The Binance CEO, Changpeng Zhao (CZ), narrated that he was conjugated in a cheap hostel not long ago in Manhattan. The stiff radiator was open to counteract the heat, which, in May, was impossible to turn off. He didn’t have any idea where his colleague was when he received a surprising text about Binance, which is the biggest crypto exchange worldwide.
The exchange was hacked that afternoon, and it lost 7,000 bitcoins, which was worth $40 million.
Crypto Hacking: we knew is not new
Hacking crypto exchanges is not new in this world anymore. In fact, there have been so many cases of fraud. The total amount of money lost at all crypto exchanges is $1.35 billion. Binance had survived the series of attacks, but this unexpected breach caused it to be shut down for a whole week. It is considered an eternity in crypto. The damage to Binance’s reputation had already been done. Although it informally covered the $40 million out of the exchange’s rainy-day fund.
In the interview, Ted Lin, Binance’s chief growth officer, told Changpeng that he was seriously shaken. He also added that it was a watershed moment, considering he had been with the company since the exchange’s early days.
While the situation was not at all lethal, Binance was just two years old. what happened was not only a crisis but a blast for one of the fastest growing companies in crypto. It only took eight months in 2017 and early 2018 to become the world’s most active exchange. At the height of the crypto bubble, Binance stated its 7.9 million users were exchanging some $10 billion daily. After that bubble, the company has profited $500 million. Binance have 10 million users and 600 employees during the first year alone.
Those are just old stories, and as we look at the present, crypto’s growth and success is massively fast. Take Binance, for example, and this places crypto businesses in a group of their own.
Future of Finance
Changpeng Zhao once told an interviewer that his crypto exchange wished to make a huge difference in the world. Zhao wanted to use the platform for good things. Not only does crypto want to have a great impact, but it also wants the whole world to know about crypto or the freedom of money.
According to Tushar Jain, Binance is purposefully building something much larger than a crypto exchange: they are structuring the future of finance.
“Freedom of money” is Binance’s big idea. This means that the platform desires to help anyone, anywhere, by easily sending money to each other wherever they are in the world.
That is only the beginning, but the goal is considered to be soaring. If Binance succeeds, it could become a financial layer placed on the internet itself, which would surely make history. On the other hand, it will definitely be a struggle, just like everything else in the history of Binance.
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