CZ recaps Binance hack incident: "my first reaction was 'f**!'"

19 May, 2019
by David Robb
Exchange
CZ recaps Binance hack incident: my first reaction was 'f**!'

Binance has released another update on its post-hack security measures, this time providing a recap of all the events following from the incident just two weeks ago. Changpeng 'CZ' Zhao gives a personal account of the process, including his own reactions.

According to the blogpost, CZ's first reaction was "'F***!', the second and third reactions were also the same. A few moments after that, I began to come to terms with it, 'Well that sucks! What should we do now? Lots of people are waiting for me, some for instructions, some for information and some for reassurance. Lots to do, let’s just get on with it'".

Zhao explains the lesson that he learned from the crypto community's wholesale rejection of the controversial Bitcoin 're-org' proposal. He also praised his team, who were "always one step ahead" of him, for the way they dealt with the crisis. He claims that the decision to host a live AMA was a particularly good one, working well to put users at ease in what could've been a worrying time.

CZ said that he agreed with many analysts that the hack may have been a blessing in disguise: "this incident may actually be a good thing for us in the long run. Security is a never-ending practice. There are always more things to do in security, and we have implemented many of them in this last week...Given this incident, Binance has actually become far more secure than before, not just in the affected areas, but as a whole...We always maintain constant and transparent communication with our community during the crisis."

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