Binance flirts with a Bitcoin re-org: 'More damage than the actual hack'

08 May, 2019
by Jelmer van der Dussen
Bitcoin
Binance flirts with a Bitcoin re-org: 'More damage than the actual hack'

The crypto community is divided about Binance's intention to propose a re-org of the Bitcoin network after the $40 million hack on the exchange on Tuesday. Following talks with miners and community pressure, Binance decided not to issue a rollback, but the idea only has already sparked a debate within the community.

During an AMA shortly after the hack, Binance CEO Changpeng Zhao dropped the news that their team was discussing whether they want to do a rollback of the Bitcoin network. CZ said they could do it 'within a few days'. During that same AMA, the community turned against the idea already, and this was followed up by resistance on Crypto Twitter.

Eventually, CZ announced that after discussion with miners, they decided not to do a re-org as it could damage the credibility of Bitcoin. But for some in the crypto community this was already too late. Proposing the idea, and seriously thinking about rolling back the Bitcoin network, was enough for them to say that Binance had gone too far.

Eventually, Binance decided after discussions with miners not to pursue the plans to save the credibility of Bitcoin and to prevent split in the Bitcoin network and the community, something that was already starting only hours after the AMA.

One of Ethereum's lead researchers Vlad Zamfir thinks the reason why CZ decided not to do a Bitcoin re-org was not because he didn't want to, but because the community was turning against the idea.

Crypto influencer @boxming thinks miners would have never agreed with the re-org, even if Binance wanted to.

Binance CZ had the last say in the discussion. 'To put this to bed, it's not possible, bitcoin ledger is the most immutable ledger on the planet. Done.'

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