CZ Warns Crypto Attacks Could Persist, Seeks U.S. Government Help

Binance founder CZ urged the U.S. government to help counter crypto security attacks, warning that continued incidents without significant improvements in defenses could slow adoption across the industry.

CZ said new technologies often go through painful adjustment periods, but he expects technology to improve over time. He said he could not identify when the crypto industry might reach a bottom or turning point, and warned that more problems could come before conditions improve. He also said he hopes that improvement comes soon.

His request covered support for him personally, Binance as a company and the industry as a whole. CZ said the U.S. government was probably best positioned to communicate with North Korea.

Binance separately disclosed that its hot wallets were compromised at 4:05 p.m. ET on Oct. 29. The exchange began restoring withdrawals in stages on Nov. 1, with all 15 networks in its first batch online by 7:30 a.m. ET.