Read this article on bsc.news Binance co-founder Changpeng Zhao, known as CZ (@cz_binance), has said the exchange cannot rely on the argument that no platform is unhackable to excuse its secu
Binance co-founder Changpeng Zhao, known as CZ (@cz_binance), has said the exchange cannot rely on the argument that no platform is unhackable to excuse its security failures after the October 29 attack.
"Every incident exposes weaknesses that should have been prevented," CZ said. "Some details are embarrassing." As a shareholder, he said he expects Binance to explain what happened and take responsibility.
Binance's own postmortem describes a drawn-out operation rather than a single intrusion. Bloomberg reported that the exchange said the hackers used social engineering, including fake job interviews, along with malicious software. Binance attributed the attack to North Korea and called it a "sophisticated, multi-stage campaign."
According to BleepingComputer, a software engineer was contacted through a legitimate job-hunting platform by someone impersonating a project director at a fictitious company. The engineer was later led to run a malicious coding assignment, which installed custom malware that antivirus software did not detect. The hackers then used stolen credentials on October 29 to deploy a malicious script and reach Binance's wallet signing service.
Fortune reported that Binance said it had detected and prevented 57 North Korea-related hacking attempts in 2026, and that employees in non-public-facing roles are not allowed to keep LinkedIn profiles.
Binance said about $6.34 billion in digital assets were affected across multiple blockchain networks. As of November 3, roughly $2.85 billion had been frozen or intercepted, and 98% of affected token assets had been replenished by October 31, according to The Crypto Times. Binance has said it will absorb the financial impact rather than its users.
The incident has drawn criticism from other industry figures. CoinEx founder Haipo Yang said the breach reflected a lack of operational discipline rather than gaps in available technology, citing weak separation of development and production environments, authentication controls and verification of transaction signers. Binance has not publicly confirmed every control weakness he described.
Binance has said it will bring in independent security firms to review the incident and increase investment in AI-enabled security. CZ's comments add pressure on the exchange to publish a full account of how the failures occurred and what has changed.
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