The post Binance’s CZ Issues Critical Security Call to Crypto Industry appeared on BitcoinEthereumNews.com.

Changpeng Zhao, frequently known as CZ, has addressed his millions of X followers to comment on the recent situation faced by Binance after the Bybit exploit, where billions of dollars worth of Ethereum were stolen. He issued a crucial call to the whole crypto space about the cybersecurity of exchanges. Related Binance faces $3.9 billion weekly inflows after Bybit hack The Chinese account of Binance on the X platform shared that, recently, the exchange faced a massive inflow within a single week: $3.971 billion. That was 10x more than the other top nine exchanges received in total over the same period. Those exchanges received roughly $396.83 million. DefiLlama provided data on this. The report stated that “market funds flow into Binance during uncertain times.” The massive inflow mentioned above took place in the week after Bybit suffered a brutal hack when a massive $1.4 billion in Ethereum were drained as the hacker tried to launder the stolen Ethereum. According to an X post published by analytics account Lookonchain on March 4, the unknown hacker managed to launder all of the $1.4 billion in Ethereum s/he had stolen, which is 499,395 ETH. Related “Security first”: CZ says For comparison, Binance’s monthly inflow in February constituted $5.323 billion (almost the same as within that single week), while the remaining top nine trading platforms saw $1.229 billion come in. From them, one of the largest exchanges, Bitfinex, saw an inflow of $768.19 million. Over the past year, the net inflows of Binance surpassed $3 billion in six months, and in November last year, they reached $9.2946 billion. That was a record high set by Binance in 2024. Commenting on this tweet, CZ stated: “Security first.” The last time Binance was hacked (and that does not happen often) was Oct. 4, 2022. Back then,…

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Filed under: News - @ March 6, 2025 6:27 pm