CZ: In BTC Terms, This Hack Is Smaller Than Mt. Gox

TechFlow reported that on October 31, Binance co-founder CZ posted on X at 00:01 Beijing Time, responding to discussions about the scale of the hack and the relatively muted BTC price reaction.

CZ said that at approximately $6.3 billion, this is the largest hack in history in USD terms, but in BTC quantity it is smaller than Mt. Gox's 650,000 BTC. He believes that measuring market impact should also consider the proportion of stolen BTC relative to total supply; Mt. Gox's was over 5% at the time.

He said that in the Mt. Gox and FTX incidents, the proportion of affected users and assets was close to 100%; the most important factors are who is affected and whether the platform can fully cover the losses, whereas in this case the only victim is the platform itself.

CZ stated that this remains a major disaster for the industry, Binance, and himself, but they will get through it, and the most important thing is to protect users.

Source: TechFlow