# Binance Hack Raises Security Concerns for Crypto and Banks

- Original post: https://www.twitter.com/i/status/2117722166552666194
- Source account: [@ThayzzySmith](https://x.com/ThayzzySmith)
- Source language: English
- Duration: 2:07
- Published: 2026-11-04
- Canonical URL: https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks

## Transcript

[0:00](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks) Um, I think number one, this is like a, a s- uh, a real wake-up call for not just crypto, but for the overall, the financial system overall.

[0:09](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=9) Uh, if crypto... If a, a crypto exchange can be hacked, banks are in a worse position, in my opinion.

[0:15](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=15) Um, uh, Binance, crypto industry are fir- probably the first tier of, uh, hacking targets. Um, especially Binance being the largest exchange with the largest amount of crypto, et cetera.

[0:25](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=25) So we, we're always gonna be attacked first.

[0:28](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=28) Um, but attacking us have very high rewards, whereas, uh, attacking banks, sometimes they can change ledgers and they can get away with, with some stuff.

[0:36](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=36) Uh, but, um, uh, the, it's, the rewards are not the same as crypto, so we get attacked first.

[0:42](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=42) But the banks are not safe from, uh, security, uh, the, from the security attack ability i- increases, uh, with AI. So, um, you actually kind of, in some sense, it actually kind of merges the, the two industry together.

[0:56](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=56) Also, with this ins- uh, incident, um, I think there's now kind of a common understanding that now what impacts crypto may actually have impact on the, uh, wider, uh, industry or wider global financial system.

[1:10](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=70) Um, so on the same day when the Binance hacked, uh, there was a lot of c- uh, the stock- traditional tech market, the stock market was dropping. Uh, the tech stock were, were, were dropping.

[1:21](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=81) Not because of our hack, uh, I think, but, you know, um, because, uh, because of, uh, certain, uh, issues in, in tech stocks.

[1:28](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=88) But I think the hack actually probably contributed a little bit to the psychology of it. Like, no, are s- our, our system or are, is any system in the world secure? So this is not just a crypto problem.

[1:39](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=99) This is actually m- actually a much wider, um, information security problem. So, um, yeah, so I think, uh, um, uh, yeah, so this does, uh, shake some confidence in crypto, in, uh, security, but this is a broader thing than, than crypto.

[1:55](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=115) So yeah, it kind of unites the, uh, uh, crypto together with, uh, traditional finance.

[2:00](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=120) Right. So in some ways there's a... I don't know how to explain it really well.

[2:03](https://www.translate.mom/transcript/MqeQRGCNfuDg/en/binance-hack-raises-security-concerns-for-crypto-and-banks?t=123) The, the, it actually bridges the two together.