coinbase CEO Brian Armstrong joined Squawk Box on Thursday for his first television interview since the Binance hack and shared his thoughts on cybersecurity in light of the breach.
The security incident that occurred on October 29 affected approximately $6.3 billion in assets, making it the largest cryptocurrency theft in history and raising broader questions about security, resiliency, and vulnerabilities in an increasingly AI-driven cryptocurrency ecosystem. Armstrong has been a vocal advocate of the need for the crypto industry to work together through potentially industry-defining moments like the Binance breach.
“The first thing we try to do in moments like that is collaborate with other people in the industry,” Armstrong told “Squawk Box.” “We had an opportunity to make sure that no further funds were lost to these compromised wallets, or in some cases the funds could be frozen, especially in the case of stablecoins. So that’s where we first step in and try to help.”
(Editor’s note: Mr. Armstrong’s appearance ended abruptly due to breaking news.)
