- Binance founder Changpeng Zhao (CZ) warns that even open-source Web2 apps remain vulnerable to cyber threats.
- CZ believes Web3 technology will redefine security standards for traditional internet applications.
- Binance has introduced a new inheritance feature for users’ crypto assets, though CZ admits its current user experience “sucks” and needs improvement.
Crucial Warning from CZ
Binance founder and former CEO Changpeng Zhao (CZ) has raised fresh concerns about the vulnerabilities of Web2 applications, even those considered secure and open-source. In a recent statement on X (formerly Twitter), CZ cautioned:
“Even open-source software is not safe these days.”
His remarks highlight the growing challenges of safeguarding user data and digital assets in the Web2 ecosystem, where centralized systems remain prone to cyber threats.
Web3 as the Future of Security
CZ expressed confidence that Web3 technologies—powered by blockchain, smart contracts, and decentralized frameworks—will offer a superior solution to Web2’s security shortcomings.
Also Read: How Toncoin Became the Backbone of Telegram’s Web3 Ecosystem
“Web3 will redefine security for Web2. We are still early,” CZ added.
This perspective underscores a broader industry shift, as more crypto leaders advocate for Web3 adoption to enhance transparency, resilience, and user protection.
Binance Rolls Out New Crypto Inheritance Service
In addition to his security warning, CZ shed light on a new Binance feature designed to allow family members to access a deceased user’s crypto holdings. While praising the intent behind the feature, he admitted its current user experience (UX) falls short.
“Direct feedback (as a user), it (the UX) sucks. Needs improving,” he wrote.
Despite his criticism, CZ acknowledged the importance of such mechanisms, which address a longstanding concern in the crypto community: how digital wealth can be securely passed on to loved ones.
CZ’s comments reinforce two key narratives in today’s crypto space: the urgent need to rethink Web2 security standards and the growing importance of user-centric solutions within crypto exchanges. While Web3 is still in its early stages, its potential to reshape online security is clear.
For Binance, continued innovation in features like inheritance services—paired with usability improvements—could strengthen its role as a global crypto leader.
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