CZ Says Mt. Gox Had Greater Impact on Bitcoin (BTC) Than Binance Incident

CZ said Mt. Gox’s losses had a greater impact on Bitcoin (BTC) than Binance’s incident, arguing the comparison should weigh BTC lost as well as the dollar value involved.

The Binance theft was larger in dollar terms, while Mt. Gox’s loss was greater in BTC terms, he said. Mt. Gox lost about 650,000 BTC, more than 5% of Bitcoin’s total supply.

CZ said the comparison should also account for the number of users affected and the proportion of their assets affected. He characterized the Mt. Gox and FTX incidents as affecting nearly all their users and assets.

In Binance’s case, the exchange itself was the victim and users’ assets were unaffected, CZ said. Binance would bear all losses, he said.

CZ called the incident a major blow to the crypto industry, Binance and himself. He said Binance could withstand it and that protecting users remained the priority.