Binance founder Changpeng Zhao reportedly said banks may be more vulnerable to cyberattacks than crypto exchanges. Watcher.Guru reported the comparison in a short November 3 post. The setting and full remarks remain unverified.
The report follows the roughly $6.3 billion theft from a Binance hot wallet on October 29 UTC. Binance initially pointed to a potentially compromised engineer’s laptop and later identified additional points of compromise.
Zhao separately said on November 2 that Binance used its balance sheet to cover the losses. He said it had allocated the full amount, with some of the funds still to be converted into less liquid tokens.
A 2024 IMF analysis found that banks were the most frequently targeted institutions within the financial sector in its dataset of reported cyber incidents from 2004 to 2023. The finding describes incident frequency among financial firms.
The Binance breach has also renewed scrutiny of what happens to customer funds after an attack. Exchange reserve funds, private insurance and bank deposit guarantees cover different risks.
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