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Binance Hack: CZ is considering reorging Bitcoin network to recover stolen funds from Binance




Breaking: CZ is carefully considering regorging Bitcoin network to recover stolen funds
Source: Unsplash

CZ, in an AMA, mentioned that the hackers were very patient and waited until they had access to wallets that had large funds accounts/wallet and then executed the hack, which caused the loss of 7,000 BTC.

In response to the above, CZ said, “our main effort is to rebuild and recover the system, eradicate trace of hackers on all of our data… it will take about a week. ”

When asked about the Reorg idea suggested by the community to recover the stolen funds CZ stated:

“We can do rollback [reorg] on Bitcoin network in the next few days. We can do this, but it may have negative consequences/impact on BTC network and might destroy credibility of the network… We will maintain high transparency and will take the idea of reorg seriously”

In addition, CZ mentioned that the trading will not be affected as of now, but:

“There will be a few system upgrade during this week and there may be a time when we have to halt trading for a little while to makie changes in our core systems.”

He also advised people to change their API keys and change 2FA and re-enable it. CZ also added that they still need to figure out the extent to which the users might have been affected and said that they will be transparent about it keep the community updated.

Update: After weighing the pros and cons, Binance’s CZ announced that the Bitcoin network will not be reorged after all

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