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Binance’s CZ to Maintain Secrecy on Fixing Hackers’ Attack Aftermath

  • Yuri Molchan
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    Binance’s Changpeng Zhao wrote in the corporate blog that from now on Binance will keep the transparency of returning the lost funds and patching security bugs low


Binance’s CZ to Maintain Secrecy on Fixing Hackers’ Attack Aftermath
Contents

On Friday, CZ addressed the Binance community in the blog of the exchange, breaking the news that from now on much fewer updates on the current situation will be posted and much less messages and AMAs will be conducted to tell everyone how solving the security issues is going.

‘Hackers are reading every word we post’

Changpeng Zhao writes that secrecy is necessary to hide the progress and the methods used for achieving it from the hackers who caused all the recent commotion and stole 7,000 Bitcoins from hot wallets of Binance.

He believes that transparency is vital for the community. However, too much transparency is harmful for the strategy that Binance has picked to respond to the incident.

“We strive to maintain the highest degree of transparency; however, please also understand hackers are reading every word we post and watching every AMA we host. Sharing too many security details actually weakens our security response strategy.”

‘Our team is making progress’

CZ assured the community that the Binance team is doing their best and is making progress. The exchange is using this attack for total updating of the security solutions and procedures.

The aim of the work is to patch all security holes and resume operations ASAP. Including, deposits and withdrawals.

“We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end”.

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Binance joins efforts with security firms

CZ has also written that Binance is working with many security agencies and DLT firms. Even John McAfee has publicly offered help to CZ and they agreed to get in touch in DM to discuss this.

Earlier on Friday, U.Today reported that the blockchain agency Coinfirm is helping to track the Bitcoins stolen in the course of the hack from Binance. As per the report, the funds are being split into smaller amounts and have several times been transferred to multiple addresses.

Finally, Binance CEO assures that his team is far from being depressed.

“Mentally, the Binance team is not sad or depressed; on the contrary, we are in fighting mode. This event has further united an already tight team.”

Cover image via www.123rf.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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