Hack Aftermath: Binance CEO Insists The Exchange Is Not Hurting At All

Binance CEO Changpeng Zhao claims that despite the $40 million hack, the exchange is not suffering at all, not even after losing of 7,000 BTC. The coming altcoin news will give you some more insight on how the exchange is coping with the hack aftermath.

CZ encouraged everyone that wants to donate to the exchange; they can do that to Binance Charity during a live stream on Twitter in which he answered many more questions despite those related to the hack. He also pointed out the question about smart contracts and how they are not a first priority for the new binance Chain:

‘’We have not, to be honest, thought too much about the governance model of Binance Chain.’’

While speaking about Binance Chain, CZ said that the projects which are already on the chain will have a much higher chance of being listed on Binance. The statement shows that the exchange giant will give a head start to such projects regardless of whether they have significant interest from the community or not. Any existing token project who aims to be listed on Binance will only need to use the nascent chain in order to find the right way to better liquidity.

CZ also pointed out that Tether USD can only be withdrawn in the Omni BTC version. The ERC-20 version of Tether is not yet available on the exchange. While answering questions on the hack aftermath, CZ also pointed out that other exchanges will also release a similar version of the chain. Most of the blockchain projects are open source but Binance Chain’s code is not publicly available yet. He says that he wants some more traction on Binance Chain before open sourcing.

As the latest cryptocurrency news report, the Binance CEO also says that SegWit ‘’is on the roadmap but is a lower priority’’ since Bitcoin is going well so there is no rush to introduce the SegWit or the Lightning Network.

At the end of the Q&A, the Binance CEO pointed out that hackers were able to ‘’structure the withdrawal request in a way that did not violate any of our existing security policies.’’