May 7, 2019, late night.
The Binance security team discovered: 7000 Bitcoins went missing.
It wasn't a system glitch; it was a heist.
Hackers used phishing, malware, and a sophisticated combo of attacks to bypass multiple layers of security and make off with the funds.
At the time, that was around 40 million dollars.
CZ woke up to this number.
Then he did something that shook the entire crypto community—
He publicly discussed: should we rollback the Bitcoin blockchain?
The rollback logic goes like this:
If Bitcoin miners collaborate, they can 'rollback' the chain to before the theft, bringing those 7000 BTC back.
Technically, it’s not completely impossible.
The cost is: the four words 'immutable Bitcoin' will forever be questioned.
CZ put this option on the table, openly seeking community feedback.
The community is reacting very strongly.
The vast majority say: don’t touch it. If you do, you’ll ruin the most core aspect of Bitcoin.
He took it in.
Final decision: no rollback.
But what about that gap of 7000 BTC?
SAFU fund.
That’s the user protection fund Binance established back in 2018, continuously funded by 10% of platform fees.
This time, full compensation, no user lost a dime.
This matter has been on my mind for quite some time.
He clearly has a 'cancel button'—though there's a cost, technically it exists.
He chose not to press.
Because he knows that the truly important things cannot be overturned just because he suffered a loss.
Protecting users doesn't mean protecting yourself.
Do you know about the existence of the SAFU fund?
Or, if you were CZ, what would you choose that night?
Follow me so you don’t get lost; I will keep updating.