What @heyibinance talks about Binance: Safety, Trust, and Long-term Responsibility｜Full transcript along with Chinese and English subtitles.

I organized the sister's sharing into Chinese and English subtitles at 1.25x speed for about 14 minutes. I think it’s definitely worth a listen, especially her thoughts on AI and her most genuine feelings about this theft.

The content is quite extensive, and the core can be divided into four parts:

1️⃣ Security events and user trust;

How does she explain the $6.3 billion theft incident? Strict internal policies, why might they still be breached by social engineering attacks? How will AI change security offense and defense?

2️⃣ AI and the future of exchanges;

From AI products to stocks, commodities, what direction does Binance envision as its platform evolves?

3️⃣ Why has "coin listing equals price increase" become ineffective;

The development of DEX, inflated valuations before listings, and the disconnection between project revenues and token values, how has this changed ordinary users' chances to make money?

4️⃣ After issuing tokens, who is responsible;

If the project team has already cashed out and the founders have achieved financial freedom, what motivation is there to continue building? She also talked about BNB, positive cash flow, and why she is still working.

I think the sister conveys a very good value: Before buying a coin, besides looking at the narrative and the price, it’s more worthwhile to clarify: What will this project rely on to continuously create value, how will value be transmitted to holders, and who is willing to take long-term responsibility for it.

After the sister finished, Link @CryptoSociety42 asked: Is this scripted or unscripted?

The sister said she never uses a script; every time she speaks, she shares her most direct thoughts.

Upon hearing this, I personally felt immense admiration!

The full transcript is as follows:

00:00

After so many years, I think the facts tell us it is actually very resilient, and the industry is also very resilient. Overall, I am still confident about resisting quantum attacks.

Moreover, we will also spend time and effort to participate and invest to make the industry better.

The second point is about the development and changes in AI. Over the past two days, many friends might have communicated with our product managers about our AI strategies or new products.

00:30

To be honest, it is still quite far from the AI products I imagine. But everything is a process from nothing to something, from zero to one.

We will take it step by step, starting with a small demo and continuously iterating it. We also welcome everyone to give us more feedback to help shape the product into what we envision.

If someone were to ask me, “What does your ideal AI product look like?”

I might say, I wish it were like ChatGPT. I would tell it: “Help me develop a strategy that only earns money and never loses money.”

01:05

Then it would help me trade. But that may not be realistically achievable. So, this is a process of continuous iteration and small, rapid steps.

01:16

The third point is that new technologies will bring rapid development to the entire industry, but will also present some challenges.

Regarding the recent security incident, there are many voices out there criticizing, saying: “Binance is amateurish. How could your employees access external websites or interview someone?”

I want to emphasize that our internal policy is actually very strict.

01:46

So, a few days ago, I also claimed online.

In previous years, we were criticized for letting our employees download iQIYI on their personal computers, and it was found out, and the employee was quickly dismissed, and he was one of our promising employees.

People thought we were making random excuses to fire people or firing them because of a poor market situation.

In fact, it was a security standard.

But the real challenge is that over the past year, we have intercepted 58 different forms of similar attacks.

02:19

However, hackers are also continuously outsmarting us. The malware they send is not like the large file packages we used to think of, which easily trigger your risk controls.

It is not static; it is constantly evolving, a process of outsmarting the adversary. Hackers are not as foolish as people think, nor is it as easy as many assume.

In this context, I believe the adversary is also appropriately using AI tools.

Including during the social engineering process, I was puzzled as to why some employees would let their guard down.

02:56

Because our company requires examinations for security training, and everyone must do it, along with risk control training.

I think perhaps during prior communications, the adversary offered substantial incentives stating there was a great job opportunity.

Moreover, the adversary was a real headhunter, not just someone posing as an account; he was an actual person.

I believe the hacker must have signed a contract with the real headhunter.

03:27

They provided a list, targeting specific individuals who were employees of Binance. Through such a continuous “surround-and-attack” method, they conducted their social engineering attacks.

The good part is that since AI can serve as a spear, on the other hand, it can also act as a shield.

Today, everyone saw that OpenAI publicly released a new technology that can effectively facilitate security offense and defense.

Many people say, “If OpenAI develops this product, will those in security lose their jobs in the future?”

03:59

I don’t think so.

This is a process combining traditional security solutions with new AI solutions. Therefore, it is not about one overpowering the other; it’s more like a collaborative effort.

04:10

So, let’s return to Binance.

