CZ Admits Employees Dropped the Ball Before the Binance Hack

CZ Breaks Down What Went Wrong

Changpeng Zhao, the co-founder of Binance, didn't try to dodge the question this time. Sitting down for an interview at the Oxford Union on November 5, CZ admitted that parts of Binance's recent hack could have actually been prevented.

His explanation was refreshingly blunt: some employees simply failed to follow basic security procedures. Not some ultra-sophisticated exploit nobody saw coming, just people skipping steps they were supposed to follow.

Why This Admission Matters

CZ said plainly that this shouldn't have happened, which is a pretty rare level of honesty from an exchange leader after a major breach. It also raises the obvious question of how a company Binance's size still has gaps in internal security training.

For users, the takeaway is simple: even the biggest platforms can get hit by basic human error, not just elite hackers. Strong personal security habits, like using hardware wallets and unique passwords, still matter no matter how big the exchange is.