On May 8th 2019, we announced the news of the worlds largest crypto exchange, Binance, being hacked. The hack occurred on May 7th 2019 and resulted in 7,000 BTC being stolen from the Binance hot wallet. While the hack was suspected to have been carried out by multiple individuals the BTC was taken in one transaction.
Since the occurrence of the security breach CZ, CEO of Binance, has been vocally active within the community. He has been openly discussing the event when possible, even entering an AMA (ask me anything) on the day of the breach.
Withdrawals Open Tuesday
He also states that the team have added “a large number” of security features being either added or completely remade. Info on said changes will be made available at a later date.
Finally, the most recent update states that withdrawals on the Binance exchange will be reopened on Tuesday 14th May 2019. This comes after they were closed as a result of the hack.
Making Significant Changes
In the same update CZ mentions that the exchange will also be improving the exchange’s “risk management, user behavior analysis, and KYC procedures”. This all comes as a part of their plan to find ways to fight phishing attempts.
There is also talk of further security measures being added to the exchange’s arsenal. This, however, is not explained in much detail at all. Although it is confirmed the changes made will not be visible on the front-end.
YubiKey Giveaway & External Help
Finally, the report indicates that the Binance team have been working with numerous external security and analytical blockchain firms. The mention of said firms identifies the fact that they are assisting with finding the lost funds. CZ also mentions he is working with other exchanges in order to freeze stolen funds, calling it a “sort of alliance”.
Rest assured, the Binance team are working hard to ensure this doesn’t happen again and are leaving “no stone unturned”.
Love peace and happiness.