Binance co-founder Changpeng Zhao said a hack of this scale indicates serious security weaknesses and should not be excused by the idea that no platform can ever be fully secure. In a post on X, Zhao said every security incident exposes vulnerabilities that should have been prevented, adding that some of the details are embarrassing. He also said the public explanation simplified what appeared to be an attack that lasted for months, or even as long as a year. According to Zhao, the attackers targeted hundreds of employees and systems, though only a small number of systems were ultimately compromised. Zhao said sharing those details may be uncomfortable, but it can still help the broader industry learn from the incident. He added that, as a shareholder, he wants Binance to clearly explain what went wrong, take responsibility, learn from criticism, and make practical improvements.
Binance co-founder Changpeng Zhao said in a post that a hack on such a large scale means there were serious security flaws.
He wrote that no platform is absolutely secure, but that cannot serve as an excuse. Each security incident exposes vulnerabilities that should have been avoided, and some of the details are, in his words, embarrassing.
Zhao also said the public explanation simplified what appeared to be an attack that lasted for months, or possibly as long as a year. He said the attackers targeted hundreds of employees and systems, while only a small number of systems were ultimately breached.
He added that even if sharing those details is uncomfortable, doing so can help the wider industry learn from the case.
As a shareholder, Zhao said he hopes Binance will openly explain what went wrong, take responsibility, learn from all criticism, and make concrete and effective improvements.
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