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Binance founder Changpeng Zhao said on X that the Binance hack was the largest ever in dollar terms, but smaller than the Mt. Gox hack when measured by the amount of BTC stolen and its share of Bitcoin’s total supply.
Zhao added that about 650,000 BTC was stolen in the Mt. Gox hack and said the market impact of a hack should be assessed by considering the loss as a share of Bitcoin’s total supply, the number of affected users and their asset share, and whether the victims and the platform are fully compensated. Zhao said that in the Mt. Gox and FTX hacks, nearly all users and assets were effectively affected, whereas if an exchange fully covers losses, as Binance does, the damage is limited to the exchange itself.
Meanwhile, Binance co-founder He Yi said the net losses from the latest hack exceeded $3 billion, representing more than 2% of Binance user assets and assets held in its disclosed reserves.