Changpeng Zhao, Binance co-founder, has urged crypto users to tighten their account security after a series of data breaches affected exchanges and financial companies in South Korea within a single day.
Zhao warned that stolen customer information can become a powerful tool for criminals, even when attackers do not gain direct access to funds. Names, telephone numbers, and email addresses can be used to launch phishing campaigns, attempt SIM-swap fraud, or manipulate victims through targeted social engineering.
So far, the incidents reported in the latest wave have not resulted in customer funds being stolen. The exposure of personal information, however, can give criminals a valuable directory of people who may hold substantial crypto balances.
Zhao’s recommendations include creating a separate email address or alias for each crypto platform. Such a setup can limit the damage caused by a breach and help users identify which company may have exposed their information.
He also advised customers to move away from text-message authentication. Hardware security keys, authenticator applications, and passkeys provide stronger alternatives as a compromised telephone number can make SIM-swap attacks easier to carry out.
Zhao further cautioned users to treat unsolicited messages concerning account security, compensation, or refunds as potentially fraudulent, regardless of how much personal information the sender appears to know. Recent phishing attempts involving Passport wallets reportedly included genuine residential addresses.
One user who said they were repeatedly receiving phishing emails was advised by Zhao to replace their exposed email address as soon as possible.
The latest incidents span both the crypto industry and conventional finance. According to Zhao, the information exposed at Coinbase originated through Amplitude, a U.S.-based analytics company. Separately, Bithumb discovered on Oct. 27 that an unauthorized party had accessed its mobile groupware platform.
Daishin Securities reported that information involving 38,490 clients had been exposed. Mirae Investments, meanwhile, said the incident affecting its systems was limited to certain employee names.
The Bithumb incident comes amid a broader series of attacks targeting South Korean financial institutions. The recent wave followed an intrusion involving Shinhan Bank in September. Reports have also said that a suspected individual linked to earlier breaches used an artificial intelligence service to ask where stolen information could be sold.
The consequences may extend beyond online fraud. Criminals can combine leaked addresses with information about crypto holdings to identify potential victims for physical attacks, popularly known as wrench attacks. Such attacks were estimated to have generated about $30 million in crypto theft during the first six months of 2026.
Zhao recently argued that compromised personal information presents a more immediate threat to crypto users than hypothetical attacks against Bitcoin’s underlying cryptography. The latest breaches, occurring across crypto and traditional finance, have reinforced that warning by supplying criminals with fresh pools of potential targets.
These incidents are no doubt prompting players like Bit Digital Inc. (NASDAQ: BTBT) in the crypto space to undertake frequent periodic updates to their cybersecurity measures in order to protect sensitive company and client information.
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