$6.3 billion was stolen in a hack, and CZ asked just two questions: Who suffered losses? Can the platform fully reimburse them?
Da Chao thinks those two questions were more effective than any PR statement.
After the incident, people in the market argued about all sorts of things. Some dug into how the hack happened, some speculated there might be an inside job, and others even dragged Elon Musk into it. CZ was very direct: put all that aside for now and first find out whether users’ money is safe.
When it comes to the money, Binance really has taken action over the past couple of days.
To cover the $6.3 billion shortfall, it put up $6.34 billion. $5 billion is already in place, covering 80% of the losses. It’s buying the rest gradually on the market. Another $3 billion worth of stolen coins has been frozen on-chain, and that hasn’t even been counted yet.
He also compared this incident with Mt. Gox and FTX. When those two collapsed, users were the ones who suffered in the end. Once the money was gone, it was gone; some people waited ten years just to get a little of it back.
This time is different. The platform was hacked, and the platform is paying for it. Users have basically come through unscathed.
At the end of the day, exchange hacks aren’t anything new. Which major exchange hasn’t had an incident over the years? What really sets them apart is whether they’re willing to shoulder the loss themselves afterward.
Now we’ll see whether people vote with their feet once withdrawals resume. If there isn’t a mass exodus, this will be behind us. In that case, Bitcoin, knocked down by panic to around $77,000, will probably look cheap in hindsight. #CZ $BNB said that the most important thing is for Binance to pay out and protect its users
Da Chao thinks those two questions were more effective than any PR statement.
After the incident, people in the market argued about all sorts of things. Some dug into how the hack happened, some speculated there might be an inside job, and others even dragged Elon Musk into it. CZ was very direct: put all that aside for now and first find out whether users’ money is safe.
When it comes to the money, Binance really has taken action over the past couple of days.
To cover the $6.3 billion shortfall, it put up $6.34 billion. $5 billion is already in place, covering 80% of the losses. It’s buying the rest gradually on the market. Another $3 billion worth of stolen coins has been frozen on-chain, and that hasn’t even been counted yet.
He also compared this incident with Mt. Gox and FTX. When those two collapsed, users were the ones who suffered in the end. Once the money was gone, it was gone; some people waited ten years just to get a little of it back.
This time is different. The platform was hacked, and the platform is paying for it. Users have basically come through unscathed.
At the end of the day, exchange hacks aren’t anything new. Which major exchange hasn’t had an incident over the years? What really sets them apart is whether they’re willing to shoulder the loss themselves afterward.
Now we’ll see whether people vote with their feet once withdrawals resume. If there isn’t a mass exodus, this will be behind us. In that case, Bitcoin, knocked down by panic to around $77,000, will probably look cheap in hindsight. #CZ $BNB said that the most important thing is for Binance to pay out and protect its users
