CZ Wants Washington's Help as Crypto Hacks Keep Piling Up

Binance has started bringing withdrawals back online in stages, with all 15 networks in its first batch live by 7:30 a.m. ET on Nov. 1. The exchange had disclosed that its hot wallets were compromised at 4:05 p.m. ET on Oct. 29. The phased restart is the first concrete sign of recovery since the breach.

Binance founder CZ isn't staying quiet about it. He urged the U.S. government to help counter crypto security attacks, warning that continued incidents without significant improvement in defenses could slow adoption across the industry. His request covered support for himself personally, for Binance as a company, and for the sector as a whole.

He also pointed toward North Korea as a factor in the threat picture, saying Washington is probably best positioned to communicate with the country, according to tokenpost.com. That's a notable nod to the geopolitical corner of crypto security, where state-linked groups have long been tied to exchange and protocol exploits.

On the question everyone wants answered, CZ stayed candid. He said he can't identify when the crypto industry might hit a bottom or a turning point, and he cautioned that more problems could surface before conditions improve. He added that he hopes the improvement comes soon.

New technologies often endure painful adjustment periods, CZ said, and he expects things to get better with time. But that optimism comes with a warning attached: if the attacks keep landing without better defenses, the damage spreads beyond any single exchange.