x
--d : --h : --m : --s
Get tickets

Binance Announces 'Significant' Security Changes Following Hack

by

        Binance Announces 'Significant' Security Changes Following Hack
Binance Announces 'Significant' Security Changes Following Hack

Cryptocurrency exchange Binance has revealed that it will be revamping its security network to prevent a recurrence of the 7,000 BTC hack it experienced on May 78, 2019.

Per a blog post on its official website, the exchange announced that it will be implementing “significant” changes to its fundamental security infrastructure, including its two-factor authentication (2FA) process, its Application Programming Interface (API) and withdrawal validation processes.

It promised to implement some of the new measures within the week before deposits and withdrawal services resume on the platform. Others will be added afterward.

According to a letter concerning the issue, Changpeng “CZ” Zhao, the exchange’s CEO, revealed that the hackers were able to employ various theft tactics, including virus deployments and phishing techniques, to steal users’ confidential information, such as 2FA codes and API keys.

Now, the exchange is set to learn from any mistakes that could have caused the hack, as it announced that it will also be revamping its risk management, Know-Your-Customer (KYC) procedures and other security measures in its back-end to counter future phishing attempts.

Zhao also announced that withdrawals and deposits on the exchange, which were suspended as a result of the attack, would tentatively resume “early next week.”

Recommended

Crypto Hacks Are on Track to Eclipse $1 Billion in Lost Funds This Year

Crypto security and intelligence firm CipherTrace has published its Q1 2019 Cryptocurrency Anti-Money Laundering Report, revealing that exchange platforms all over the world have lost nearly $400 million as a result of hacks and thefts.

Jimmy Aki

Percentage of CoinJoin Bitcoin Transactions Triples Over Past Year

According to a study released by Longhash, the relative usage of CoinJoin out of all bitcoin transactions has tripled in one year, currently sitting at 4.09 percent.

Landon Manning

New Cryptojacking Campaign Infects Asia Using More Profitable Tactics

According to a report by cybersecurity analytics firm Symantec, cryptojacking incidents have plummeted but the method of delivery, the execution and the targeting schemes have grown more sophisticated.

Colin Harper

Version 1.1.4 Gives Wasabi Wallet a Boost in Privacy, Security and UX

Wasabi Wallet has released version 1.1.4 of its privacy-focused wallet and the latest upgrade comes with security-bolstering features, improved performance and some interesting new features.

Colin Harper