CZ says Binance hack set a dollar record, but had less impact than Mt. Gox

Changpeng Zhao, widely known as CZ, said the recent Binance hack should not be judged by the stolen dollar amount alone when comparing its market impact with past crypto failures. Responding to discussion about the incident’s limited effect on Bitcoin’s price, CZ said the $6.3 billion theft was the largest on a U.S. dollar basis, but not when measured in Bitcoin terms. He pointed to the collapse of Mt. Gox, which he said lost about 650,000 BTC, more than 5% of Bitcoin’s total supply at the time. In his view, that made the event far more consequential. CZ added that the impact of a hack also depends on how many users were affected and what share of their assets was impaired. According to his description, the Mt. Gox and FTX cases affected users and their assets on an almost full-scale basis. By contrast, he said the victim in Binance’s latest incident was the platform itself, while user assets were not affected and Binance would absorb the full loss. CZ still described the incident as a major blow to the crypto industry, Binance, and himself, while stressing that protecting users remains the top priority.