TRON CEO Justin Sun offered to help one of the largest crypto exchange Binance after it was hacked and $40 million was stolen. The latest cryptocurrency news today reports that the gesture aims to stop the FUD and protect users’ funds.
Binance CEO Changpeng Zhao seems to have a lot of friends and people who respect him and one of them is Justin Sun. Binance suffered a major hack where 7,000 worth of BTC was stolen which is equal to $40,000. During the security breach, Sun expressed his support by saying:
“To support Binance, I will personally deposit 7000 BTC worth USDT (40 million USDT) into Binance to buy BNB, BTC, TRX, & BTT if CZ agrees. No need to FUD! Funds are #SAFU.”
Although people know him as a self-promoter, Justin Sun proved that he is supportive of other entities in the crypto industry. He was among the first to respond after the Binance hack and offered to donate $40 million worth of BTC into the exchange. This is the first time that anyone offers to compensate for the loss after a hack happens.
The Tron CEO has a vested interest in binance since his BitTorrent token launched on the Binance Launchpad. Since users and customers are the ones that are most directly affected by the attack, some of them stated that they are feeling relieved. One user even stated:
“Sad to see the hack, good to see transparency. Hope you recover quickly.”
Before the security breach, the price of bitcoin managed to sustain its levels and is currently trading at $5,863. Although the altcoin news report, a huge chunk of today’s gains have been erased the price doesn’t seem to be tanking. Some believe that this is due to Binance’s SAFU which is a safety fund that can be used in situations like these. This means that with the help of this fund, investors won’t lose their money. Also, with Justin Sun stepping up, Binance will protect its funds even further. This is a strong signal that the industry needs more decentralized exchanges where users can hold their own private keys, and the latest hack just proves it.
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