alt Hacker NewsI'm not clear whether the stablecoin providers will then be "creating" new coin to make binance whole - without which you've still fucked binance
Replies
ethbr1 • today at 10:13 AM
Why would they? In addition to moral hazard (next time), this is binance's fuck-up.
Have bad security, get hacked.
If binance wanted to hedge against that risk, they could have bought a cyberinsurance policy (if they could get one for the amounts they'd need).
That's a quick recipe to lose all their customers
That's exactly the scenario they say they would never do and go as far as to have external audits to prove that they're not just "printing" free cash