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UPDATE: After the publication of this article, Zhao said in a follow-up tweet After talking with various parties, the stock market decided not to pursue the dismantling approach.
Changpeng Zhao, founder and CEO of Binance, said the team decided to press for a rollback on the bitcoin network after hacking $ 40 million on Wednesday.
Zhao hosted a live Ask-Me-Anything session at 3:00 UTC Wednesday to answer various community questions, including hacking that stole some 7,000 bitcoins from the exchange just hours ago.
Responding to questions about whether the company was considering canceling Bitcoin network transactions, which would require lobbying for consensus from key miners and mining groups to collect more than 51% of total hash power network, said Zhao:
"To be honest, we can probably do it in the next few days. But we are concerned that if we perform a bitcoin restoration on this scale, this could have negative consequences, in terms of destroying the credibility of bitcoin. "
He added that he had also seen many people oppose backsliding because there are "ethical considerations and reputation for the bitcoin network".
"The team is still deciding, and we are looking at the numbers and checking everything," he said. "It's interesting, it's a technological solution [suggested] to us by the community, including some of the main members of the bitcoin development team. We will look at this very carefully, with the comments we receive. "
Zhao added that the company is now focusing on rebuilding and recovering the system, and has therefore suspended any withdrawals and deposits, which he said should "take about a week" to resume.
Until now, Binance has found no other address in his hot wallet that is compromised. Zhao said the hackers were using sophisticated methods to access user accounts and orchestrated them patiently, in that "they do not move as soon as they have an account, but have waited until the end of the day. that they have a large number of wealthy assets. accounts."
Elsewhere in his session, Zhao said Binance had enough resources from its Secure Asset Fund for Users (SAFU) fund to recover the $ 40 million loss for users, although "it hurts a lot."
Binance has started allocating 10% of its trading costs each month since last July to the SAFU fund. The company did not respond to a CoinDesk survey regarding the exact amount of the fund.
Based on the amount of Binance BNB tokens burned using 20% of its quarterly earnings, Binance generated profits of about $ 210 million from July last through March.
Editor's Note: This article has been updated with new information.
Image Binance via Shutterstock
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