Changpeng Zhao, known as CZ, is the founder and CEO of Binance, the world’s largest cryptocurrency exchange. On X he warned that the recent breach, which he described as a multi‑month attack affecting hundreds of employees and systems, reveals deep security flaws. He argued that no platform is unhackable but that this cannot be used as an excuse, and that sharing the uncomfortable details will help the broader industry learn. CZ also said that as a shareholder he expects Binance to be transparent, take responsibility, and implement meaningful improvements.

“A hack of this scale means serious security failures occurred. No platform is unhackable, but that cannot be an excuse. Every incident exposes weaknesses that should have been prevented. Some details are embarrassing. Public explanations also simplify what appears to have been a prolonged multi month/year attack targeting hundreds of employees and systems, with a few ultimately compromised. Sharing those details, however uncomfortable, helps the wider industry learn. As a shareholder, I expect Binance to be transparent about what went wrong, take responsibility, learn from all criticism, and make meaningful improvements. 🙏”

— Changpeng Zhao (@cz_binance) on X · X ↗

Changpeng Zhao is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.