>>> BINANCE, SEEING A CROSS CHAIN BRIDGE LINKING WITH ITS BNB CHAIN WAS TARGETED TO ENABLE HACKERS TO WITHDRAW ABOUT $570 MILLION AT CURRENT PRICES JOINING US NO IS CHANG PENG ZHOU THE BINANCE CEO. THE HACK COMES AS BINANCE LAUNCHED A NEW PROGRAM AIMED AT TRAINING LAW ENFORCEMENT AND PROSECUTORS TO FIGHT AGAINST CYBER CRIMERS. CZ, IT IS GOOD TO SEE YOU. WHAT WE'VE SEEN HACKED AND THIS WAS A HALF A BILLION, $2 BILLION TOTAL. IT IS WHEN CRISTO IS MOVING FROM ONE CHAIN, ONE BLOCK CHAIN TO ANOTHER. IS THAT WHEN IT HAPPENS IN A CROSS CHAIN BRIDGE WHAT NEEDS TO BE DONE? >> YES SO THAT IS WHAT HAPPENS FOR A CROSS CHAIN BRIDGE AND WHAT HAS TO BE DONE, I THINK IN THE INDUSTRY, I THINK WE JUST GOT TO LEARN HOW TO LEARN FROM THIS KIND OF MISTAKES AND MAKE OUR CODE MORE SECURE BUT A SOFT CARE CODE IS NEVER BUG FREE YOU COULD RERESULT IN LARGE LOSSES AND THIS IS WHAT HAPPENED BUT WE WERE ABLE TO LIMIT THE DAMAGE LESS THAN $100 MILLION NOW.
>> AND WE THINK OF THE BLOCK CHAIN ALMOST FORTRESS LIKE AND THAT IS WHY WITH CONFIDENCE YOU'RE ABLE TO SAY THAT EVERYTHING ELSE IS SAFE IN TERMS OF THE ACTUAL NETWORK, THE BNB NETWORK ITSELF HAS NOT — HAS NEVER BEEN HACKED. >> YES IN THIS CASE THE BNB BLOCK KLAIN ITSELF HAS NOT BEEN HACKED THIS IS THE CROSS CHAIN THAT SITS BETWEEN WOULD BLOCK CHAINS TO ALLOW USERS TO CHANGE FROM ONE TOKEN TO ANOTHER AS YOU'VE SAID, WE'VE SEEN MANY OF THIS TYPE OF EXPLOITS IN THE INDUSTRY THIS YEAR AND LAST YEAR. BUT EVERY BRIDGE IS A LITTLE BIT DIFFERENT. SO THERE ARE STILL NOW EXPLOITS THAT HAVE BEEN FOUND BUT THE BLOCK CHAIN ITSELF HAS NO PROBLEMS.
>> AND HOW OFTEN, IN THE COURSE OF THE BUSINESS, IN YOUR BNB THE COIN IS BEING USED IN A LOT OF DIFFERENT WAYS NOW HOW OFTEN IS A CROSS CHAIN BRIDGE NECESSARY IN THE NORMAL COURSE OF BINANCE DOING BUSINESS >> I THINK IT IS USED ALMOST — EVERY DAY BY PEOPLE. SO PEOPLE DO HAVE THE NEED TO COVER FROM ONE BLOCK CHAIN TO ANOTHER FOR VARIOUS REASONS.
SO THE CROSS CHAIN BRIDGE IS OPEN SOURCE SMART CONTRACT THAT JUSTS CITSITS ON THE BLOCK CHAIN. IN THIS CASE IT HAPPENED. >> BNB, WHAT YOUR MARKET CAP, MUST BE $45, AND $50 BILLION BUT THAT IS A HALF A BILLION DOLLARS. SO THIS IS SOMETHING THAT OBVIOUSLY SOME REMEDIES ARE CALLED FOR WHO WOULD PROVIDE YOU WITH THAT? CAN YOU DO IT YOURSELF, THE CODE >> SO, THE SOFTWARE DEVELOPERS, THE CODE IS WRITTEN BY A GROUP OF SOFTWARE DEVELOPERS FOR THE BLOCK CHAIN WHICH IS WHAT WE CALL THE CORE DEVELOPERS AND THE NOTES THAT ATTEND THIS NETWORK, THERE IS LIKE 26 OR 44 NODES DEPENDING ON WHAT YOU COUNT AND THEN YOU DEVOTE TO DO THE UPGRADE THEMSELVES SO THEY COLLECT AND MAINTAIN THE NETWORK AND WHEN THERE IS A NEW SOFTWARE VERSION, THEY WILL VOTE FOR IT AND LAST NIGHT, A COUPLE OF EMERGENCY UPGRADES THAT WAS DONE AND I THINK OVER THE NEXT COUPLE OF DAYS THERE WILL BE A FEW MORE UPGRADES TO BE DONE AND THERE IS ALSO A FEW MORE VOTES REGARDING HOW THE HACKED FUNDS WILL BE HANDLED WILL BE VOTED BY THE COMMUNITY.
>> CZ, ARE THEY LIKE A CATCH 22. IS ANONYMITY FOR A LOT OF CRYPTO HOW YOU COULD BRING IN LAW ENFORCEMENT AND PROSECUTORS AND GIVE THEM THE TOOLS TO BE EFFECTIVE IN GUARDING AGAINST SOMETHING LIKE THIS AND THEN AT THE SAME TIME MAINTAIN THE ANONYMITY THAT SOME PEOPLE FIND SO ATTRACTIVE. HOW DO YOU WALK THAT LINE? >> TO BE HONEST, BLOCK CHAIN IS A PSEUDO ANONYMOUS MEANING WE COULD SEE ALL OF THE TRANSACTIONS ON THE BLOCK CHAIN. AND ALL OF THE FIRMS THAT SPECIALIZE IN ANALYZING THIS DATA AND THEY'RE QUITE GOOD.
AND ALSO WITH LARGE CENTRALIZED EXCHANGES WE COULD CORRELATE QUITE A NUMBER OF ADDRESSED SPACES WITH CERTAIN INFORMATION LINKAGES, ET CETERA. SO WHEN YOU COMBINE THOSE KIND OF INFORMATION TOGETHER, YOU COULD TRIANGULATE WHAT OR WHO LIKELY ARE HOLDING WHICH CRYPTOCURRENCIES, ET CETERA. AND FOR LAW ENFORCEMENT, IF YOU TRACK THROUGH THIS LARGE AMOUNTS OF INFORMATION, YOU COULD TRACE IT THROUGH SO IN MOST CASES SO IT IS NOT 100% GUARANTEED. IT IS NOT COMPLETELY.
