Binance promises security reforms post $40 million theft

binance to revamp security

Earlier this week Binance was hit by hackers. The hackers managed to steal 7,000 BTC ($40 million) from one of the largest cryptocurrency exchanges in the world.

Addressing those who participate in cryptocurrency trading, Binance’s CEO Changpeng Zhao wrote a blog post to announce a significant revamp of Binance’s security measures. Binance plans to make some substantial changes to its security infrastructure starting with some major reforms in the API, 2FA, and withdrawal validation areas.

Explaining further he said: “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.”

Binance also plans to use YubiKey and other devices, to add to its hardware device support. The CEO declared that Binance is also working with many industry-leading security teams to improve the overall security and track down the hackers who struck them.

Zhao also said that several security and blockchain analytics firms were helping Binance track the stolen funds. They are now attempting to freeze the stolen funds with the help of exchanges and other service providers. Binance is going to resume its withdrawals and deposits from early next week after it finishes its investigation this week.