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Heyi @heyibinance talks about Binance: Security, Trust, and Long-term Responsibility | Full transcript with Chinese and English subtitles. I organized Yijie’s sharing into Chinese-English subtitles, played at 1.25x speed, about 14 minutes. I think it’s very worth listening to, especially Yijie’s insights on AI and her most genuine inner thoughts about this recent hack. There’s a lot of content, but the core can be divided into four parts: 1️⃣ Security incidents and user trust; How does she explain the 6.3 billion theft security incident? Strict internal policies, why social engineering attacks can still break through? How will AI change security offense and defense? 2️⃣ AI and the future of exchanges; From AI products to stocks and commodities, what kind of platform does she envision Binance becoming next? 3️⃣ Why "listing a coin means it will rise" no longer works; The development of DEX, high valuations before listing, and the disconnect between project revenue and token value—how have these changed ordinary users’ chances to profit? 4️⃣ After issuing tokens, who takes responsibility; Project teams have cashed out, founders have achieved financial freedom, so what motivates continued development? She also talks about BNB, positive cash flow, and why she herself is still working. I think Yijie conveys a very good value: before buying a coin, besides looking at the narrative and price, it’s more worthwhile to ask clearly: how does this project continuously create value, how is value passed to holders, and who is willing to take long-term responsibility for it. At the end, after Yijie finished speaking, Link @CryptoSociety42 asked: "Did Yijie have a script or was it off the cuff?" Yijie said she never uses scripts; every time she speaks, it’s the most direct heartfelt words. Hearing this, I personally was instantly impressed! Full transcript below: 00:00 Over the years, I feel the facts tell us that it is actually very resilient, and the industry is also very resilient. Overall, I am still confident in resisting quantum attacks. Moreover, we will spend time and effort to participate and invest to make the industry better. Second, let me talk about AI development and changes. These days, many friends may have communicated with our product managers about our AI strategy or new products. 00:30 Honestly, it’s still far from the AI product I imagined. But everything is a process from nothing to something, from zero to one. We take it step by step, first making a small demo, then iterating it continuously. We also welcome everyone to give us more feedback to make the product what we envision. If someone asks me: "What is your ideal perfect AI product?" I might say, I wish it were like ChatGPT. I tell it: "Help me make a strategy that only makes money, no losses allowed." 01:05 Then it helps me trade. But maybe it’s not really achievable yet. So this is a continuous cycle, small steps fast running process. 01:16 Third, for the whole industry, all new technologies bring rapid development but also challenges. Regarding this security incident, many voices outside say: "Binance is a makeshift team. Your employees can even access external websites or interview with others on their computers?" I want to emphasize, our internal policies are very strict. 01:46 So, a few days ago, I publicly took responsibility online. In past years, we were often criticized because employees downloaded iQIYI on their work computers, which was discovered and they were quickly dismissed, even a high-potential employee. People thought we were just finding excuses to fire people or firing because of bad market conditions. Actually, it’s a security rule. But the real challenge is, in the past year, we intercepted 58 similar attacks in different forms. 02:19 Hackers keep outsmarting us. The trojans they send are no longer big file packages that easily trigger your risk control. It’s not static; it’s a process of continuous intelligence and adaptation. Hackers are neither as stupid nor as easy as people think. I think they also appropriately use AI tools. In social engineering, I’m puzzled why employees would lower their guard. 02:56 Because our company requires exams to complete security training, and everyone must do it, plus risk control training. I think maybe in prior communication, the attacker tempted with high rewards, offering a very good job opportunity. And the attacker was a real headhunter, not just a fake account. A real person. I think the hacker probably signed a contract with a real headhunter. 03:27 They gave him a list to target which employees are from Binance. Using this "surround and attack" method to infiltrate and conduct social engineering attacks. But the good thing is, AI can be both a spear and a shield. Today, everyone also saw OpenAI released a new technology that can do security offense and defense very well. Many say: "If OpenAI makes this product, will security jobs become obsolete?" 