CZ elaborates on Binance AI data security saving victim from 46 BTC sim swap hack

30 Jan, 2019
by Ryan Boltman
News
CZ elaborates on Binance AI data security saving victim from 46 BTC sim swap hack

Following the recent hack of New Zealand cryptocurrency exchange, which recently saw an additional attack on the exchange netting an additional $180,000 worth of tokens, Binance CEO Changpeng Zhao posted a recent example on Twitter of what exactly Binance is up against and how their AI data security works to prevent hacks. 

In a recent tweet, CZ outlined some of the security measures that take place on Binance. 

Read More: Cryptopia compromised by another attack, $180,000 worth of ETH stolen

CZ explains the script which is not in english, stating that Binance's big data AI system had prevented a user who got SIM swapped from having his entire portfolio withdrawn. 

The hackers had managed to SIM swap the user and compromise both their email as well as their 2FA, allowing them full access to the users Binance account. Fortunately for the user, "The AI system disabled his withdrawal request when it detected an anomaly." CZ said. 

Pretty impressive that the Binance AI system managed to prevent the withdrawal based on an 'anomaly'. Something most exchanges would completely fail to notice or prevent. 

The user only managed to contact Binance after his account had been compromised and after the hackers had requested the withdrawal. 

 Watch: Binance CEO: "decentralized exchanges will be the future"

CZ also mentioned that Binance DEX will allow users to trade directly from their hardware wallets from day one, preventing such instances from happening and ensuring users private keys never leave their devices. 

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