Changpeng Zhao – the CEO of the global cryptocurrency exchange Binance has publicly shared his feelings about the consequences of the exchange hack that gave rise to the loss of seven thousand Bitcoins (7,000 BTC) or almost forty million dollars ($40m). He labelled his mental state in curses before accepting this situation.
CZ piloted an AMA session and ousted a summary on the Binance blog. He did not reject the incident and stated that his initial responses were curses. After some times, he started to face the facts as he had a lot to worry about, including the provision of facts, directions, and guarantees. So he had no other choice than to make it work.
He added that he carried out a rapid mental calculation and reached to a conclusion that the damage was controllable. CZ along with his coworkers, is taking on positives from the hacking episode, declaring that they have learnt from the condition and that it will be healthier for Binance in future.
The crypto community has also been generous towards the exchange Binance and its CEO CZ. Sequentially, CZ has expressed gratitude for these entities.
While talking to team members, especially Gautam Chhugani, he realized that the hacking event might be a positive thing for Binance.
Safety is an endless exercise, always having room for improvements. The firm has employed multiple steps in the past few days and will remain committed to instrument more in future.
Provided that the incident had made Binance become more secure than it was before, not just in the vulnerable areas, but all together.