenue this year alone would be enough to cover the losses, so there was no need to liquidate that stake for now.
The bottom line: the losses would be fully covered by the security reserve fund and the platform’s own funds.
What did the most to reassure people amid the turmoil was the confidence that the books showed they could truly cover the losses. $BTC briefly weakened under the shock, but the founding team made it crystal clear where the shortfall would be covered from.
#CZ #CryptoSecurity
