Pomp Pushes for a Round of Applause for Binance CEO in Handling the Hack with Open Honesty
On Tuesday, May 7, 2019, the Binance Security Breach Desk disclosed that hackers were able to withdraw 7000 BTC in a transaction. As per the claims made, the hackers were able to get hold of a number of API keys, 2FA codes and other information that led them to succeed in their endeavor.
While it is devasting news for the above-average performing crypto exchange, what has impressed many crypto investors and leaders was how the team handled the situation, primarily, Changpeng Zhao (CZ). More specifically, CZ made sure to keep all Binance supporters in the loop, rather than disclosing announcements from time to time (something that is common with hack announcements).
The moment the team at Binance found out regarding the bitcoin hack, CZ did a live Q&A on Twitter and addressed any questions (simple or harsh) to ensure supporters are well-informed on how things will be taken care of moving forward. Here’s what was shared via Twitter when the hack was first announced:
— Binance (@binance) May 8, 2019
Many supporters have applauded CZ in the comments section. Here are some examples of sentiments expressed:
The Crypto Dog @TheCryptoDog
“Thanks for the transparency @cz_binance. From the outside looking in, you’re handling this very well.”
Gabor Gurbacs @garborgurbacs
“Upfront and well handled.”
In a recent reporting by AMB Crypto, big names within the crypto sphere have also applauded CZ’s handling of the issue. In particular, Founder and Partner at Morgan Creek Digital Assets, Anthony Pompliano was quoted saying:
“@cz_binance deserves a lot of credit for how transparently he has handled the Binance hack. Imagine the CEO of a traditional bank or credit card company answering questions live on Twitter hours after a hack. New money, new way of communicating.”
Although some people were not happy with what was disclosed during the live Q&A session, i.e. lack of information, the fact that, once again, CZ went live hours after finding out in regards goes to show the extent in which Binance respects the notion of decentralization.
This act also proves that people within the community can come together to discuss said matters – taking into account each individual’s opinion, as opposed to being instructed on how things will be done based on management themselves.