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.”