alt Hacker News> saying it will cover all losses from the hack and is working with law enforcement officials to identify who is responsible.
Isn't Binance the one that needs to be prosecuted for negligent security? How does "a compromised laptop" lead to a $6bn wipe in a matter of minutes?
This is why banks are regulated, though I have no idea if/whether these platforms are regulated in any similar way.
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The customers surely have standing to sue Binance. But to close the gap between what you feel should happen and what could actually happen… exactly what crime could they be prosecuted for?
> This is why banks are regulated, [...]
No, it's not. At least not historically.
CEO still in jail or has Donny given him leniency?
Oh right, now they want government to get involved with their make believe 'currency'...
Not just regulated. This is why banks are banks. This is why everything is slow!
When everything goes wrong the only defense is to be slow enough to fix it.
This idea that there are shortcuts that you can be decentralised and fast at any size is wrong.
I would assume binance is more like a bad bank but without the internal friction to make stuff like this hard.
Generally it's the people who have intent to break the law who are prosecuted, not their victims.
> This is why banks are regulated
Yes. Move fast and break things and forget governance... Cryptocurrency has always been dumb. You either con people out of their money or you lose yours.
I had someone approach me in 2017 or so because he wanted to do a rugpull coin operation. I said I was busy and didn't help, but I'd probably be much richer (and a piece of shit human) if I got involved.
> This is why banks are regulated
I can't imagine thinking that banks won't lose your money. You live in a complete fantasy world.