According to the CZ_Binance, CEO @Binance conversations on twitter to the Community it seems like it is very Difficult to Track down the Hacker/Hackers Stole 0ver 7000 BTC On Binance Exchange while the Comments Clearly if Not shown Nearly or very Closer or the truth that they let is Go with a lesson from Attack.
Considered From the different Crypto Specialists and techs show them, the reality of the Situation that happen on Binance Exchange which let The Not to pursue with Re-org BTC Approach,Community responds differently to their action,Some says they realize can not ,other show its wise decisions .CZ Binance no user fund account will be affected #SAFU will used To cover the Damaged Accounts And The Following Are the Reasons Why Rollback CZ_Binance Pros: 1 we could "revenge" the hackers by "moving" the fees to miners; 2 deter future hacking attempts in the process. 3. explore the possibility of how bitcoin network would deal with situations like these.
Cons: 1 we may damage credibility of BTC, 2 we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge. 3 the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.
Cons: 4 While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds.
We should own up it. We will learn and improve.
As always, thank you for your support!
Some Twitter Conversations With CZ_Binance On BINANCE Rollback
- I believe on You, But All that BTC you let them Go
- pros: 1 we could "revenge" the hackers by "moving" the fees to miners; 2 deter future hacking attempts in the process. 3. explore the possibility of how bitcoin network would deal with situations like these.
- cons: 1 we may damage credibility of BTC, 2 we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge. 3 the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.
- cons: 4 While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds. We should own up it. We will learn and improve. As always, thank you for your support!
- “Realized it wasn’t possible” would of been the correct choose of words
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- You didn't decide not to, you realized you cannot.
- true that too, that's what Jihan advised/educated me on too. I trust his advice.
- CZ: Jihan, Can we do a @VitalikButerin in Bitcoin? Jihan: Reorg your mother if you want to Reorg.
- This moment immortalized in a
- Why would you even consider it? If Binance can re-org Bitcoin we might as well all get out of crypto as JP Morgan and the Fed could too.
- 1 more reply
- would be very hard to pull off anyway, not for $40m. Most miners will not "centralize" together just for that. But it was suggested by some great minds, we learned, considered, and decided not to pursue further.
- So much damage to #bitcoin in this single tweet @haydentiff Bitcoins credibility down the drain. It’s one thing considering it, it’s another pursuing it and openly discussing it. Way more damage than the 7000 BTC that were stolen.
- Think about this: 1)Binance is robbed with $40M worth of BTC. 2)BTC core dev. suggests Bitcoin chain reorg. 3)CZ (top exchange) gathers Bitcoin top core devs. and Bitmain's CEO (top miner) to have a closed-door discussion on the possibility to reorg. Anyone scared yet?
- Agreed. But let’s also not forget @cz_binance doing a lot of good things for XRP - base pairings etc. Possible xrapid exchange. Let’s still be his friend
- I'm not discussing Binance's intentions (as I also didn't when they decided to de-list BSV - Tether is a whole different story though-). I'm sharing concerns on the indiscriminate exercise of de-facto powers in the "decentralized" Bitcoin world. Binance is a good player.
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- Taking this into consideration was a huge red flag already.
- I didn't even know it was possible until someone brought it up, nothing wrong with learning about something I didn't know before.
- I respect the learning moment.
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- You make it sound like you could have done it if you tried...you couldn't. Game theory at play, you can't convince enough miners to take the risk to their own businesses for short term losses...miners not stupid. Classic theoretically possible but in reality it itsnt
- I tend to agree with you. But the calculations puts roughly 300 BTC to each miner for the previous 50-ish blocks produced, instead the 12.5 BTC. Would be an interesting social experiment. But not what's important for us now. Back to work.
- 2 more replies
- Very dangerous tweet. I bet you regret tweeting it.
- it did cause quite a bit of misunderstanding. But if just considering something is wrong, then we got bigger issues.
- It’s a scary thought, especially for those less knowledgeable. I’m sure you get that. If what you tweeted isn’t what was intended, or causing confusion, this may be one of those scenarios where #ExplainLikeIm5 could be handy.
- You have a SAFU fund for this exact situation, why would you even consider rolling back the chain? Pay up with your SAFU fund and make your security better.
- Pretty disappointing it was even publicly discussed. I get that you would discuss it internally but to throw that out on Twitter... JFC!
- absolutey, massive facepalm
- Can’t have it both ways. If you truly want transparency, here it is. Don’t like it? Don’t complain when exchanges are sketchy after a major hack.
- You should know what to discuss in public and what not. Publicity discussing this re org bitcoin stuff is just not welcomed to the public
- I get it. Very silly of him to think it was feasible, let alone possible. Full transparency of a hacking isn’t going to be clean cut & crisp. There’s going to be some ugly,but it’s worth it @ the price of knowing exactly what is going on & what is on the table to settle the issue
- This is why a CEX will always be vulnerable to hacks.. a true DEX is a more feasible option for the future.
- If you did roll back me and everyone else would market sell, now that people know you can organize the miners to do this will probably make many sell, you have undermined bitcoin and its security.
- He can't.
- This entire conversation has caused me to reevaluate you and the Binance project. Not in a more positive light, unfortunately...
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