Altcoin News: CEO of Binance Unveiled a Plan of Action to Eliminate the Consequences of a Hacker Attack

May 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Changpeng Zhao this Friday on the website of the exchange shared new information about the measures taken by his company following the results of the recent incident.

In the beginning, Zhao explained why Binance does not provide the level of transparency that the community would like to see:

“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.”

Zhao assured users that Binance is actively working to reorganize some measures, procedures, and practices in a security context. A number of changes will be implemented during the week, while many others — in the later stages. In particular, significant transformations await API, two-factor authentication, confirmation of withdrawal of funds, risk management, analysis of user behavior and KYC.

“Very soon” Binance customers will be able to use account security hardware such as YubiKey.

According to the head of Binance, the company continues to study all the elements of its systems to make sure that it has not missed anything, and to cooperate with a dozen of leading teams of security experts in the industry.

“We already have a kind of alliance,” wrote Zhao, commenting on the actions of companies that volunteered to help Binance in eliminating the consequences of the incident in various ways.

“There are ideas for further development in this direction after we solve current problems.”

At the same time, the Binance team does not feel distressed, but on the contrary, it maintains a fighting spirit.

“We will continue to fight for all of us, the community, against hackers and people with ill intentions. I believe this incident, while damaging us now, will actually make us far stronger and more secure in the long run,” the publication says.

Today, Zhao also revealed information about raising the limit on maximum price deviation when placing orders on the exchange.

“ We have restored limits to 5x (500%). Sorry about the troubles, had to be overly cautious with everything,” he wrote on Twitter.

After the hacker attack, Binance stated that attackers could still maintain control over the accounts of some users and try to use them to put pressure on the market.

Answering one of the most pressing questions about the timing of the resumption of deposit/withdrawal of funds, Zhao suggested that this should happen next week: “This time it is better to wait a little longer.”

According to Zhao, in the incident that took place, among other things, the “industry of fake identity confirmations” is to blame.

“People sell their own information and help pass the video verification process. I will not reveal anything else in order not to make it worse,” he explained.

Author: Marko Vidrih