The cryptocurrency market has been buzzing lately about the $6.3 billion hack that targeted Binance, the world’s largest cryptocurrency exchange.
Binance resumed cryptocurrency withdrawals after a brief hiatus, and the exchange’s founder, Changpeng Zhao (CZ), spoke to Talking Tokens host Jacquelyn Melinek about the hack.
Speaking for the first time about the Binance hack and making important statements, CZ said that “all cyberattacks are preventable,” adding that the long period without incidents led to complacency and that this event contained many lessons.
Artificial Intelligence Makes It Easier!
CZ noted the increase in hacking incidents, stating that artificial intelligence plays a significant role in this increase and is being used extensively in attacks.
At this point, CZ stated that artificial intelligence has significantly increased the speed of attacks, with the frequency of cryptocurrency exchange attacks rising from once a month to almost once a week, adding, “Previously, these types of hack attacks occurred every 5-6 months, but now the frequency has decreased significantly; four attacks took place yesterday.”
He Pointed to the US and China!
CZ went on to say that such incidents, and repeated security breaches in the cryptocurrency sector, could hinder mainstream adoption, and requested support from the US government.
CZ said that if security incidents continue and response systems do not improve, the adoption of cryptocurrencies will slow.
CZ also stated that he had not yet had any contact with the US government, adding that they needed international cooperation in tracking the stolen assets and combating the perpetrators.
At this point, CZ also indicated that the US and China were among the countries that could establish direct contact with North Korea, adding that they would be pleased to receive support from the US government.
CZ’s remarks came after US President Donald Trump said he could talk to the Pyongyang regime if North Korea was found to be behind the attack. Trump stated that the matter was being investigated and that no definitive conclusion had yet been reached.
*This is not investment advice.
