Former Binance CEO Changpeng Zhao (CZ) is pleading for more unity in the cryptocurrency space, claiming that bickering between different crypto factions doesn't make much sense as digital assets are tightly connected.
"Most crypto assets go up and down together. % might vary a bit, but what's happening to one affects everyone. In-fighting in this space makes zero sense," CZ tweeted.
He capped the post with a simple message pleading for unity: "We need to be: decentralized but united."
CZ was reacting to a social media post that pointed out how crises involving exchanges in the past had affected their respective tokens' prices.
The post pointed to the FTX fiasco in 2022, the WazirX hack in 2024, and the recent security breach at Bitget as examples of how troubles at exchanges can result in significant market losses.
The discussion even pointed to the massive hack at Binance on Oct. 29, which makes CZ's plea for more unity across the crypto space all the more relevant.
The crypto space is currently grappling with one of the biggest security breaches in recent memory.
Binance suffered a staggering $6.34 billion hack on Oct. 29 after hackers broke into the exchange's internal wallet signing infrastructure.
Several digital assets, including Bitcoin, Ethereum, XRP, and Solana, were all impacted by the hack.
Binance has assured users that it will bear the losses from the hack, as opposed to passing them along to customers. According to the exchange's update shared on Nov. 3, around $2.85 billion in stolen funds have been frozen or intercepted, while 98% of affected token assets have been replenished.
Cybersecurity alert
In recent days, CZ has been quite vocal about cybersecurity threats.
On Nov. 5, he advised crypto traders to revoke API keys for the third-party trading platform SignalPlus after it was reported that there might have been a security breach.
Meanwhile, CZ also warned his followers against fake websites posing as Trust Wallet, stressing that people shouldn't mistake domains ending in ".cam" for legitimate ".com" ones.
Furthermore, he asked iPhone users to ensure that their OS is up to date following reports of vulnerabilities that could leave crypto holders susceptible to malicious attacks.
