CZ: Assessing the impact of a theft isn’t just about the dollar amount—it’s crucial whether the platform can fully absorb the loss.

CZ responded to public concerns—including the scale of the Binance hack and BTC price volatility—saying that while the stolen amount totaled $6.3 billion, the largest in dollar terms to date, it is not the largest when measured in BTC units. He noted that the Mt. Gox incident involved the loss of 650,000 BTC—over 5% of the total BTC supply at the time—highlighting that USD-denominated figures alone cannot accurately reflect market impact. CZ emphasized that assessing severity requires evaluating three factors: (1) the number of affected users, (2) the proportion of lost assets relative to each user’s total holdings, and (3) who ultimately bears the loss—whether the platform fully reimburses users or shifts liability onto them. In contrast, both the Mt. Gox and FTX collapses impacted nearly all users and their entire asset balances. CZ acknowledged that this incident remains a major disaster for the industry, for Binance, and for himself personally—but affirmed that Binance has the capacity to withstand and recover from this shock.