CZ issues security update, apologizes for considering a Bitcoin reorg

10 May, 2019
by Richard Allen
Update
CZ issues security update, apologizes for considering a Bitcoin reorg

Binance chief executive Changpeng Zhao has published a blog post to share some updates on the security incident and to apologize to the community for considering the previously suggested reorg of the Bitcoin blockchain.

CZ begins the blog post by stating that, while the situation is tough, the team is trying to maintain the highest level of transparency but suggested the hackers “are reading every word we post and watching every AMA we host.” As such, sharing too many security details could be detrimental. He did state, however, that the team has taken this opportunity to “significantly revamp some of our security measures, procedures, and practices.”

“We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures,” he explains. “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.”

Furthermore, the Binance team will be adding support for security-related hardware devices like YubiKey, announcing a giveaway of 1,000 YubiKeys as soon as the feature has been implemented.

CZ vows to remain in constant communication with the community, describing his role as facilitator and communicator. The CEO added:

“Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the ‘old way of doing things’, even and especially in tough times.”

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