Binance is seen as the world’s largest crypto exchange yet. Since the loss of over 44million dollars in Bitcoin to hackers a few days ago, presumably, the exchange has been working tirelessly to revamp the situation.
The Binance head, Changpeng Zhao in a recent address, stated that they had engaged services of major security firms and analysts that specialize in blockchain to undertake necessary measures for the possible recovery of funds. In a bid to trace the movement of the stolen 7074 Bitcoins, Zhao laid emphasis that it is in alliance with major crypto exchanges and blockchain analytics firms
In a responsive statement, Zhao said, “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,”
“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. Zhao added”
According to a tweet from the exchange’s official account, the process has not been easy. The tweet reads, “Security first. Fighting hackers /scammers/fraudsters is not easy.” Through public blockchain networks of cryptocurrencies such as bitcoin, specialists can trace suspicious transactions and funds that are linked to criminal activities like in this case. This case and a few others in the past carry pointers for other crypto exchanges globally to adopt preventive measures, to avoid further recurrence. The exchange may be getting headway and soon enough will get past this.
Credits – Joseph Young
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