Binance Founder Zhao Warns Repeated Digital-Asset Hacks Could Slow Adoption, Urges U.S. Support
Summary
- Changpeng Zhao said repeated large-scale security breaches in the digital-asset industry could slow the pace of mainstream adoption in the digital-asset market.
- He said trial and error is inevitable in the early development of new technologies, but added that over the long term, positive factors will prevail and technology will continue to advance.
- Still, he said it is impossible to know when the industry will bottom out and reach a turning point, adding that support from the U.S. government is urgently needed and that he expects Washington to play a role in communicating with North Korea.
Forecast Trend Report by Period
Binance founder Changpeng Zhao warned that large-scale security breaches could recur in the digital-asset industry and called for support from the U.S. government.
BlockBeats reported on November 3 that Zhao said in an interview the pace of mainstream adoption in the digital-asset market could slow if the industry fails to contain cyberattacks and similar incidents continue.
He added that new technologies typically go through trial and error in their early stages. Over the long term, he said, positive factors will outweigh the negatives and the technology will continue to develop.
Still, Zhao said it was impossible to know when the industry would bottom out and reach a turning point. He added that more problems could emerge before conditions improve.
Zhao also stressed the need for U.S. government support. He said that he, Binance and the broader digital-asset industry are all eager for backing from Washington, adding that if any party can communicate with North Korea, it would be the U.S. government.
Uk Jin
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