Here’s why Binance can’t erase the $40M hack from Bitcoin’s blockchain

2019-5-8 13:31

The head of cryptocurrency exchange Binance responded to a 7,000 BTC ($40 million) hack with an outlandish idea: take over the entire Bitcoin blockchain and cancel the transactions. A major digital asset exchange openly colluding with cryptocurrency mining pools to reverse transactions would certainly be bad for PR.

It would also critically undermine Bitcoin‘s primary value proposition: that it’s transactions are effectively immutable and censorship-resistant. Binance CEO Changpang Zhao conceded this reality by announcing he’s dropped the idea after consulting with advisors, among them Jihan Wu of the infamous cryptocurrency mining firm Bitmain. “One, we may damage credibility of Bitcoin,” Zhao…

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