Binance faces criticism for considering rollback of the Bitcoin blockchain

The world's largest cryptocurrency exchange, Binance, has suffered a hack on May 7th where it lost over $40 million in Bitcoin.

The exchange's CEO, Changpeng Zhao, considered pursuing a rollback of the Bitcoin blockchain, which sparked mass outrage on social media and was followed by a drop in Binance's BNB coin.

Hackers were then able to withdraw more than 7,000 bitcoin, worth roughly $41 million, to a single wallet.

Binance said that despite the large amount stolen, the theft only impacted around 2 percent of its total bitcoin holdings and that all of their other wallets remained "Secure and unharmed."

CZ Binance May 8, 2019.pros: 1 we could "Revenge" the hackers by "Moving" the fees to miners; 2 deter future hacking attempts in the process.

Explore the possibility of how bitcoin network would deal with situations like these.

CZ Binance May 8, 2019.cons: 1 we may damage credibility of BTC, 2 we may cause a split in both the bitcoin network and community.

Many have pointed out that the conversation about the Bitcoin blockchain rollback should have been left private, as it has caused people to reevaluate both Zhao and the entire Binance project.

Others have said that the move has undermined bitcoin and its security, as organizing the miners to do a rollback would cause a mass selloff.

Bitcoin now has $100bn market cap and is a legitimate store of wealth.