CZ: Large-Scale Hack Exposed Serious Security Failures; Public Details Help the Whole Industry Learn

November 4 — Binance founder Changpeng Zhao posted on X that an intrusion on this scale means there were serious security failures. No platform is unhackable, but that cannot serve as an excuse; every incident exposes weaknesses that should have been prevented. He said some details are embarrassing, and that public explanations also oversimplify a prolonged attack lasting months or even years against hundreds of employees and systems, in which only a few were ultimately compromised. Sharing these details is uncomfortable, but it helps the entire industry learn lessons. As a shareholder, he expects Binance to stay transparent about problems, take responsibility, learn from criticism and make meaningful improvements.