Binance was hacked for $6.3 billion. On the first day withdrawals reopened, $3.64 billion left.
Withdrawals were suspended for a few days, then gradually resumed on Sunday. On the first day, $4.65 billion was withdrawn and $1.01 billion deposited. Net outflows accounted for 2.1% of its $171 billion in assets—$2 withdrawn for every $100.
Honestly, that figure was lower than I expected.
A hack on the scale of $6.3 billion would be catastrophic for any traditional financial institution. Binance saw outflows of just 2.1%. Its liquidity held up, and users didn’t flee.
CZ said: “98% of people chose to stay.”
That 98% is just another way of presenting the same data above. It’s a clever bit of spin, to be sure, but the figure itself isn’t fabricated.
There’s also a difference in how the figures are calculated: DefiLlama puts the 24-hour outflow at $4.05 billion, while Binance says that includes funds it moved into its new hot wallet.
The difference between the two figures depends on how you count.
The stress test is over—for now. But compensation is only the first step. Whether Binance can shore up security is what will really determine whether it can remain the industry leader.
💁💁Borrowing a line CZ used over the past couple of days: “Trust isn’t earned through words in good times; it’s earned through actions in adversity.”
The bank run appears to have subsided for now, but the warning bells left by this security crisis have not stopped ringing.
For Binance, honoring its commitments through compensation is only the first step. The key to how far it can go from here is whether it seizes this opportunity to overhaul its internal controls and risk management framework.
After all, the market may give an industry leader one chance to patch things up, but it won’t give it a second chance to make the same mistake with the same vulnerability.
@币安中文社区 @Yi He @Binance Wallet @币安Binance华语
#币安已处理46.5亿美元提款 #币安第一阶段15个网络已恢复提现
Withdrawals were suspended for a few days, then gradually resumed on Sunday. On the first day, $4.65 billion was withdrawn and $1.01 billion deposited. Net outflows accounted for 2.1% of its $171 billion in assets—$2 withdrawn for every $100.
Honestly, that figure was lower than I expected.
A hack on the scale of $6.3 billion would be catastrophic for any traditional financial institution. Binance saw outflows of just 2.1%. Its liquidity held up, and users didn’t flee.
CZ said: “98% of people chose to stay.”
That 98% is just another way of presenting the same data above. It’s a clever bit of spin, to be sure, but the figure itself isn’t fabricated.
There’s also a difference in how the figures are calculated: DefiLlama puts the 24-hour outflow at $4.05 billion, while Binance says that includes funds it moved into its new hot wallet.
The difference between the two figures depends on how you count.
The stress test is over—for now. But compensation is only the first step. Whether Binance can shore up security is what will really determine whether it can remain the industry leader.
💁💁Borrowing a line CZ used over the past couple of days: “Trust isn’t earned through words in good times; it’s earned through actions in adversity.”
The bank run appears to have subsided for now, but the warning bells left by this security crisis have not stopped ringing.
For Binance, honoring its commitments through compensation is only the first step. The key to how far it can go from here is whether it seizes this opportunity to overhaul its internal controls and risk management framework.
After all, the market may give an industry leader one chance to patch things up, but it won’t give it a second chance to make the same mistake with the same vulnerability.
@币安中文社区 @Yi He @Binance Wallet @币安Binance华语
#币安已处理46.5亿美元提款 #币安第一阶段15个网络已恢复提现
