Crypto Twitter: hackers only stole BTC from Binance because its so trusted

09 May, 2019
by Richard Allen
Opinion
Crypto Twitter: hackers only stole BTC from Binance because its so trusted

As the dust settles from Binance’s $40 million hack, crypto Twitter has been discussing why only Bitcoin was stolen. Twitter user Matt Odell suggested it was because Bitcoin is seen as the most trustworthy cryptocurrency.

Binance was the latest victim as hackers managed to bypass the exchange’s security measures with a coordinated attack using sophisticated measures, resulting in the loss of 7,000 Bitcoin, valued at around $40 million.

Changpeng Zhao considered what's known as a reorg, which would essentially undo the hack and transfer the funds stolen by the hackers to miners. Ultimately, Zhao decided it on the grounds if t being far too difficult. As CZ tweeted at the time:

It seems as if many in the community agree with CZ’s sentiment regarding Bitcoin’s immutability which many feel this shows the cryptocurrency’s superiority over altcoins. Some have said that the hackers know this and chose to steal Bitcoin because they knew a reorg wouldn’t happen.

Matt Odell’s tweet sums it up:

His tweet garnered quite a lot of support, with many others in the community agreeing.

Despite the hack, bitcoin managed to break through $6,000 earlier today. At the time of writing, Bitcoin is trading at $6,095.64, up 2.17% over 24 hours.

Bitcoin breaks $6000! Watch THIS level next! $$$ Subscribe to the Chepicap YouTube Channel for more videos!

 BTC/USD chart provided by Tradingview

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Read more about: Binance Bitcoin (BTC)

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