Binance hack: CZ warns there’s no 100% security
Changpeng Zhao founded Binance and ran it until 2023, and is now a shareholder rather than an executive. He tells Brian Sozzi he found out about last week’s roughly $6.3 billion hack on Twitter around midnight and deliberately did not intervene, and that withdrawals are restored, the platform is back to normal and the company absorbed the entire loss so users were not out of pocket. His warning is about everyone else. He says AI has made finding bugs and building attacks far easier while doing much less for defense, that the odds are rising rather than falling, and that this reaches every bank, not only crypto.
Featuring:
Changpeng Zhao, Founder and former Chief Executive Officer, Binance
Brian Sozzi, Executive Editor, Yahoo Finance
Timestamps
0:00 The night he found out, and where the systems stand now
1:23 What he did, and what he is not anymore
2:28 The hot wallet share, and recalibrating it
3:34 Why he thinks AI has changed the odds
#Binance #Crypto #AI #YahooFinance
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