Binance co-founder CZ calls out exchange after reported hot wallet hack
Binance co-founder Changpeng Zhao said a recent security breach exposed serious failures at the cryptocurrency exchange, following reports of a $6.3 billion hot wallet incident.
Binance co-founder Changpeng Zhao has called on the cryptocurrency exchange to take responsibility and explain what happened following a security breach, according to BSCN and Cointelegraph. Crypto Briefing separately reported that a shareholder has demanded answers after a $6.3 billion hot wallet breach.[3][1][2]
Zhao stated that the incident revealed serious security flaws and that Binance cannot rely on the argument that no platform is unhackable to excuse its shortcomings, BSCN reported. The October 29 attack was not a simple breach and reportedly followed an extended campaign targeting hundreds of employees and systems. Zhao noted that every incident exposes weaknesses that should have been prevented, adding that some details are embarrassing.[1]
Speaking in his capacity as a shareholder, Zhao said he expects the exchange to remain transparent, take accountability, and execute genuine improvements, according to BSCN and Cointelegraph. Crypto Briefing reported that the breach underscores an urgent need for heightened security measures and transparency across the cryptocurrency industry to preserve investor trust.[1][2][3]
Key facts
- Crypto Briefing reported that a Binance shareholder is demanding answers after a $6.3 billion hot wallet breach.
- Binance co-founder Changpeng Zhao said the hack revealed serious security failures that should have been prevented.
- Zhao said Binance cannot use the fact that no platform is unhackable as an excuse for its security failures.
- The October 29 attack reportedly followed a prolonged campaign targeting hundreds of Binance employees and systems.
- Zhao stated that as a shareholder, he expects the exchange to explain what happened, stay transparent, take responsibility, and make real improvements.
Sources · 3 sources
- BS
BSCN@BSCNewsPost on X ·
CZ Says Binance Hack Exposed 'Serious Security Failures' Binance co-founder (@cz_binance) says the exchange cannot use the fact that no platform is unhackable to excuse its security failures. The October 29 attack was not a simple breach. It reportedly followed a prolonged campaign targeting hundreds of employees and systems. "Every incident exposes weaknesses that should have been prevented," CZ noted. "Some details are embarrassing." As a shareholder, CZ expects the exchange to explain what happened and take responsibility.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
⚡️JUST IN: CZ says the Binance hack reveals serious security failures. As a shareholder, he expects the exchange to stay transparent, take responsibility and make real improvements. https://t.co/F3gDVWS0XV
Open source - CB
Crypto BriefingArticle ·
Binance shareholder demands answers after $6.3 billion hot wallet breach The breach underscores the urgent need for enhanced security measures and transparency in the crypto industry to maintain investor trust. The post Binance shareholder demands answers after $6.3 billion hot wallet breach appeared first on Crypto Briefing .
Open source