CZ: The large-scale theft exposed serious security lapses, and sharing the details of the incident will help the entire industry learn lessons.

November 4th: Binance co-founder CZ posted that a hack of this scale implies a serious security lapse, and no platform can guarantee absolute security, but that cannot be an excuse.

CZ stated that the public explanation simplified an attack that seemed to have lasted for months or years, targeting hundreds of employees and systems, with a few ultimately compromised. He believes sharing details helps the entire industry learn lessons. As a shareholder, he hopes Binance will transparently disclose issues, take responsibility, listen to criticism, and make substantive improvements.