Binance may have a lot more money than Cryptopia, but there's other differences which are not money-related: transparency, engagement with the community, not hiding behind police who is ill-prepared to take on crypto matters etc.
Less than 24 hours after the event, the owner and CEO of Binance sat down in a live youtube session and explained things. Posted the TX with their stolen funds. Gave some technical explanations about the specifics of the hack. Outlined the solution, which in their case is a commendable complete assuming of responsibility and damages.
On the other hand, 4 months after the Cryptopia event we have nothing of the above, not even the TXs of the stolen funds. All of this would have been free, to share information and engage the community.
Binance has so far always been fair to the community and kept everyone close. Did you see the result? Pledges of help from other important actors in the crypto space. Who did you see pledge help for Cryptopia? No one. I think if they would have been open about what happened, took responsibility that was their to own and asked for help, the community would have helped them. But they just hid behind police bureaucrats.
Wait, someone did offer to help: it was again CZ of Binance who froze some of the presumed stolen funds.
This is the big difference between cryptopia and binance,
Cryptopia should have act and do what binance did during their hack. It was a simple ABC, COMMUNITY ENGAGEMENT and TRANSPARENCY but instead they choose to ignore everyone. Until now not a single tweet in the past weeks and no update how far are they in securing their platform.
A basic comparison between Incompetency and Competency in handling the situation. In this case binance wins
