Examining Why Bitcoin Was the Only Crypto Asset Stolen from the Binance Hack Attack

Approximately $44 million has been stolen from large-scale crypto exchange Binance. After the hack, Changpeng Zhao, the exchange’s CEO, stated

“Rest assured, our team is making progress. We are taking this opportunity to significantly revamp some of our security measures, procedures, and practices. With the goal of resuming deposits and withdrawals as soon as possible, some of the changes will be done within the window of this week, and many further changes will be made afterward.”

He continued that the exchange is also working with a dozen or so industry-leading security teams to improve the platform’s security, in addition to tracking down the hackers. Binance called its plan the

“Reorg,”

Despite the platform’s moves to improve its security, there are those who are looking back and trying to pinpoint the motivation for bitcoin theft. Mat Odell shared on Twitter,

“The reason bitcoin was stolen from binance and not any of the 100s of shitcoins they also offer is precise because those chains are easy to rollback – or freeze – while bitcoin is not.”

As for Zhao, he recently tweeted,

“I would like to thank all the peer exchanges, wallets, security/analytic teams and other service providers for responding to us and helping us in need, and blocking transactions of fraud funds. Together, we are stronger. Will be a big FF this Friday!”