Dear Twinkle,

Thank you for your question. Being a centralized exchange does not in and of itself make me believe that a hack was manipulated or a scam.

Take for example Coinbase and Gemini — both are also centralized exchanges — but it does not necessarily follow that being so makes any malicious activity on their platforms suspect.

From my experience with Binance, I do not personally believe that the hack was a manipulation or a scam. Bearing in mind that Binance continues to be one of the world’s largest cryptocurrency exchanges with millions of dollars worth of cryptocurrencies traded on a daily basis and millions more in revenue, they have far more to lose reputationally to risk US$40 million.

But again, without further evidence, I would be loathe to take a position on the matter.

Thank you for taking the time to post a question.

Yours,

Patrick