Kim

JUST IN: Binance Founder CZ says $6.3 billion crypto hack is a "major disaster for the industry"

Saw a few discussions about size of hack, why impact to bitcoin price is small, etc. 👇 $6.3 billion is the biggest in USD terms, but not in BTC terms. MtGox was 650,000 BTC! Other important numbers to consider: % of bitcoin (in relation to BTC total supply), ie, market impact. MtGox is big there again at 5%+. Number of users impacted, and % of user assets impacted. MtGox (the largest CEX at the time) and FTX (not small) were all near 100% of users and their asseets. Most important: Who is impacted? Does the platform cover it all? (only one victim), as in recent two CEX cases and Binance. Obviously, still a major disaster for the industry, Binance (and me). It hurts, but we survive. Most importantly, we protect our users. (image from @MatthewRoszak)

User funds are SAFU.