03:59 I don’t think so. It’s a combination of traditional security solutions and new AI solutions. So it’s not one replacing the other, more like a collaboration. 04:10 So, back to Binance. Binance has been very grateful for all the community support over the years, and I’m truly touched. Because many people might not believe it. They imagine: "Binance, you lost so much money this time, do you and CZ feel like the sky is falling?" Honestly, both he and I are very calm. We didn’t shout or curse anyone anywhere. 04:39 I think everything you face is a process of tempering you. It’s a cultivation of your mindset and a challenge to how you understand the world. I think we indeed didn’t do well, so we paid a huge price. But this process is also a good learning. At least, first, it’s within a range we can cover and afford. 05:09 Second, CZ often says he doesn’t care about money. So I remind everyone, karma is real; be careful what you say because the universe will respond. CZ truly thinks money isn’t that important. So when money is lost, he thinks: "It’s lost, so let’s see how to fix this and improve security." He actually has no emotional fluctuations. 05:37 So these days, online rumors about "CZ turning white-haired overnight" are exaggerated. Although he’s been giving speeches in Oxford and on business trips, his and my emotions are very stable. For the industry and Binance, I still believe the future development path will be driven by AI and Blockchain technology, becoming a new global pan-financial platform. 06:09 You can see, the products tradable on our platform now already cover commodities and stocks. 06:18 Some may complain: "Why hasn’t Binance listed many new projects for so long? Why not list more memecoins? So we have more opportunities, right?" There’s an expectation that listing coins will be better for issuers. Sometimes I may be out of tune and often sing a different tune. Including back in 2017, if you find historical records, you can see. 06:50 I said then, issuing tokens is a process of mortgaging your reputation to get money back. But you need to be responsible for that coin. I think what I said will come true. So I have been working hard at Binance all these years because I feel the BNB I issued is my responsibility. If it falls, I feel guilty. If it rises, everyone hopes it will rise more, but if it rises too high, it might fall a bit again. 07:19 You will find it really becomes a long-term responsibility. So over the years, Binance has only issued one BNB. Even if we make new public chains, we won’t issue new coins. It’s a huge challenge to human nature. When it’s very easy to raise funds and get money; when the whole network has strong liquidity and money can be cashed out, what motivation does an ordinary person have to work hard? 07:54 If my product has no users, no market, no revenue, but my token can still be sold for money, if entrepreneurship is for financial freedom, why still work hard? So it becomes: a good business model, a good business, and the original intention—why do you do this, and financial freedom. This becomes an "impossible triangle." 08:25 I have achieved financial freedom but still work hard, and the money earned must empower this token. And the token is not only held by you; most are already in users’ hands. So what exactly are you working so hard for? For many years, people ask me: "Yijie, you’ve been financially free for so many years, why still work so hard?" I can only say, I really work for BNB holders. 08:52 Many say: "Coins listed early on Binance always rose, so why don’t coins rise now? Is it because you have no listing requirements or standards?" But you will find the market has changed. In 2017, 2018, even before 2021, Binance had strong influence in the crypto industry. If a coin wasn’t listed on Binance, liquidity wouldn’t be good. No matter how high the market cap, it might not turn into real money. 09:23 That’s the so-called "paper wealth," truly just paper wealth. Once sold, if there’s no liquidity, the price crashes to the bottom. So at that time, we could negotiate with projects to list at a relatively low price. That’s why coins bought on Binance then would rise. But objectively, DEX is a more decentralized solution, so it’s a process of equalizing power. Binance’s privilege has been downgraded with DEX’s development. 