We made a list of things which After Binance Hack CEO Changpeng Zhao’s had made some announcements in his latest AMA May 2019.
He states that, Binance Cryptocurrency exchange hack was a very advance hack, the attackers was been so patience and waited until they had access to a very large number of user account by internal and external fishing etc. The attackers had stolen total 7070 BTC cryptocurrrency in total from compromised user accounts, they worth are wroth of total 40 million US dollar roughly “he said”.
After Binance Hack CEO Changpeng Zhao’s announcements list:
- Binance have Secure Asset Fund for Users (SAFU) which is an emergency insurance fund. By which are fully able to manage all the loss by their own funding, without any funding raising or other lends.
- Binance users BTC/money which are comprised in the attack shall has full recover.
- After Binance Hack CEO Changpeng Zhao’s said they had suspended all Deposit / Withdrawal until system are fully rebooted and completely eradicate hacker access, traces from there system and date.
- Has stated if all goes well Deposit / Withdrawal may restored within a week.
- All the users are requested to regenerate their binance API keys and 2 step verification authentication keys for security reasons.
- There was an huge interest in Rollback of Bitcoin blockchain after Binance Hack CEO Changpeng Zhao’s said they are huge unforeseen consequence and also core blockchain integrity will be challenged to broke, so the Rollback is Aborted.
- There may be few times where trading might on hold for some system upgrade other than everything should be normal.
- Binance strive to maintain the highest degree of transparency.
- They are working to improve system risk management, user behavior analysis, KYC procedures, and adding hardware device support, such as YubiKey and other devices, very soon.
- Most awaited feature Margin trading is coming to Binance in upcoming days.
Impact-wise, the single BTC transaction of about 7000 BTC is the only transaction in which funds were stolen, and it’s quite simple to verify this on the blockchain. There are many community experts watching every Binance wallet.As blockchain itself has very transparency they might Rollback or crack down the attacker finger crossed, currently they have a large number of tasks and tests to do, and working around the clock, to make everything normal.
If you are new to Binance and are you looking to join then go ahead, Binance was the safest and hope they will be, as you can see how well they handle their responsibilities in any case. Join Binance here. You can also know the progress status on binance’s blog.