No, Binance Won’t Be Rolling Back The Bitcoin Blockchain

No, Binance Won’t Be Rolling Back The Bitcoin Blockchain 1

Following this morning’s $40 million hack of the globe’s largest crypto asset exchange there were calls to roll back the Bitcoin blockchain to nullify the fraudulent transaction.Binance boss Changpeng ‘CZ’ Zhao said in an earlier AMA that the company was deciding on whether to push for a possible rollback. The move comes as the crypto community reeled from the hack of one of the industry’s most respected and secure exchanges. Citing that cryptos were still in the secure asset fund for users (SAFU), Binance announced a full refund of all of the lost 7000 Bitcoins in the single transaction heist.Binance started depositing 10% of trading fees every month since July last year to the SAFU fund and it is estimated to have a stash of around $2 billion in Bitcoin, and more in other altcoins.Zhao spoke of the proposed rollback, which would demand over 51% of the hash power, stating;“To be honest, we can actually do this probably within the next a few days. But there’re concerns that if we do a rollback on the Bitcoin network at that scale, it may have some negative consequences, in terms of destroying the credibility for Bitcoin.”Rollback Proposal Rolled BackThe crypto community reacted quickly and vehemently to suggestions that one centralized exchange can meddle with Satoshi’s baby. Crypto pundit WhalePanda responded quickly with;“No one is going to re-org the Bitcoin blockchain over this.
1) no bailout should ever be done, this isn’ Ethereum
2) 7000 btc isn’t that much for Binance (if they were honest about how much they are making)
3) play stupid games, win stupid prizes.”
With this vitriolic attack following;While we’re at it, can we please undo the Bitfinex hack and MtGox as well?
Fuck it, let’s just reset everything and start from 0.
— WhalePanda (@WhalePanda) May 8, 2019
The decision was quickly overturned and CZ announced that they had decided not to pursue any blockchain meddling. “After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach.”After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:— CZ Binance (@cz_binance) May 8, 2019
A number of cons were cited including damaging the credibility of Bitcoin, causing a rift in the network and community, using the hack as an opportunity to improve their security, and owning up to their responsibility to secure users funds. CZ finished off with this tweet declaring;“To put this to bed, it’s not possible, bitcoin ledger is the most immutable ledger on the planet. Done.”The crypto community is of mixed opinion on the entire imbroglio with some lauding the exchange for its transparency while others lambasting it for being a central point of failure which wields way too much power over the industry;The central bank of Bitcoin has spoken! https://t.co/Q0udTpiEuz— Anthony Sassano (@sassal0x) May 8, 2019
Either way crypto markets survived the expected avalanche and are still trading within their range bound channel with Bitcoin expected to push higher over the coming days.Image from Shutterstock

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,866.00
ethereum
Ethereum (ETH) $ 3,948.42
binance-coin
Binance Coin (BNB) $ 483.22
cardano
Cardano (ADA) $ 2.23
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.15
solana
Solana (SOL) $ 161.25
polkadot
Polkadot (DOT) $ 43.63
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.240422
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,866.00
ethereumEthereum (ETH)
$ 3,948.42
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 637.01
litecoinLitecoin (LTC)
$ 191.81
bitcoinBitcoin (BTC)
53.283,02
ethereumEthereum (ETH)
3.400,64
tetherTether (USDT)
0,861265
bitcoin-cashBitcoin Cash (BCH)
548,63
litecoinLitecoin (LTC)
165,20
bitcoinBitcoin (BTC)
45,162.49
ethereumEthereum (ETH)
2,882.37
tetherTether (USDT)
0.730005
bitcoin-cashBitcoin Cash (BCH)
465.02
litecoinLitecoin (LTC)
140.02

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,760 0.18 % 3.76 % 14.35 %
Ethereum3,935.2 0.32 % 3.84 % 10.59 %
Binance Coin480.76 0.08 % 4.30 % 14.93 %
Cardano2.230 0.14 % 3.09 % 0.25 %
Tether0.9986 0.03 % 0.08 % 0.23 %
XRP1.150 0.22 % 3.38 % 8.48 %
Solana161.78 1.04 % 0.89 % 1.80 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2416 1.03 % 5.85 % 0.56 %

bitcoin
Bitcoin (BTC) $ 61,866.00
ethereum
Ethereum (ETH) $ 3,948.42
binance-coin
Binance Coin (BNB) $ 483.22
cardano
Cardano (ADA) $ 2.23
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.15
solana
Solana (SOL) $ 161.25
polkadot
Polkadot (DOT) $ 43.63
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.240422