CZ: Binance swiftly responded to the attack incident to prevent panic from spreading, and user trust in the platform remains quite solid.

BlockBeats news, November 3 — Binance founder CZ said in an interview, "After the attack incident, first of all, Binance quickly stepped forward and clearly stated that user funds were not affected and user assets were safe. Although this was just a very simple sentence, it effectively stopped panic from spreading further and avoided a chain reaction. Everyone understood that this incident would not produce further spillover effects. Unlike some past cases where platforms or lending protocols went bankrupt and ultimately made users bear the losses, this time users would not be forced to bear the related losses. This is completely different from some past incidents, which often triggered second- and third-round chain shocks. I think, first, this statement calmed everyone down. Second, Binance's ability to make such a commitment with its own credibility also made users willing to believe this statement. After all, many fund flows and transaction records on the blockchain are public and transparent.

But this time the situation was different. Users understood that Binance had sufficient financial strength to bear the related losses. Binance has the SAFU user security asset fund, the futures insurance fund, and very strong capital strength and balance sheet. It is precisely this ability to respond quickly, proactively take responsibility, and ensure that all users are protected and all losses are covered that allowed the market to gradually regain calm. One thing is very interesting: on the day of the incident, the decline in the cryptocurrency market was actually smaller than that in the tech stock market, a situation almost never seen before. Usually, when the stock market falls, the crypto market often falls more, because investors want to hold cash and choose to sell crypto assets. But this time, even though the crypto industry suffered such a serious hacker attack, the market decline was instead smaller. I think this shows that investors generally remained quite calm, and it also reflects that the platform trust gradually built up over the years is quite solid. I am very proud of this."