Binance wants to do what?

Binance almost did something that would have turned the entire crypto industry on its head.

You have all heard about the hack by now, right?

Well initially they said they would cover the $40 million in losses with their SAFU.

(Safe Asset Fund something or other)

They haven't backed off that claim, but the CEO did throw out the idea that they could get together with the largest miners and do a blockchain rollback to reverse the transactions.

Basically they would go back in time to a point before these thefts happen and restart the chain from there.

In effect, it would make it like that hack never happened, and all the funds would go back to where they were before.

(Source:  https://giphy.com/explore/he-did-what )

Good news right?

Wrong!

Not only would it roll back those thefts, it would roll back every other transaction during that time period.

Meaning everyone would be affected that used bitcoin during that time period.

What's more, and this is much worse...

It would severely damage the bitcoin network in terms of trust and decentralization.

If one party can essentially cause transactions to be reversed it undermines the entire ideology behind bitcoin..

Even the mention of being able to do so has got to have some investors pause and think about how decentralized  is bitcoin really if this is even a possibility?

I am not sure about you, but I didn't think the CEO of Binance could round up enough hashpower to do that.