09:55 During this downgrade, you find VC coins in the market have been pumped very high. Prices are high even before listing. So people find "listing equals peak price" is a typical feature. Second, even if some projects have low prices at listing, allowing users to get a bonus, many project teams, as I said, can make money and then think: "Anyway, there’s no regulator or law..." 10:24 "...requiring me to be responsible for this." Coin can’t be securities, so they have stronger reasons and excuses to say: "This is a governance token, unrelated to my income." So no value is attached to the token, and you can’t expect them to be responsible for the token price. This is the second scenario. After these two waves, you find companies that can stay in the industry and make profit models—are there any? Yes, quite a few. Including GMGN, many wallets with good yields, and some token projects. Maybe in the past, due to legal reasons, they couldn’t empower tokens; later, maybe they thought it unnecessary, for various reasons. So truly long-term, healthy business models with continuous measures to empower token value are becoming fewer. 11:22 So in the end, the essence is the hollowing out of the whole industry. Of course, people can simply blame Binance. After the last round, VCs also looked around and finally thought, although money comes fast, including top VCs like [institution name unclear], they think this is a very good business but not a scenario that can sustain large funds long-term and is repeatable. 11:56 So they returned more to equity investment. 12:00 For Binance, our biggest consideration is: First, what do users want? User needs are actually simple. As a user, I want a fair platform. Second, if I’m an ordinary user, I want a chance to make money. So later, Binance opened many entrances. For example, smaller market cap memecoins, we also list them. We list many popular coins in the market. Now, coins you want to buy on-chain... 12:31 ...even if you can’t buy on Alpha, or in the middle ground between CEX and DEX, you can buy in wallets. The industry is changing, and users are stratifying and diverting. Some users only play memecoins, just "dog hitting"; some do wealth management; some mainly do rebates, right? Everyone can find their place in the ecosystem. But the core problem to solve is: where are the truly valuable assets? 12:59 To answer this, we started preparing last year and launched many tokens for stocks and commodities this year. Whether past crypto assets or current stock and commodity assets, no product guarantees only profit without loss. This risk exists not only in one coin. 13:29 Some traditional stock assets also experience big rises or falls. Everyone must have this risk awareness. 13:39 Finally, thanks to all users participating today, thank you for your trust. The word "trust" sounds simple but is hard to do. When Binance opened withdrawals, honestly, the amount withdrawn was much less than I expected. Because I thought people would be nervous and sensitive to any slight movement. 14:10 Withdrawing coins at this time is normal behavior. But we found that since yesterday, it has become a positive inflow, positive within 24 hours. So thank you very much for trusting Binance; we will definitely protect this trust. There have always been various voices in the market. Maybe those who lost money curse fiercely... like the October 11 incident last year, was it caused by Binance? 14:39 People easily fall into conspiracy theories because they are more dramatic and spread more easily. Including saying: "Did you stage this yourselves, hacking yourselves to show you are a responsible company?" First, I actually posted on Twitter: if a company closes and runs away, it can use theft as an excuse. But if all the company’s people are still here, working 24/7, watching operations... 15:12 ...and we are a very healthy profitable company. You know, I haven’t sponsored any large global events yet. Those who know you, already know you. No need to tie your logo with another to look powerful. That cost is indeed high. So I always pursue positive cash flow and a healthy business model. I used to work many years in internet companies. 15:40 Back then, Yixia Technology and Kuaishou almost IPO’d. So I really dislike spending money to buy volume and fake prosperity. This training process determines how I work at Binance. I want every step we take to be very solid. Regarding the October 10 incident, if someone thinks Binance did it on purpose, I think such friends may not be suitable for investment. Because a clear judgment is needed. 16:11 At least sort out the timeline and logic. I understand many people suffered losses from this. But what troubles me deeply is being viciously cursed by some people for a long time. This also makes me wonder: having been financially free for so many years, is it worth working so hard? But there are still many friends like you here who believe in and support Binance. 16:39 You are the motivation and source for me to keep working. 16:47 Finally, thank you all for flying to Vietnam to sit together with Binance and community friends. I think, after so many years of industry development, everyone in this room has some unique strengths. For example, some are very good at macro analysis, some at swing trading, some at traffic, some at rebates. Some may never be active online; we have never met them.