Binance founder and former CEO, Changpeng Zhao (widely known as CZ), has issued an important warning to the global crypto community regarding cybersecurity risks in Web2 applications — even those long considered secure. At the same time, he proposed a solution that he believes could effectively address the problem.
Serious Warning from CZ
In a post on X, CZ stressed that even open-source applications, which are often valued for their transparency and security, can still be vulnerable to attacks: “Even open-source software is not safe these days.”
According to CZ, Web3 will be the key to resolving Web2’s weaknesses, creating a new security standard across the ecosystem: “Web3 will redefine security for Web2.” He further noted that the industry is still in its early stages of this transformation.
Web3 is widely regarded as the next generation of the internet, built on blockchain, smart contracts, and cryptocurrencies, promising greater transparency, decentralization, and security.
CZ on Binance’s New Feature
Earlier this week, CZ also shared a post paying tribute to the passing of an important figure in China’s crypto community. On that occasion, he revealed a newly launched mechanism that allows family members of a deceased user to access their crypto assets on the exchange.
CZ explained that Binance recently rolled out this feature, which he personally tested. However, he admitted that the current user experience leaves much to be desired: “Direct feedback (as a user), it (the UX) sucks. Needs improving.”
Still, he emphasized that this feature is necessary to ensure safety and asset protection for users under unforeseen circumstances.
