Binance, the world’s largest cryptocurrency exchange by traded value, can’t be hacked, its founder and CEO Changpeng Zhao said on Thursday.
Asked during a live video AMA (ask me anything) on Periscope if Binance could ever be hacked, Zhao said “no,” before adding that “people make mistakes.”
A hack is “theoretically possible, but highly unlikely,” he said.
Binance has been known for its security measures since it was founded in 2017. It implemented a “security-first” philosophy from the start, according to Zhao, and has never been hacked.
In May 2019, Binance suffered a “large scale security breach” in which hackers stole 7,000 bitcoin (worth about $40 million at the time) from the exchange.
Binance quickly reimbursed all of its users from its own funds and has since beefed up its security even further. The exchange now has a “dedicated security team” of over 200 people, Zhao said.
The bottom line is that Binance cannot be hacked. The exchange has taken numerous steps to ensure the safety of its users’ funds and personal information, and it has a proven track record.
While it’s possible that a hacker could find a way to break into Binance’s systems, it’s highly unlikely.