Crypto Exchange Service to Revamp Security Measures Following Hack

Crypto Exchange Service to Revamp Security Measures Following Hack

Binance is making significant security changes after 7,000 Bitcoins were stolen.

  • By Sydny Shepard
  • May 13, 2019

Crypto exchange company, Binance, is looking to significantly change the security of their cryptocurrencies following a hack that stole 7,000 Bitcoins last week. 

Binance CEO Changpeng Zhao said that the company had halted their services while taking a look at the viable options for moving forward, with the goal of resuming deposits and withdrawals as soon as possible. 

"We are taking this opportunity to significantly revamp some of our security measures, procedures and practices," Zhao said. "We are making significant changes to the API, 2FA, and withdraws validation areas, which was an area exploited by hackers during this incident."

Zhao also said that the company would be improving their risk management, user behavior analysis and KYC procedures as well as looking into more innovative ways to fight phishing attempts.

"We have a number of additional security measures being implemented that are not directly visible on the front-end," Zhao said.

On May 7, 2019, hackers obtained a large number of user API keys, 2FA codes and potentially other information that allowed them to steal 7,000 Bitcoins worth $41 million from Binance's hot wallet, which, at the time, contained about two percent of the company's total Bitcoin holding.

This is one of the biggest crypto heists since Mt Got reported 850,000 Bitcoin missing in 2014. More recently, another Japanese cryptocurrency company, Coincheck, lost 4,000 Bitcoin in January of 2018.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • First, Do No Harm: Responsibly Applying Artificial Intelligence

    It was 2022 when early LLMs (Large Language Models) brought the term “AI” into mainstream public consciousness and since then, we’ve seen security corporations and integrators attempt to develop their solutions and sales pitches around the biggest tech boom of the 21st century. However, not all “artificial intelligence” is equally suitable for security applications, and it’s essential for end users to remain vigilant in understanding how their solutions are utilizing AI. Read Now

  • Improve Incident Response With Intelligent Cloud Video Surveillance

    Video surveillance is a vital part of business security, helping institutions protect against everyday threats for increased employee, customer, and student safety. However, many outdated surveillance solutions lack the ability to offer immediate insights into critical incidents. This slows down investigations and limits how effectively teams can respond to situations, creating greater risks for the organization. Read Now

  • Security Today Announces 2025 CyberSecured Award Winners

    Security Today is pleased to announce the 2025 CyberSecured Awards winners. Sixteen companies are being recognized this year for their network products and other cybersecurity initiatives that secure our world today. Read Now

  • Empowering and Securing a Mobile Workforce

    What happens when technology lets you work anywhere – but exposes you to security threats everywhere? This is the reality of modern work. No longer tethered to desks, work happens everywhere – in the office, from home, on the road, and in countless locations in between. Read Now

  • TSA Introduces New $45 Fee Option for Travelers Without REAL ID Starting February 1

    The Transportation Security Administration (TSA) announced today that it will refer all passengers who do not present an acceptable form of ID and still want to fly an option to pay a $45 fee to use a modernized alternative identity verification system, TSA Confirm.ID, to establish identity at security checkpoints beginning on February 1, 2026. Read Now

Most   Popular

New Products

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation.

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.