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Binance Representative: Exploit Rollback Not Possible

Binance_Says_‘Rollback’_Not_Possible_After_DeFi_Exploits_on_Binance
  • A Binance employee has stated that it’s not possible to roll back exploits.
  • Binance has been coming under a lot of fire due to recent DeFi protocol hacks.
  • Users are demanding that the exchange take responsibility for the ‘rag pulls’.

Traders investing in DeFi protocols, who to hold accountable? Not Binance, says a company representative. Binance has been coming under a lot of fire recently. This is due to DeFi protocol exploits on its smart chain.

The comment was in response to concerns about increasing exploits on the smart contract blockchain.

The largest cryptocurrency exchange’s employee on Wednesday suggested that this is just the way things are with DeFi. He added that there isn’t much Binance can do about it. The reply isn’t very helpful especially in the wake of the recent bEarn Fi exploit which resulted in a loss of almost $11 million.

“BSC is a public permissionless infrastructure so anybody can deploy projects there.”

The employee, Samy Karim, coordinator of business and ecosystem development Binance, further explained, “You have malicious actors there, and hacks, and exploits in DeFi are not new and definitely not unique to BSC.”

He also noted that it isn’t possible to have some kind of ‘rollback’ as a lot of people think. People, however, are critical of the situation, especially Twitter users who’ve called out CEO Changpeng Zhao. They’ve demanded that the exchange take responsibility for the colloquially named ‘rag pulls’.

Still, Karim added that major institutions were showing “fairly significant interest” in BSC and DeFi, so the Binance team will be working hard to meet their requirements, including transaction privacy.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.