Binance Announces 'Significant' Security Changes Following Hack

Binance Announces 'Significant' Security Changes Following Hack 1

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.”

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Cryptosoft
Cryptosoft Trading Bot Review
June 27, 2022
The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
Scammers
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Is The Crypto Market Combating A Lehman Brothers Moment?
Is The Crypto Market Combating A Lehman Brothers Moment?
June 30, 2022
Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin19,201 0.55 % 4.31 % 3.92 %
Ethereum1,029.3 0.68 % 7.45 % 2.07 %
Tether0.9991 0.04 % 0.40 % 0.21 %
USD Coin0.9997 0.01 % 0.13 % 0.04 %
BNB210.22 0.75 % 3.88 % 2.03 %
Binance USD1.006 0.52 % 0.80 % 0.44 %
XRP0.3146 1.47 % 3.65 % 2.54 %
Cardano0.4431 0.22 % 4.80 % 3.53 %
Solana31.98 1.01 % 7.60 % 6.59 %
Dogecoin0.06422 1.49 % 2.55 % 3.95 %

bitcoin
Bitcoin (BTC) $ 19,100.22
ethereum
Ethereum (ETH) $ 1,019.26
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 208.68
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.310383
cardano
Cardano (ADA) $ 0.440983
solana
Solana (SOL) $ 31.64
dogecoin
Dogecoin (DOGE) $ 0.063163