Binance hack: CZ gives latest security updates; platform to tentatively resume trading early next week

The entire cryptocurrency community felt the effects of the recent Binance hack, with hackers making off with over 7000 BTCs, amounting to a whopping $40 million. The news was revealed by Binance CEO Changpeng Zhao, who informed the community that the hackers had used sophisticated hacking techniques to steal assets, private keys and the 2FAs.

In the latest security update released by Binance on May 10, CZ gave details of the steps being taken by the company to make sure such a thing does not happen again. He stated,

“We understand the situation is tough for our community, and we are striving to maintain the highest degree of transparency. However, please also understand hackers are reading every word we post and watching every AMA we host. Sharing too many security details actually weakens our security response strategy.”

The CEO admitted that the current downtime is being used to revamp the exchange’s security measures, practices and procedures. Users were also informed that some updates will be done over the week, while the rest of the updates will be implemented in the near future. The official release from the company added,

“We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behaviour analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented that are not directly visible on the front-end.”

According to CZ, Binance will also be getting Universal 2nd Factor support which will be an additional feature to improve security and fungibility. The cryptocurrency exchange also assured everyone in the community that the investigation to catch the perpetrators was in full swing, and that they would be brought to justice soon. CZ further provided a hint about when transactions will be resumed on the platform by claiming,

“Tentatively, we are looking to resume withdrawals and deposits early next week. We still have a large number of tasks and tests to do, and we are working around the clock on it.”

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