Binance founder Changpeng Zhao addresses historic crypto hack: 'There's no 100% security'

It has been a busy few days for Changpeng Zhao in the wake of the hack on the enormous crypto platform he co-founded, Binance.

"It's been a pretty hectic process," Zhao, better known in crypto circles as CZ , told Yahoo Finance. "But the good thing is right now the withdrawals have been restored, the systems back to normal. People are free to use the platform without any issues now. And then all user funds are covered. The users did not suffer any loss."

Binance is the world's largest cryptocurrency trading platform and holds approximately $171 billion in total assets on its platform. The company is led by co-CEOs Richard Teng and Yi Le.

Hackers recently drained roughly $6.3 billion worth of digital assets from Binance on Oct. 29.

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Blockchain intelligence firms and the FBI attributed the 20-minute raid with high confidence to TraderTraitor, an elite state-sponsored cyber unit tied to North Korea.

North Korea reportedly denied involvement.

Rather than cracking private cryptographic keys, the attackers reportedly breached internal automated transaction workflows via a Binance employee's laptop.

Binance moved swiftly to stabilize the situation by guaranteeing full customer restitution, deploying corporate treasury reserves, Secure Asset Fund for Users (SAFU) capital, and insurance funds to replenish user balances.

"There's no 100% security," CZ added. "So when you run a platform, especially a crypto platform the possibility is always there. I did not think it was going to be this big of magnitude, probably not."

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