By : It’s during the tough times that you find out who your real friends are. If there was any doubt the crypto ecosystem is filled with people who respect CEO Changpeng Zhao, they were erased today. If you didn’t hear, suffered a hack in which 7,000 worth an eye-popping $40 million was stolen from the crypto exchange. In the wake of that security breach, not only did industry leaders such as rally behind CZ, but users of the exchange were extremely supportive. The CEO was also very generous, stating:
“To support , I will personally deposit 7000 worth USDT (40 million USDT) into to buy BNB, , TRX, & BTT if CZ agrees. No need to FUD! Funds are #SAFU.”
Sun’s gesture, whether or not CZ accepts it, is sure to go a long way to prove that is not alone in this security breach. ’s hack is the crypto community’s hack.
To support , I will personally deposit 7000 worth USDT (40 million USDT) into to buy , , & if agrees. No need to ! Funds are !
— Justin Sun (@justinsuntron)
Justin Sun Is First to Respond
Say what you will about self-promoter Justin Sun, but he has proven that he is not only out for himself. Not only is he among the first to respond publicly to the hack, but he is willing to direct $40 million worth of into the exchange. That is more than the industry has witnessed in the other hacks that have rocked the ecosystem.
True enough Justin Sun has a vested interest in , considering his BitTorrent launched on Launchpad. But the guy just gave away two Teslas and he didn’t have to reach so deep into his pockets to help.
Customers are clearly the most directly affected by the massive hack. Based on the responses to ’s announcement on Twitter, they are mostly feeling relieved. One user stated:
“Sad to see the hack, good to see transparency. Hope you recover quickly.”
Another stated:
“Hard day for you. But every business has its bad days.. think you’ve dealt with it well and told the community fast.”
Justin Sun’s Twitter thread somehow brought out the trolls.
bitcoin Price Is Holding Up … So Far
The price is holding up remarkably well in the hours after CZ announced the security breach. is currently at $5,863, up fractionally.
The price is holding up remarkably well so far in the wake of the hack. | Source: CoinMarketCap
While much of today’s gains have been erased, the fact that the price isn’t tanking is remarkable. It is clearly a reflection of ’s SAFU, which is a rescue fund designed for situations like this. It means investors won’t lose money because of CZ’s foresight. With Justin Sun stepping up to the plate as well, would suffer a lesser blow. Considering the hack happened to such a high-profile exchange, it’s an eerie setback. It’s also a signal that the industry needs decentralized exchanges – including ’s where users hold onto their own private keys – now more than ever.
Published at Wed, 08 May 2019 02:37:02 +0000
