In the early part of this week, hackers circumvented the security protocols of Binance, launching what was considered as a coordinated attack. According to a technical summary of the event, CEO Changpeng Zhao warned that some user accounts might still be controlled by malicious parties.
According to Bitcoinist report, markets managed to escape the effect of the attack as soon as possible, with the price of Bitcoin $6219.71+0.00% dropping only $200.
The argument over the Binance’s handling the hack, aimed at an idea being encouraged by Zhao to undo the transactions of the day.
‘Reorg’, a Binance’s discussed plan with Bitcoin Core contributors and others caused controversy, whereby all parties finally understand that a huge consensus effort will be required to ‘edit’ the Bitcoin blockchain.
Bitcoin is very safe unlike other centralized blockchains, it is so well-secured that it is impossible the whole mining community accept an unusual method of returning a small number of funds.
Zhao seems to have identified the mistake in bringing up the idea; he said it is impossible to put this to bed. Bitcoin ledger being the most immutable ledger on the planet makes it superior over every other cryptocurrency; it was therefore stolen by hackers because they knew there was no opportunity of a reorg succeeding.
Bitcoin (BTC) News Today: A testament to the value of Bitcoin
In a tweet, Mat Odell said that Bitcoin was stolen from Binance because Bitcoin is difficult to rollback or freeze, unlike other blockchains.
However, the effort to make life unbearable for hackers continues, Zhao thanked businesses for responding to them and blocking the affected funds.
Furthermore, Charlie Shrem said it was a testament to the value of Bitcoin for anyone to have the ability to track and trace the 40 million dollar hoard on an immutable ledger.
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