CZ: Binance Hack's Impact Far Smaller Than Mt. Gox's Blow to Bitcoin

October 31 — CZ posted a response to discussion that the Binance hack had limited impact on Bitcoin's price, saying the $6.3 billion stolen is the largest in dollar terms, but not in Bitcoin terms. Mt. Gox lost about 650,000 BTC back then, more than 5% of Bitcoin's total supply, a bigger impact.

CZ noted that assessing the impact of a hack also requires considering the number of affected users and the proportion of their assets damaged. In the Mt. Gox and FTX cases, the affected users and the scale of their assets were close to full coverage, whereas in Binance's case the only victim is the platform itself, user assets were unaffected, and the platform will bear all the losses. CZ acknowledged that the incident is still a major blow to the crypto industry, to Binance and to himself, but stressed that Binance can survive the crisis and that protecting users is the most important thing.