Binance Co-Founder Changpeng Zhao Speaks on Recent ByBit $1.4 Billion Hacks | Airdrop Alert Pro

First there is Wazirx, then Phemex, and now Bybit, these are the three major cryptocurrencies in the short term. The latest violation, amazing $1.4 billion robberyhas attracted serious concerns about security and has caused users to worry about their funds.

Binance co-founder Changpeng Zhao (CZ) has now joined, warning of the increase in hackers and highlighting stronger security measures.

The disturbing pattern of CZ logo in encryption hackers

CZ pointed out a worrying trend in a recent tweet: Hackers are successfully targeting multi-signature “refrigerated” wallets to steal a large amount of cryptocurrency.

He explained that in the case of Bybit, the attacker manipulated the front-end interface to make it look like a normal transaction. But behind the scenes, a completely different deal was signed. This exposes serious flaws in multi-signature security systems.

Are hackers leveraging security providers?

What is even more worrying is that these hacked communications use different security providers. This suggests that the hackers could be the infamous Lazarus group, discovering vulnerabilities beyond a single system. It is unclear whether they are leveraging security devices, servers, or both weaknesses.

CZ’s advice: Stop quitting after hacking

To limit the damage to such violations, CZ recommends that crypto exchanges should stop withdrawal immediately after they are discovered. He stressed that before reopening, communications must fully study how hackers occur, which systems are compromised and whether security has been fully restored.

He recalled Binance’s 2019 hack, where he quit for a week. Although the move initially caused panic, user confidence was restored and when withdrawals were restored, more deposits were deposited instead of withdrawals.

• Please read also:
• BYBIT HACK Update: Loss of $1.4B under pressure after losing $1.4B – Will it recover?
• ,,,,,

CZ praises Bybitt’s response and criticizes others

Meanwhile, CZ praised Bybit’s CEO Ben Zhou for staying calm and keeping Transparent during crisis. He compared it to other communications like FTX and Wazirx, because the lack of openness leads to bigger problems.

Finally, CZ notes that a sense of security should never be taken lightly and urges the crypto community to remain informed and choose a secure platform.

Hackers are becoming smarter, attacks are becoming bolder, and risks are becoming greater. The question is – Are encrypted communication ready?