Why is CZ expecting limited Bitcoin downside from the $6.3B Binance hack?

Binance founder Changpeng Zhao (CZ) has echoed ongoing discussions that the $6.3B hack won’t negatively impact Bitcoin’s value. According to CZ, the Binance exploit's exposure to BTC is relatively small, 18,270 BTC compared to Mt. Gox’s 650,000 BTC. That’s less than 1%, while Mt. Gox's exploit involved 5% of the total BTC supply. CZ added, Number of users impacted, and % of user assets impacted. Mt. Gox (the largest CEX at the time) and FTX (not small) were all near 100% of users and their assets. Finally, CZ noted that whether the affected platform covers all the losses dictates the market sentiment. Binance has already reserved $6.34B to cover the losses and has begun buying some of the stolen assets to refund users. Will Binance hack confirm Bitcoin's cycle bottom?

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to AMBCrypto.