Binance Hack Exposed Three ‘Entirely Avoidable’ Flaws, Says Coinex Founder

Coinex founder Haipo Yang attributed the $6.3 billion Binance hack to three “entirely avoidable” operational failures, arguing the record-breaking theft stemmed from lapses in discipline rather than sophisticated technology. The breach, the largest in crypto history, has prompted rival exchange operators to scrutinize security practices across centralized platforms. Yang’s critique centers on basic controls that he says could have been enforced without advanced tooling, though the article did not detail the specific flaws. The incident underscores persistent counterparty and custody risk for users holding assets on centralized exchanges. Market participants will watch whether Binance details remediation measures and whether rivals such as Coinex use the episode to differentiate on security.