Binance founder CZ says banks are in a worse position than crypto exchanges after $6.3B hack

Following a record $6.3 billion hack against Binance attributed to North Korea's TraderTraitor group, Binance founder Changpeng "CZ" Zhao warned that the crypto industry should expect more short-term breaches. Zhao argued that banks are in a worse position than crypto exchanges if an exchange can be breached, and suggested the industry must adopt AI to counter AI-powered attacks. Meanwhile, estimates indicate about $2.85 billion of the stolen funds have been frozen or seized with assistance from law enforcement, Tether, Circle, and the US Secret Service. Open article →