Binance Chief Releases Security Update After The Major $44 Million Hack

Binance Chief Changpeng Zhao released a new security update after the major hack that led to the loss of 7,000 Bitcoin. As the developments roll out further, make sure you follow the latest cryptocurrency news.

Binance CEO issued an update following the damaging security breach of one of the largest crypto exchanges in the world where advanced tools and methods were used to steal up to 7,000 Bitcoins. The exchange lost nearly $45 million after which the company revamped its security measures. Zhao pointed out:

“Rest assured, our team is making progress. We are taking this opportunity to significantly revamp some of our security measures, procedures, and practices. With the goal of resuming deposits and withdrawals as soon as possible, some of the changes will be done within the window of this week, and many further changes will be made afterward.’’

In the near term, the Binance chief says that his exchange will cooperate with major crypto exchanges and blockchain-based companies in order to trace the movements of the stolen funds. This way he hopes that he will be able to find the funds and freeze them if they land on any crypto exchange.

Changpeng hired Elliptic as reported in the best cryptocurrency news sites, earlier this month in order to improve the compliance efforts and security measures and brought the total number of partner companies to three which is more than any other exchange has. Companies like Elliptic utilize public blockchain and cryptocurrencies such as bitcoin in order to trace suspicious transactions linked to criminal activities.

If hackers steal bitcoin and move them to another crypto exchange it would be possible for the companies mentioned above to trace those transactions. This is what the Binance Chief hopes for in order to freeze the funds and locate them before recovering. Zhao noted:

‘’We are working with a dozen or so industry-leading security teams to help improve our security as well as track down the hackers. Many security and blockchain analytics firms are actively helping us track the stolen funds. We are also working closely with many exchanges and other services to ensure stolen funds are frozen if received. It is already sort of an alliance, and we have some ideas to contribute more on this front after we get past this incident.’’