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.

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.

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