[the_ad id=”36860″]
Bitcoin developer and entrepreneur Jimmy Song says any attempt from crypto exchange Binance to roll back the Bitcoin blockchain would have been a spectacular failure.
After hackers stole 7,000 Bitcoin worth $40 million from one of Binance’s hot wallets, Binance CEO Changpeng Zhao said he was considering a plan to convince 51% of miners that power the Bitcoin network to essentially reverse and reorganize recent Bitcoin transactions, including the single transfer that moved the 7,000 BTC off of the exchange.
“To be honest, we can actually do this probably within the next few days. But there are concerns that if we do a rollback on the bitcoin network at that scale, it may have some negative consequences, in terms of destroying the credibility for Bitcoin…
[the_ad id=”36860″]
The team is still deciding that, and we are running through the numbers and checking everything. It’s interesting that it’s a tech solution [suggested] to us by the community, including some of the core members of the bitcoin development team. We will consider that very, very carefully, with the feedback we are receiving.”
The proposition triggered an intense reaction from the crypto community at large.
On Tuesday, Zhao said he consulted with Bitmain’s Jihan Wu and others and decided not to launch a campaign to roll back the network.
He then took things a step further, saying the effort would have flat-out failed.
Binance says it has not found any more compromised wallets, and 7,000 BTC remains the total amount of crypto stolen in the recent hack. The company will reimburse customers using its Secure Asset Fund for Users (SAFU), which allocates 10% of trading fees every month in order to cover potential losses.
Withdrawals and deposits are disabled as the exchange investigates the hack and works to improve security. In the meantime, Binance is advising users to change their API keys and 2FA codes.
[the_ad id=”36860″]
[the_ad id="42537"] [the_ad id="42536"]