For all these years, I am truly grateful for the support from our entire community; it is indeed very moving.

Because many might not believe it. Many imagine: “Binance, you lost so much money this time, don’t you feel like the sky is falling?”

To be honest, both he and I are very calm. We have not shouted or cursed anyone anywhere.

04:39

I think everything you face is a process of refining you.

It is a practice of your mindset and also a challenge to how you understand the world.

I believe we truly could have done better, hence we paid a huge price. But this process is also a good learning opportunity.

At least, the first is that this is within our coverage and bearable range.

05:09

The second is that CZ often says he does not care about money.

So I remind everyone, karma is real; be careful with every word you say, as the universe will respond.

CZ really feels that money isn't that important. So when money is lost, he thinks, “It’s lost, let’s see how we can do better with this matter, how we can improve security.”

He actually doesn’t have any emotional fluctuations.

05:37

So over the past two days, there have been comments online about “CZ turning gray overnight,” but it’s actually fine.

Even though he has been giving speeches in Oxford and on business trips, both his mood and mine are very stable.

Regardless of the industry or Binance, I still believe that the future development path will inevitably be driven by AI and Blockchain technology, evolving into a new global financial platform.

06:09

You can see that the products available for trading on our platform now cover commodities and stocks.

06:18

People might complain, “Why hasn’t Binance listed many new projects for a long time? Why not list more memecoins? Then we would have more opportunities, right?”

Is there a listing expectation that would make those issuing tokens perform better?

Sometimes, I might go against the grain and frequently sing a different tune.

Including back in 2017, if anyone can find historical records, they would see.

06:50

At that time, I said that issuing tokens is a process of [unclear terminology].

You are essentially mortgaging your reputation to obtain some money. But you need to be responsible for that token.

I believe words spoken will indeed come to fruition.

Therefore, for so many years, I am still working hard at Binance because I feel that the issued BNB is my responsibility.

If it falls, I feel guilty. If it rises, everyone hopes it will continue to rise, but when it peaks, it might drop a little again.

07:19

You will find that it truly becomes a long-term responsibility.

So Binance has only issued one BNB over the years. And even if we create a new public chain, we won’t issue any new coins.

It presents a significant challenge to human nature.

When it is so easy to raise funds and obtain money; when the entire network has strong liquidity, and that money can be liquidated, what motivation does an ordinary person have to work hard?

07:54

If the products I create have no users, no market, and no income, but my tokens can still sell for money, if entrepreneurship is aimed at financial freedom, why work hard?

So it turns into: good business models, good businesses, and then the original intention—what exactly drives you to do this, as well as wealth freedom.

This situation turns into an "impossible triangle."

08:25

I've already achieved financial freedom; why do I still have to work hard, and the money I earn has to empower this token?

And the tokens aren't just in your hands; most may already be in the users' hands. What are you working so hard for?

For years, people have asked me: “Sister, you’ve been financially free for so many years; why are you still working so hard?”

I can only say that I am genuinely working for BNB holders.

08:52

Many people say, “Coins listed early on Binance tend to rise, so why don’t new listings rise? Is it because your listings have no requirements or standards?”

But you will find that the market has changed.

Before 2017, 2018, or even before 2021, Binance indeed held significant influence in the entire crypto industry.

If a coin is not listed on Binance, liquidity would be poor. No matter how high the market cap, it could ultimately not convert to money.

09:23

That is what's referred to as “paper wealth,” truly absolute paper wealth. The moment you sell, if no liquidity is present in the market, it just crashes.

So back then, we could negotiate with project teams and list at a relatively low price. That's why people saw their coins rise on Binance.

But objectively speaking, DEX is indeed a more decentralized solution, making it an egalitarian process.

Binance's privileges have also been diminished with the development of DEX.

09:55

During this process of being downgraded, you will find that the prices of VC tokens in the market have already been pumped high.

Even before listing, prices can be very high. So ultimately, people realize that “launching is at the peak” is a typical characteristic.

Secondly, even if some projects have low token prices at the start, allowing users to gain some initial profits, many project teams, as I said, may earn profits, then feel, “Anyway, there are no regulatory bodies and no legal...”

10:24

“...requirements for me to take responsibility for this matter.”

Just at the right time, the previous round described tokens as not being securities, giving them even stronger reasons and excuses to say, “This is a governance token, unrelated to my income.”

Therefore, tokens carry no attached value, and you cannot expect them to ultimately take responsibility for token prices. This is the second scenario.

