These days, Binance is one of the most successful crypto businesses, and certainly one of the world's largest cryptocurrency exchanges. However, this was not always so, and back in the day, when the exchange was only starting off, there was even a period when it went through a crisis that could have crippled the entire business.
It has been nearly two years since Binance started its ICO — an ICO that returned over 9,000% to its original investors. However, according to Changpeng Zhao, the exchange's CEO, things were rather difficult, back then. Recently, CZ spoke at Asia Blockchain Summit, where he admitted that the period right after Binance's ICO had concluded, was one of the toughest ones in his life.
The problem was that Binance ICO investors were losing money right after the token sale had ended. The exchange managed to raise around $15 million, and the money was highly necessary — as well as extremely useful — in improving the platform and making it what it is today. However, with a sharp drop following the token sale, the future of the entire project was at stake.
The investors were concerned and troubled, and the exchange worried that many would simply choose to cash out. There were certainly more than a few cases when this actually happened. However, the main concern was that they might launch lawsuits against the company. Binance was still new back then, and facing numerous lawsuits might easily have been the death of the project. Even if it managed to survive them, the negative publicity would have certainly brought irreparable damage.
So, CZ decided to save the situation himself. During his speech, he explained how he did it.
According to his confession, he took his own money, and started buying BNB. His goal was to at least try and stop the token's price from dropping any further. However, it did not work as well as he had hoped. It took weeks, but the situation finally settled, and Binance was able to stand firm on its feet, and come up with a solution that investors were waiting for. Over time, the exchange managed to build up a strong reputation, and eventually reach the status that it still holds today.
But, CZ admitted that this was an extremely stressful period, where he was under a lot of pressure. No matter what Binance faced in the months and years that came later, he never experienced such amount of pressure again, even when Binance was hacked, and 7,000 BTC was stolen from its hot wallet.
Of course, this is hardly surprising, given the size and power that Binance has these days. The amount stolen was equal to around $41 million, which is an amount that Binance could pay back quickly and easily to its users. Two years ago, however, the entire project could have gone to waste over only $15 million.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||60.8%||88||$16 537.50||0.10%||-0.06%||$317 822 304 352|
|2||ETH||Ethereum predictions||59.2%||86||$1 215.18||0.17%||3.58%||$148 706 732 936|
|3||USDT||Tether predictions||91.6%||1||$0.999553||0%||0.06%||$65 333 494 729|
|4||BNB||Binance Coin predictions||66.8%||66||$311.77||-0.81%||15.95%||$49 874 568 821|
|5||USDC||USD Coin predictions||92.4%||1||$1.000145||0%||0.01%||$44 197 320 437|
|6||BUSD||Binance USD predictions||94.4%||1||$1.000525||0.06%||0.04%||$22 413 293 222|
|7||XRP||XRP predictions||59.6%||80||$0.400048||-0.72%||7.25%||$20 121 884 534|
|8||DOGE||Dogecoin predictions||54.8%||92||$0.103633||13.34%||28.16%||$13 749 128 535|
|9||ADA||Cardano predictions||64%||82||$0.317554||0.33%||-0.14%||$10 934 620 515|
|10||STETH||Lido stETH predictions||93.6%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||68%||65||$0.858219||0.62%||3.68%||$7 495 959 645|
|12||DOT||Polkadot predictions||65.2%||71||$5.39||0.20%||-1.00%||$6 139 923 968|
|13||DAI||Dai predictions||95.2%||1||$1.000045||-0.03%||0.01%||$5 726 562 394|
|14||LTC||Litecoin predictions||66.4%||64||$76.42||0.50%||24.32%||$5 479 552 153|
|15||WTRX||Wrapped TRON predictions||60.8%||82||$0.053646||1.63%||5.42%||$5 454 488 141|
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