Changpeng Zhao, the Chinese-Canadian CEO of the world’s largest cryptocurrency-trading platform by volume, confirmed a coordinated shutdown of the blockchain network Binance Smart Chain following the hack. Blockchain data suggests the hacker targeted US$570 million worth of tokens, but Zhao estimated about US$100 million was ultimately affected. (The Logic, CoinDesk)
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Changpeng Zhao, the Chinese-Canadian CEO of the world’s largest cryptocurrency-trading platform by volume, confirmed a coordinated shutdown of the blockchain network Binance Smart Chain following the hack. Blockchain data suggests the hacker targeted US$570 million worth of tokens, but Zhao estimated about US$100 million was ultimately affected. (The Logic, CoinDesk)
Talking point: A coordinated shutdown? Wait a minute. Irreversible transactions and the inability of any central authority to shutter a protocol are supposed to be features, not bugs, of cryptocurrency. Binance Smart Chain, a platform for creating applications and decentralized finance products, has faced criticism for the small number of participants securing and validating transactions as well as the control Binance has over the protocol. That’s helpful for stopping damage from a hack, but may be less helpful for the chain’s long term credibility.
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