CandleFocus Binance Founder CZ Commented on Recent Incidents of Hacking and Fraud
2025-02-23
Author: Content Editor
Changpeng Zhao, the founder of Binance, discussed the recent wave of hacks targeting major cryptocurrency exchanges. He highlighted vulnerabilities and offered insight into security practices for exchanges and users. CZ noted a pattern in recent attacks, with hackers stealing crypto from multi-sig cold storage solutions. He expressed concern that different exchanges with different multi-sig providers were affected, suggesting the attacks were not limited to one vulnerability. CZ defended the decision to halt withdrawals following a security breach as a precautionary measure and praised ByBit CEO Ben Zhou for his handling of a recent breach. CZ also labeled FTX's collapse as fraud rather than a security failure.
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