CZ Talks About Immediate Aftermath of $40 Million Hack

Binance CEO Changpeng Zhao has revealed how he felt in the aftermath of the exchange hack that resulted in the theft of 7,000 Bitcoins (BTC), describing his mental state in expletives before “coming to terms with it.”

CZ, as he is often called, conducted an AMA session, and released a recap on the Binance blog. He said,

I am not gonna deny it. My first reaction was: “F***!”, the second and third reactions were also the same. A few moments after that, I began to come to terms with it, “Well that sucks! What do we do now? Lots of people are waiting for me, some for instructions, some for information and some for reassurance. Lots to do, let’s just get on with it.

He then said that he did a “quick mental calculation”, and that the loss was manageable. Zhao and his colleagues are taking some positives from the incident, however, saying that they have learnt from the situation and that it may be better for Binance in the long run.

The cryptocommunity has also been kind to Binance and its CEO and, in turn, CZ has thanked these individuals,

Speaking with various team members, and as correctly analyzed by community members, such as Gautam Chhugani, this incident may actually be a good thing for us in the long run. Security is a never-ending practice; there are always improvements to be made. We have implemented many of them in this last week and will continue to implement more in the future. Given this incident, Binance has actually become far more secure than before, not just in the affected areas, but as a whole.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.