Changpeng Zhao Addresses The Binance Hack, Talks About His Initial Reaction And The Final Lesson
Binance is now up and running after a recent hack that shocked the crypto space.
Buy you recall that not too long ago we reported that Binance hackers breached its security system, obtaining a large number of user API keys, 2FA codes, and potentially other information.
Binance shut down operations
The decision was to halt trading for at least a week while the crypto exchange investigates the loss of 7,000 Bitcoin.
During an AMA session, Zhao apologized for the hack and for having to shut down withdrawals.
Anyway, now, Zhao addresses what his first thoughts were when he learned what happened and the final lesson that has to be understood.
The Daily Hodl reports that CZ’s first thought after the massive hack that took place can be described in a single word: “F*ck.”
He reportedly said, “I am not gonna deny it. My first reaction was: ‘F*ck!’, 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?”
He continued and said, “After 10 seconds of the ‘F*ck, F*ck, F*ck’ state, I did a quick mental calculation. 7000 BTC, fine, I know we have more than that in our own BTC funds alone. There is enough. A second calculation eased my mind, this was about the same as a quarterly burn we did about a year ago, not such a big deal.”
CZ recalls in a brand new blog post how the Binance team handled the aftermath of the hack.
He also said that basically, the final lesson that has to be learned is that in such a huge crisis situation, “constant and transparent communication is key.”
Head over to the official blog post and read the complete details on what happened following the hack and how the situation has been handled.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.