- OKX CEO says the $6.3B Binance hack is a wake-up call for the industry, urging exchange CEOs to unite.
- Binance suspended deposits and withdrawals, froze roughly $3 billion in assets with industry partners.
- Xu argues security is everyone’s responsibility and no single firm can protect the future of crypto alone.
Binance’s latest hack, involving an estimated $6.3 billion in losses, has sparked fresh worries about the security of centralized exchanges and the safety of cryptocurrency assets.
However, the incident has also brought an unexpected development: OKX Chief Executive Officer (CEO) Star Xu is publicly calling for greater cooperation between competing crypto exchanges, despite his history of disagreements with Binance founder Changpeng Zhao (CZ).
Xu Calls $6.3B Binance Hack a Wake-Up Call: Can Exchanges Put Rivalries Aside to Strengthen Security and Protect Users?
OKX CEO Star Xu has described Binance’s latest security breach as part of a series of recent breaches that should serve as a wake-up call for the entire crypto industry.
In a detailed statement on X, Xu said major security breaches at Bybit, Bitget, and now Binance prove that security cannot remain an area of commercial competition. “Security should never be an area of commercial competition. It is a shared responsibility to protect our customers and the entire industry,” he wrote.
Preliminary findings show that a compromised DevOps engineer’s laptop made unauthorized withdrawals possible, and no evidence of any private-key leak was found. Roughly $3 billion in assets have been frozen with assistance from partners including Circle and Tether, and Binance has pledged to cover all losses using its Secure Asset Fund for Users (SAFU) and company funds while suspending deposits and withdrawals. Analytics firms have attributed the attack with high certainty to North Korea’s TraderTraitor unit.
That said, crypto exchanges can put rivalries aside to protect the broader ecosystem. As Xu argues, “Security is everyone’s responsibility. No company can protect the future of crypto alone.” His call for shared security standards, real-time incident-response protocols, and coordinated freezing mechanisms signals a need for collaboration to safeguard users, rebuild trust, and fortify the industry.
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Star Xu vs. CZ: Why His Call for Unity Marks a Turning Point in Their Rivalry
Xu’s appeal for exchange CEOs to unite is notable because of his decade-long public rivalry with Binance founder Changpeng Zhao (CZ). The tensions began in 2014–2015 when Zhao was briefly the CTO of OKCoin, the predecessor to OKX. Their relationship deteriorated because of an alleged dispute over the contract for the Bitcoin.com domain and early investor Roger Ver, leading to mutual accusations that remain unresolved.
The feud has re-emerged several times, including when Xu criticized Binance during the market crash on October 10, 2025, which led to an estimated $19 billion in liquidations. Additionally, the release of Zhao’s memoir reignited personal and historical accusations, with Xu labeling Zhao a “habitual liar” and Zhao offering a $1 billion wager over matters related to his personal status.
Against this backdrop, Xu’s latest comments mark a notable shift in tone. Instead of dwelling on past issues, he is calling for collective responsibility and for CEOs to agree on common security standards and coordinated freezing protocols with exchanges and stablecoin issuers. His call highlights how important security cooperation is today, when a single breach could undermine the industry’s confidence.
How the Binance Hack Could Reshape Security Practices Across Centralized Crypto Exchanges
The Binance case may encourage centralized exchanges to adopt enhanced security protocols, such as real-time transfer tracking, withdrawal verification, cryptographic signing protections, and synchronized withdrawal freezing.
Xu also recommended industry-wide alerts, stronger wallet protections, and increased use of quantum-resistant cryptography to mitigate emerging threats. Early measures, such as stablecoin issuers freezing tied assets and Binance’s efforts to coordinate with industry partners, reflect the importance of cooperation.
If implemented, such measures can improve incident response, minimize losses after an attack, and help protect users. Ultimately, the case underscores the importance of centralized exchanges making security not a competitive edge, but a collective responsibility in the industry.
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Related: Elon Musk Reacts to $6.3B Binance Breach With “Everyday Is Zeroday”
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