Binance's CZ Warns of Major Security Threat, Offers Big Solution

Binance founder and its former CEO, Changpeng Zhao (widely known as CZ), has addressed the global crypto community with an important warning regarding the security of Web2 applications. Even those that are considered to be secure ones.

CZ also offered a solution that he believes is likely to solve this problem.

Crucial warning from CZ

According to his tweet, CZ is certain that even the most secure open-source apps can be vulnerable to cyber threats: “Even open-source software is not safe these days.”

CZ reckons that Web 3 is going to solve this problem and improve security for all Web 2 software: “Web 3 will redefine security for Web 2.”

“We are still early,” Changpeng Zhao concluded his tweet. Web 3 relates to the Internet based on an extensive use of blockchain, smart contracts, and crypto.

CZ says that crucial new Binance service "sucks"

On Monday, CZ published a tweet in which he expressed condolences because of the passing away of an important member of the Chinese crypto community. In relation to this, CZ mentioned the existence of a mechanism that allows the family of any diseased person to access his/her crypto stash on an exchange.

CZ announced that Binance has recently rolled out such a feature, and he has personally tested it. CZ says he did not like the way this mechanism works, but he is certain that it needs improvement.

“Direct feedback (as a user), it (the UX) sucks. Needs improving,” he tweeted.