Critical Warning from Binance Founder CZ: Watch Out for September 23 for One Exchange
While Binance founder CZ warns against security vulnerabilities left behind by former teams in exchange acquisitions, the closure decisions of BitMEX and BitMart have initiated an urgent process for users to withdraw their assets.
Binance founder Changpeng Zhao (CZ), one of the most influential figures in the cryptocurrency world, issued a critical security warning regarding the acquisition processes of centralized exchanges. CZ emphasized that incorporating small-scale exchanges is much more complex and riskier than acquisitions in other business lines. This statement coincided with the period when industry-renowned names BitMEX and BitMart announced they would terminate their operations, causing a stir among investors.
In the message shared by CZ on social media, attention is drawn to the responsibility for a potential cyberattack that could occur after an exchange is acquired. Specifically, “legacy backdoors” or unnoticed security vulnerabilities left in the system by former teams pose a major threat to new owners. CZ states that such deals are still possible but require much more care and diligence than ever before.
Exchange Closure Schedule and User Guide
In the shadow of these security warnings, the BitMEX exchange announced that it will completely close its doors on September 23. On the other hand, a more gradual liquidation process is underway at BitMart. A specific schedule has been established for BitMart users to withdraw their assets to secure wallets. Following the critical processes that began on July 26 and August 26, the deadline for users to withdraw their assets has been set as January 31, 2027.
This merger and acquisition activity in the sector brings user asset security back to the agenda. Experts recommend that investors in exchanges that have decided to close should hurry to withdraw their assets to personal wallets to avoid any technical glitches or security risks. The risks pointed out by CZ prove once again that vulnerabilities from the past can jeopardize user funds even if the exchange changes hands.