Changpeng Zhao, the co-founder and CEO of cryptocurrency exchange Binance, suggested that for most, keeping crypto assets on an exchange is safer than keeping the keys themselves. Zhao gave his comments in a tweet on Jan. 19 after famous crypto skeptic and gold bug Peter Schiff complained that he lost access to his Bitcoin (BTC). Invoking the phrase “SAFU” — a slanger term in the crypto community for “safe,” Zhao said: “Many hardcore crypto [organizations] advocate storing your own keys. But the truth is, today most people are not able to secure a key even from themselves (losing it). A …
Cryptocurrency exchange Binance has been awarded an internationally recognized security accreditation, ISO/IEC 27001, following two external audits of its information security systems. The exchange shared news of its accreditation in an official tweet on Sept. 23. Two external audits to secure the accreditation The ISO/IEC 27001 standard that underpins Binance’s new accreditation is the international standard that provides the specification for information security management systems (ISMS). The technology-neutral standard is designed to assist organizations in managing their information security processes in line with international best practices. To be evaluated for the accreditation, the platform underwent external audits by Norway-based, international …
Binance, one of the world's largest cryptocurrency exchanges, experienced a “large scale” data breach on May 7. The hackers reportedly stole around 7,000 Bitcoin (BTC), worth more than $40 million as of press time. As the platform explained via a public statement, the fraudsters had managed to steal users’ application programming interface (API) keys, two-factor authentication (2FA) codes and other information, which supposedly helped them to orchestrate the attack. Binance has announced that it will use its reserves “to cover this incident in full,” hence “no user funds will be affected.” The attack: 7,074 BTC stolen, details are still sketchy …
Changpeng Zhao (CZ), CEO of major crypto exchange Binance, has devoted his live AMA on Twitter to address community concerns in the wake of yesterday’s $40.7 million hack. The AMA was broadcast live on May 8, 3am UTC. As reported yesterday, Binance suffered a major and premeditated hack, reportedly conducted by tactics that included phishing and viruses to obtain a large number of 2FA codes and API keys. The security breach reportedly resulted in hackers withdrawing around 7,000 bitcoin (BTC) — worth around $40.7 million at the time — from the exchange’s hot wallets, in a transaction that went undetected …
Binance has now resumed services after it announced the suspension of all trading and withdrawals Wednesday, July 3. The temporary suspension was due to an alert over “irregular” Syscoin (SYS) trades “from a number of API users.” Binance subsequently chose to suspend trading, withdrawals and other account functions, as well as to take a series of further measures in order to protect its users. Syscoin for its part notified the public in a tweet yesterday that its developers were investigating a “possible issue” on the Syscoin blockchain, saying that it itself “asked for exchanges to halt trading while [its team] …