After these two waves, you will find that truly capable of staying in this industry...

10:53

...to create profitable models, are there any? Yes, quite a few.

Including GMGN, many wallets are doing well too, including some that create tokens.

It’s just that, in the past, possibly due to legal reasons, they couldn’t empower tokens; later, they felt it was unnecessary, and various reasons apply.

Thus, the number of market entities possessing long-term, healthy business models with sustained measures that can empower token value is diminishing.

11:22

So ultimately, you will find that the essence is the hollowing out of the entire industry. Of course, everyone can simply attribute this to Binance.

After the previous round, VCs have come in, and in the end, they think that although it’s easy money, including top-tier venture capitals, they may feel this is a [unclear terminology] very good business, but it isn’t an environment capable of sustainably absorbing large funds, nor is it [unclear terminology], and replicable scenarios.

11:56

So, they have returned more to equity investment.

12:00

For Binance, what is our biggest consideration?

First, what do users want? User demands are quite simple. As a user, I hope that it is a fair platform.

Secondly, if I am an ordinary user, I hope to have opportunities to profit.

So later, Binance opened many more entry points. For example, we will list smaller market cap memecoins.

We have brought in many popular coins in the market. Now, whether you want to buy a coin on chain...

12:31

...even if you can’t buy it on Alpha or in the CEX and DEX intermediate areas, you can also buy it in wallets.

The industry is changing, and users are also being stratified and diverted.

Some users only play with memecoins, just for “dog fighting”; some do financial management; some primarily engage in rebates, right?

Everyone can find their place in the ecosystem.

But ultimately, a core issue needs to be addressed: where are the truly valuable assets?

12:59

To answer this question, we started preparing last year and launched this year, introducing a large number of tokens like stocks and commodities.

No matter whether they are past crypto assets or now stock assets, commodities, no product can guarantee profits without losses.

This kind of risk exists not only in a specific coin.

13:29

Some traditional stock assets also face significant rises or falls. Everyone still needs to have this risk awareness.

13:39

Finally, I want to thank all the users who participated in today’s event, thank you for your trust.

The two characters “trust” sound simple, but it’s very difficult to achieve.

When Binance opened withdrawals, to be honest, the amount withdrawn was much less than I expected.

Because I feel that during these times, people become quite anxious; a little wind or movement can make them very nervous.

14:10

At this time, withdrawing coins is a very normal behavior.

But we found that starting from yesterday, it has already turned into a positive inflow; within 24 hours, it has become a positive inflow.

So I am very grateful for everyone's trust in Binance, and we will definitely protect this trust.

All along, there have been various voices in the market. If people incur losses, those who criticize sharply might be... for example, about the incident on October 11 last year, was it Binance's doing?

14:39

It’s easy for people to fall into conspiracy theories because conspiracies are more dramatic and easier to spread.

Including saying: “Did you stage it yourselves, harm yourselves, just to show that you are a responsible company?”

First of all, I actually have also tweeted: If the company shut down and ran away, one could find an excuse stating they were hacked.

But if everyone in the company is still here, guarding the operation 24/7...

15:12

...and we are a very healthy profit-making company.

You all know, I still haven’t sponsored any major global events. Those who know you, know you. There’s no need to tie your logo to another logo to seem impressive. That cost is also quite high.

So I have consistently pursued positive cash flow and a healthy business model.

I previously worked a lot at an internet company.

15:40

Back then, Yixia Technology and Xiaokaxiu were close to IPO.

So I truly dislike spending money for growth and artificial prosperity.

This training throughout the process has determined my way of working at Binance. I hope every step we take is solid.

Regarding the incident on October 10, if someone thinks it was intentional by Binance, then I believe such friends may not be suitable for investment. Because a clear judgment is still required.

16:11

At least, the timeline and logic need to be clarified.

I understand that many people suffered losses due to this matter. But what bothers me a lot is that for a long time I’ve been cursed by some individuals very maliciously.

This made me think: After achieving financial freedom for so many years, is it worth it to work so hard?

But there are still many friends like those present who believe in and support Binance.

16:39

You are my motivation and source of strength for continuing to work.

16:47

Finally, thank you all for flying to Vietnam and for sitting down with Binance and community members.

I think the industry has developed over many years, and every friend who can sit in this room has unique strengths.

For instance, some are very good at macro analysis, some excel at trading, some are great at traffic, and some are fantastic at rebates.

Some may never be active online; we have never met before.

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