WuBlockchain
Binance founder CZ said companies can grow complacent after long periods without security incidents, reflecting on the Binance hack in an interview with the Talking Tokens Podcast. He said the incident offered many lessons and argued that hacks are preventable.
Why it matters
CZ backed an industry security alliance to share best practices and conduct cross-audits. The proposal targets a recurring security risk: teams may overlook vulnerabilities when they have gone a long time without an incident.
Market impact
The alliance would also aim to help freeze funds quickly. If pursued, these measures could strengthen coordination between companies responding to hacks, though CZ said he hoped to help move the initiative forward rather than announcing a formed alliance.
Frequently asked questions
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What security risk did CZ identify in companies?
CZ said companies can grow complacent and overlook potential problems after long periods without security incidents.
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What did CZ say companies can learn from the Binance hack?
He said the incident provided many lessons and argued that hacks are preventable.
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What would the proposed industry security alliance do?
It would share security best practices, conduct cross-audits and help companies freeze funds quickly.
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Has the security alliance been formed?
The report describes CZ's support for forming an alliance and his hope to move the initiative forward, not an announced formed group.
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How could cross-audits help crypto companies?
Cross-audits would let companies examine one another's security practices and share lessons, addressing the risk of overlooked problems.
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