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Binance’s chief executive officer Chanpeng Zhao has provided a brief update on the crypto exchange’s action’s following this week’s theft of some 7,000 Bitcoin from hot wallets hosted on the platform, industry website Cointelegraph has reported.

Zhao’s security update didn’t share much details about the company’s investigation into the incident, as the CEO did not want to alert the hackers.

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“Hackers are reading every word we post and watching every AMA we host. Sharing too many security details actually weakens our security response strategy,” Zhao said, as quoted by Cointelegraph.

Revamping security

However, Zhao provided some details about Binance’s ongoing security review, saying that the company was making progress in revamping it security measure, procedures and practices. Zhao expects some of the changes to be implemented this week, with more improvements to be made going forward.

The company is prioritising beefing up security in areas that were exploited by the hackers, namely Binance’s API, 2FA and withdrawal validation areas, Cointelegraph cited Zhao, as saying. Zhao also indicated that the exchange was aiming to improve its risk management, user behaviour analysis, Know Your Customer procedures and anti-phishing tactics, as well as revising other back-end security measures.

Apology for saying ‘the wrong stuff’

Earlier this week, Zhao revealed that Binance had considered whether to push for a “reorg” of the Bitcoin network to recover the stolen coins, but rejected the idea after talks with major Bitcoin miners and developers. The company received criticism for even considering the idea.

Today, Zhao addressed the situation, apologising for his comments.

“Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times,” he said.

Featured image: Grey82/

More Resources

The post Binance CEO posts update on $41 million hack appeared first on The Independent Republic.


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