CZ: In BTC terms, the scale of this theft falls short of Mt. Gox

On October 31, Binance co-founder CZ posted on X at 00:01 Beijing Time to address outside discussions regarding the scale of the hack and the relatively muted BTC price response.

CZ stated that roughly $6.3 billion marks the largest theft by dollar amount in history, but in terms of BTC volume, it falls short of Mt. Gox's 650,000 BTC. He argued that market impact should also be gauged by the percentage of stolen BTC relative to total supply, which surpassed 5% during the Mt. Gox era.

He noted that in both the Mt. Gox and FTX incidents, nearly 100% of users and assets were affected; the critical factors are who is impacted and whether the platform can fully cover the losses, whereas in this case, only the platform itself is the victim.

CZ emphasized that while this remains a major catastrophe for the industry, Binance, and himself personally, they will persevere, with user protection remaining the highest priority.