Close to Heresy: Mike Novogratz Shreds Binance CEO, Vitalik Buterin Joins the Fray

News
Wed, 05/08/2019 - 14:55
article image
Alex Dovbnya
Next time, CZ will probably think twice before mulling a potential 51 percent attack on the Bitcoin network     
Close to Heresy: Mike Novogratz Shreds Binance CEO, Vitalik Buterin Joins the Fray
Cover image via en.m.wikipedia.org
Contents

Galaxy Digital’s Mike Novogratz spared no words when weighing on the recent controversy surrounding Binance CEO Changpeng Zhao. The former hedge fund manager went as far as saying that CZ’s suggestion to reorganize the Bitcoin Blockchain was ‘close to heresy.’

Related Binance Suffers $40 Mln Hack, Crypto Community Outraged After CZ Suggested Bitcoin Rollback to Recover Lost Funds
Related
Binance Suffers $40 Mln Hack, Crypto Community Outraged After CZ Suggested Bitcoin Rollback to Recover Lost Funds

An appalling suggestion

Novogratz (just like the rest of the crypto community) was appalled by the fact that the proposal to reorganize Blockchain in order to restore Binance’s missing funds was even on the table. It was ‘shocking’ for the billionaire investor to hear about such an idea from CZ, who spearheads the biggest cryptocurrency exchange in the world by trading volumes.

Bitcoin is a $100 bln asset, and they simply cannot take over the Bitcoin blockchain to erase the consequences of the $41 mln hack. Novogratz also brought up Ethereum, claiming that they pulled off a similar trick at the early stage of the project’s existence. However, Ethereum co-founder Vitalik Buterin was quick to clarify that it was a ‘surgical irregular stage change,’ and they never actually intended to roll back the Ethereum blockchain since it would lead to fatal consequences.

Related Mike Novogratz Compares Crypto Market to Game of Thrones After Galaxy Digital Lost $272 Mln in 2018
Related
Mike Novogratz Compares Crypto Market to Game of Thrones After Galaxy Digital Lost $272 Mln in 2018

More excuses from CZ

CZ himself jumped into the fray, stating that Bitcoin Core developers Jeremy Rubin and James Prestwich could construct a transaction that would specifically distribute the stolen coins back to miners. That attempt backfired with multiple Twitter users accusing CZ of undermining the fundamental principles of Bitcoin.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.