Leading crypto Binance has announced that it has strengthened its security. The reason for this is the recent hacking attack on the stock market. The perpetrators had stolen about 7,000 bitcoins worth $ 40.5 million. At the same time, the attack forced Binance to stop deposits and withdrawals on its platform.
In a recent blog entry, Binance CEO Changpeng Zhao said the team was making progress and working through the weekend. Binance plans to reopen the deposit and withdrawal. More details will be announced later.
The Binance blog says:
“We have significantly overhauled our system and added and / or completely rebuilt a large number of advanced security features.”
In conclusion, Zhao said that this message is shorter. A longer one should follow as soon as all operations are fully resumed.
Binance is counting on more security
In a previous blog post, Zhao had already assured that progress was being made. He also explained some details:
“We are making significant changes to the API [programming interface], 2-factor authentication, and payout validation areas exploited by the hackers in the attack.”
Next it said:
“We are improving our risk management, user behavior analysis and customer verification processes. We are working on more innovative ways to combat phishing. We also implemented additional security features that are not directly visible to customers. “
In addition, the crypto exchange also wants to use new hardware to improve security. Zhao explained:
“Very soon we will be supporting hardware devices such as YubiKey [security tokens] and others. To do that, we'll run an event and give away 1,000 YubiKeys as soon as the feature is implemented. “
A bitter pill
For Binance and Zhao, the hack attack means a multi-level loss. The financial loss of more than $ 40 million is presumably bearable and is to be covered by an emergency fund. The loss of confidence for Binance is likely to weigh much heavier. Presumably for that reason too, they are trying hard to show how much Binance cares about safety.
For Zhao, the attack may also mean a personal slap. Back in February, he had announced Twitter scams on LinkedIn:
“(…) Learn to deal with scams and welcome to the free world … lol.”
There are 500+ people on LinkedIn claiming to be Binance, while we only have 20 people who make their profiles public. Learn to deal with scams, and welcome to the world of freedom … lol.
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Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-boerse-Binance-gives-new-information-to- stolen-bitcoin-btc-known-and-kuendigt-handelsstopp-an/
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