CZ: Assessing the impact of a theft cannot be based solely on its dollar value; what matters is whether the platform can fully cover the losses
On October 31, CZ responded to discussions about the scale of the Binance theft and the BTC price reaction, saying that the $6.3 billion theft was the largest by dollar value, but not by the amount of BTC involved. He cited the Mt. Gox incident, which involved 650,000 BTC—more than 5% of the BTC supply at the time—and said that market impact should not be assessed solely by dollar value.
He said it was also important to consider how many users were affected and what proportion of their assets was affected. According to him, in the Mt. Gox and FTX incidents, nearly all users and their assets were affected. The more important question is ultimately who bears the losses, and whether the platform can cover them in full rather than leaving users to bear them.
CZ said the incident remains a major disaster for the industry, Binance, and himself, but that they can weather the shock. He stressed: “Most importantly, we protect our users.”
$BNB
On October 31, CZ responded to discussions about the scale of the Binance theft and the BTC price reaction, saying that the $6.3 billion theft was the largest by dollar value, but not by the amount of BTC involved. He cited the Mt. Gox incident, which involved 650,000 BTC—more than 5% of the BTC supply at the time—and said that market impact should not be assessed solely by dollar value.
He said it was also important to consider how many users were affected and what proportion of their assets was affected. According to him, in the Mt. Gox and FTX incidents, nearly all users and their assets were affected. The more important question is ultimately who bears the losses, and whether the platform can cover them in full rather than leaving users to bear them.
CZ said the incident remains a major disaster for the industry, Binance, and himself, but that they can weather the shock. He stressed: “Most importantly, we protect our users.”
$BNB