Binance’s $6.3B hack could have been prevented, CoinEx founder claims

CoinEx founder Haipo Yang has accused Binance of failing to follow three basic security practices that he believes could have prevented the $6.3 billion cryptocurrency theft on October 29. Summary CoinEx founder Haipo Yang has identified three security weaknesses he believes contributed to Binance’s $6.3 billion hack. Yang criticized inadequate separation of work environments, weak authentication and insufficient verification by transaction signers. Binance’s investigation traced the attack to compromised employee devices, fraudulent recruitment and stolen credentials. Co-CEO Richard Teng said Binance has replenished 98% of affected assets and completed its latest Proof of Reserves verification. Binance co-CEO Yi He reported that the exchange had blocked 57 suspected North Korea-linked cyber threats during 2026. In a post on X, Yang criticized the exchange’s handling of production access, employee authentication and transaction signing. He argued that the attack exposed failures in operational discipline, not shortcomings in available security technology. “None of these require sophisticated technology. What was missing was discipline,” Yang wrote. His criticism followed Binance’s ...