OKX Star Says He Is Willing to Work With Rival Exchanges on Security

OKX Star said Nov. 4 he was willing to work with rival exchanges to improve security standards, as he criticized an interview about Binance’s hot-wallet breach and warned it could harm trust in the crypto industry.

Star accused the interviewee of downplaying Binance’s responsibility. He said the exchange’s repeated reference to only 2% of funds leaving the platform did not address broader security concerns. Star also questioned Binance’s marketing efforts, alleging it continued seeking deposits during the crisis.

Star argued that comparing crypto platforms with traditional banks can be misleading because they face different threats, attack surfaces and potential consequences. He pointed to a Bitcoin (BTC) decline from about $81,000 to $75,000 during market turmoil and said billions of dollars in leveraged positions were liquidated. Star warned the fallout could damage the industry’s credibility with traditional capital markets, institutional investors and regulators.

Binance said its hot wallets were compromised at 4:05 p.m. ET on Oct. 29 and that it began restoring withdrawals in stages at 1:20 a.m. ET on Nov. 1.

The remarks follow OKX’s earlier amplification of a post alleging security incidents at three exchanges.