Changpeng Zhao argues that banks are just as vulnerable, if not more so, than crypto platforms to cyberattacks in a context where artificial intelligence can accelerate threats. Binance reportedly suffered an attack valued at about $6.3 billion after an engineer’s DevOps computer was compromised and an internal service was accessed to authorize unauthorized withdrawals. The platform says no private-key leak was detected and promises to cover losses through its SAFU emergency fund and other resources, although this does not establish the adequacy of its infrastructure. Attacks affecting banks, including the theft of $81 million from the Bangladesh central bank in 2016 and the ransomware incident involving ICBC’s US subsidiary in 2023, show that the risk extends beyond crypto. Blockchain transaction tracing can help investigations, but it does not automatically identify fund owners or restore control of stolen assets.
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