news 
Binance Co-Founder Changpeng Zhao Speaks on Recent ByBit $1.4 Billion Hacks
In a recent tweet post, Binance co-founder Changpeng Zhao has spoken out about the recent hacking incident at Bybit, where an astonishing $1.4 billion was stolen from users’ accounts. The hack has raised serious concerns about the security of cryptocurrency exchanges and user safety.
Zhao, also known as CZ, warned that these hacking incidents are becoming increasingly common, with hackers exploiting vulnerabilities in multi-signature “cold storage” wallets. He emphasized that it is crucial for exchanges to take immediate action after an attack, including pausing withdrawals until a thorough investigation has been conducted and security breaches have been fully restored.
CZ recalled a similar incident at Binance in 2019, where withdrawals were paused for a week following the hack. Although this led to some short-term inconvenience for users, it ultimately resulted in increased trust and stability for the exchange. He stressed that safety should never be taken lightly and urged the crypto community to stay informed and choose secure platforms.
Zhao also took the opportunity to praise Bybit’s CEO, Ben Zhou, for his transparency and calm demeanor during the crisis, comparing him favorably to other exchanges like FTX and WazirX that have been criticized for their lack of openness.
Source: coinpedia.org
