Binance hack

Alright guys I see people posting so much about this and I just want to mention a few things. As you all know, Binance was hacked for $6b. Massive number. Huge problem right? They refunded all of their customers, already had a fund on standby in case this would happen, and the entire incident is mostly over with as far as customers lose ends tied up. Obviously the criminals should be caught, but from a customer stand point, people are being made whole.

People are describing this outcome as why crypto is ass, and everyone should use normal banking. Now let’s compare. Does Binance practice fractional reserve banking? No. The funds are actually on chain very much there and in custody at Binance. Do banks custody all of their customers deposits? lol. No. Binance had a fund to cover customers. Do banks have a fund to cover customers having their money stolen? lol. No. They have the FDIC, a government bailout. Very nice. Clowns. So you’re telling me, Binance face tanked a $6b loss, covered customers, resumed normal operations, and this is a failure? Meanwhile any bank would be immediately liquidated and start a financial panic requiring literal government intervention. The narrative behind this hack has been nothing but a mouth breathing mongoloid clown fiesta and I’m tired of people trying to disparage the situation into something worse than it is. Banks made of literal paper that can go up in flames in a moments notice are pointing and laughing at Binance’s suit of armor it just took a nuclear bomb to the face with, and it’s still there. ????